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Life Insurance Policy Under Married Women's Property (MWP) Act Research Team | Posted On Thursday, December 27,2018, 03:15 PM

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Life Insurance Policy Under Married Women's Property (MWP) Act



What is Life Insurance Policy under the Married Women's Property Act?

The Married Women's Property (MWP) Act was enacted in order to protect properties owned by married women and children from creditors.  Under this act, all properties owned by women would remain unattached, even when Courts and the Income Tax Department attach husband’s properties as liabilities. The properties are also protected in case of the untimely demise of husband, as banks cannot recover dues by liquidating assets. It is important for husbands to avail life insurance policy under the MWP Act, to protect the interests of spouses and children.

See Also: Why Buy Term Life Insurance In April?

Who can avail of Life Insurance Policy under the Married Women's Property (MWP) Act?

All married men, including divorced and widowers, can avail Life Insurance Policy under MWP with their wife and/or children as beneficiaries. Married women can also avail MWP insurance with children being beneficiaries. Under this policy, the beneficiary cannot be the person himself.  

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Life Insurance Policy Under Married Women's Property (MWP) Act

Key Pointers on the MWP Act:

  • Getting a Life Insurance Policy under MWP is easy. All you need to do is fill the MWP form at the time of availing insurance. You need to share details on the beneficiary. If there are multiple beneficiaries, then you must mention the share of each beneficiary. 
  •  Existing policies cannot be brought under MWP. Life insurance policies can be brought under MWP only at the time of availing life insurance.
  • A beneficiary can be a wife or children. If the beneficiary is a minor, then it is mandatory to mention a trustee. The trustee cannot be a minor. Also, the trustee cannot be a beneficiary.
  • The policyholder/insurer can neither be a beneficiary nor a trustee.
  • Beneficiaries mentioned at the time of availing the policy cannot be changed at any time.  
  • If you want to surrender the policy, then you must get the signature from the beneficiaries and trustees (if any). The beneficiary should be a major at the time of surrender and all the proceedings of the policy will go to the beneficiaries.
  • Loans cannot be availed on this kind of policy.

The husband’s role in this policy is to just pay premiums and mention the beneficiaries and trustees.

See Also: Joint vs Individual Term Insurance: Which Is Better?

Who should opt for policies under MWP act?

Any married man can take a life insurance policy under this act. You can also avail of term life plans. Following individuals must choose a life insurance plan under MWP act:

·       Salaried employees who have taken loans against their name.

·       Individuals who want to financially protect their family from creditors and relatives who can cheat your family in case of untimely death.

·        All businessmen are advised to opt for a life insurance policy under MWP. Your business would go up and down. If you have taken loans against your business, in case of untimely death, government and creditors will look to liquidate the business and properties to recover dues. Availing life insurance under MWP would mean properties are not attached to creditors and courts.

See Also: Tips before Buying Online Term Insurance Plan

Advantages offered by Life Insurance Policy under MWP Act:

  • Tax exemption up to Rs 1,50,000 a year under Section 80C on premiums paid for life insurance.
  • Courts cannot attach your properties to recover dues.
  • Death benefits would be given only to the beneficiaries mentioned at the time of availing insurance.
  • Frees you from the fears of creditors or relatives taking away death benefits from your family.

How to avail a Life Insurance Policy under the Married Women's Property (MWP) Act?

You can avail of Life Insurance Policy under the MWP Act either offline or online. To apply offline, you can visit a branch of your insurer, and fill up the life insurance application form and you must also fill up the MWP form. You need to mention details of the beneficiary (that happen to be either your wife or children) and trustees if any.

Mentioning the trustee is mandatory if the beneficiary is a minor. To apply online, you need to log on to the insurer’s website and fill the online application form. On filling the online application form, you would be asked whether or not you want to avail of life insurance under WMP Act.

Availing a Life Insurance Policy under the Married Women’s Property Act would financially secure the family’s future when you are not around. The death benefits accruing out of this policy would be given only to the beneficiaries, mentioned by you at the time of availing insurance under the MWP Act. Creditors and relatives will not share in the death benefit. Courts cannot attach your assets on creditor’s behalf to repay loans.

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