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Know How To Purchase Life Insurance Policy Under Married Womens Protection Act

Updated On Feb 21, 2022

Are you looking to purchase a life insurance policy to financially secure your wife and children in case you are no more? But what if your wife and children don't get even a rupee out of the proceeds when they need it the most? This can happen if you have an ongoing home loan or a business that has incurred debts. In such a situation, the sum assured can be claimed by your creditors or attached by the court for repayment of your debts. But there's good news: You can avoid this by simply buying your life insurance policy under the Married Women's Property Act, 1874.

What is the MWP Act (Married Women's Property Act, 1874)?

Under this act, Section 6 highlights its importance: "a policy of insurance effected by any married man on his own life and expressed on the face of it to be for the benefit of his wife, or of his wife and children, or any of them, shall ensure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them according to the interests so expressed, and shall not, so long as any object of the trust remains, be subject to the control of the husband, or to his creditors, or form part of his estate."

Who can opt for insurance under MWPA (Married Women Property Act)?

If you are a resident of India and a married man, you can take an insurance policy under the MWPA. You can also purchase the policy if you are a widower or a divorcee in such a scenario, you may name your children as beneficiaries. However, the benefit can only be availed while taking the policy, and that too if you buy the policy in your own name.

Whom can you name as beneficiaries?

The beneficiaries defined in a policy that is covered under the MWPA can be your wife alone, just your child or children, or your wife and children together. As a policyholder, you can assign specific percentages of the sum assured to each beneficiary or divide it in equal amounts. However, once the policy has been issued, you cannot change the beneficiaries. So when you appoint your wife as the beneficiary and in case you both divorce, your beneficiary (wife) will remain the same.

What else does the MWPA do?

As a policyholder, you cannot take a loan against the policies that are endorsed under MWPA. In case you're surrendering a cash-value policy, the proceeds due upon surrendering will go to the beneficiaries. Also, if you survive the policy term, the maturity proceeds would still be paid to your beneficiaries. 

How to take an insurance policy under the MWPA?

The process of getting an insurance plan endorsed under the MWPA is very simple. All you need to do is fill up an addendum along with your insurance application at the time of taking the policy.


In case a cash value policy is surrendered, the proceeds will go to the beneficiaries. If the policyholder survives the term, the maturity proceeds would still go to beneficiaries. On death of the policyholder, proceeds will go to listed beneficiaries. It cannot be attached as property of the deceased policyholder.

Also Read: What Are Different Types Of Investment In India

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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