Prices Increasing soon Prices Increasing Soon

What is MWPA?

The Married Women’s Property Act or MWPA ensures that only the spouse and the children of the policyholder receive the sum assured upon the death of the policyholder. The policy cannot be claimed by relatives or creditors as it is a separate trust meant for the wife and children only. 

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

What is MWPA? - An Overview

As per Section 6 of the Married Women’s Property Act, 1874, a married man can buy a term insurance plan to safeguard the financial future of his spouse and children. Any insurance policy taken by the husband on his own life and endorsed under the MWPA will always be his spouse’s and children's property. Neither the husband's creditors nor his parents will have any right over the policy. Once a plan is purchased under the MPW Act, then it may not attached by courts for debts repayment. Only youe children and wife will be liable to the sum assured in the event of your death. 

Rean on to know more to get a complete understanding of MWPA.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

How is the MWP Act Beneficial?

Buying term insurance plan is one of the ways to safeguard your family’s financial stability in your absence. But have you ever wondered what if your family could not get access to the benefit, especially when it’s their sole backup? 

To avoid such a situation where your family will not be able to avail of any benefit of your insurance policy, you can buy term plan under MWP Act. With this, you can ensure that the benefit of your policy will only be given to your wife or children. Your creditors, relatives, or anyone else will not be able to claim any benefit.

Let us understand the importance of the MWP Act with an example:

Suppose Mr. Aryan had bought a term insurance policy to safeguard his loved ones' future. After his sudden demise, the bank from where he had taken a home loan approached the court to clear the outstanding loan with policy proceeds. Unfortunately, the policy amount was given to the bank and his family was left with nothing.

Had he taken a policy with MWPA, the bank would have lost the case and the policy proceeds would be given to the spouse of the child, enabling him to secure their future financially.

Who can be the Nominee of the MWPA Endorse Policy?

The nominee of the policies covered under the Married Women’s Property Act can be:

  • Your Spouse

  • Your Children

  • Your Spouse and Children

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

Who Should Buy MWP Act Endorsed Insurance Policy?

The following persons should unquestionably choose life insurance endorsed by MWP Act?

  • Individuals who wish to protect their wife’s and child’s financial future.

  • Salaried individuals, business people, and others with outstanding loans and debts

  • People who wish to guarantee that only their dependents get the insurance benefit in their absence

To Sum it Up

Having a term insurance policy under MWP Act ensures that the policy you bought for your loved ones is beneficial for them. With this act, the beneficiaries (wife and/or child(ren)) will be legally entitled to avail of the death benefit after your demise. Once the policy has been issued, it will not be considered the policyholder’s property and cannot be included in his will. Moreover, no creditors or lenders can make any claims.

FAQ's

  • What will happen to my Policy under MWPA if my wife dies before me?

    Ans: In such a case, the benefit amount will be paid to the legal heirs.
  • Can I purchase 2 insurance policies under MWP Act?

    Ans: Yes, you can purchase more than one insurance policy under MWP Act.
  • How can I purchase insurance under the MWPA?

    Ans: Under the MWPA, endorsing an insurance plan is a simple process. All you need to do is complete an addendum and submit it with your insurance application when you buy the policy.
  • What is the eligibility criteria to buy Life Insurance under MWPA?

    Ans: Under the Married Women's Property Act, any male who resides in India is eligible to purchase a life insurance policy. Under the MWPA, widows or divorcees can also purchase this coverage to guarantee that the payment is paid to the children. However, one must purchase the insurance in their name to ensure that their wife and/or children are eligible for its benefits. Additionally, in the event of a divorce between the wife and the husband following the purchase of insurance under the MWP Act, the beneficiaries will not change.

Different types of Plans


Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
01 Mar 2024

PNB 2 Crore Term Insurance

Securing your family's financial future involves detailed

Read more
27 Feb 2024

SBI Life 5 Crore Term Insurance

SBI life insurance offers a variety of plans with different life

Read more
27 Feb 2024

Bajaj Allianz Life Insurance Customer Care

Bajaj Allianz Life Insurance is one of India’s leading life

Read more
26 Feb 2024

Kotak 2 Crore Term Insurance

Securing your family's financial future involves detailed

Read more
26 Feb 2024

Tata AIA 2 Crore Term Insurance

Protecting your family's financial future requires careful

Read more
07 Mar 2014

1 Crore Term Insurance - Buy ₹1 Cr Term Insurance Plan...

Term insurance is a type of insurance plan that offers financial security to your loved ones in the event of your

Read more
27 Jun 2018

What Is Difference Between Term Insurance And Life Insurance

Life insurance plans help you create wealth, protect your family for the entire policy term, and save on your

Read more
12 Jun 2018

Claim Settlement Ratio of Term Insurance Plan Providers

Claim Settlement Ratio (CSR) is an important parameter in the selection of an insurance policy. If you are going

Read more
24 Mar 2020

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL