Secure your wife’s future with the MWP Act Insurance
Everything in the modern world has an associated cost. Housewives may not make any money from household chores. However, the value they bring to the family is enormous. In fact, some husbands give their entire monthly salary to their wives to cover all house-related expenses. In addition, the amount of work a housewife does is priceless. A homemaker would be left with some money after all expenses. Because of the presence of inflation, all those with some savings must invest so that they will have enough money later when they need it.
Secondly, it is important to secure your wife’s future financially. We believe that purchasing a term insurance policy will protect our family, particularly your wife and children, in the event of an unforeseen event. Simply purchasing a life insurance policy will not ensure that your loved ones receive the insurance amount in the event of your death. The money from your term life insurance claim may not reach your nominee or beneficiary.
In your absence, it could be taken by relatives or people to whom you owe money (creditors). By purchasing a term insurance policy under the MWP Act, you can ensure that the sum assured is passed on to your wife and children.
A term insurance policy under the Married Women’s Property Act 1874 (MWP Act) protects your family’s financial interests in your absence if you are a married male policyholder. Once a policy is obtained under the MWP Act, it cannot be attached by the courts for debt repayment*. In the event of your death, only your wife and children will be entitled to the sum assured.
What exactly is the MWP Act (Married Women’s Property Act of 1874)?
Section 6 of this act emphasises 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, and shall not be subject to the control of the trust so long as any object of the trust remains.”
Who is eligible for MWPA insurance? (Married Women Property Act)?
If you are a married man living in India, you can apply for an insurance policy through the MWPA. If you are a widower or divorcee, you can also purchase the policy and name your children as beneficiaries. However, the benefit is only available when you purchase the policy, and only if you do so in your own name.
Who should use the MWP Act?
- Individuals and businesses who have loans or liabilities.
- People who want to protect their wife/child(ren) from creditors or relatives with potentially fraudulent intentions.
- The benefit amount for term life insurance can be substantial enough to financially protect your loved ones in your absence. As a result, everyone who buys term life insurance should choose to protect their loved ones under the MWP Act.
Who can you name as beneficiaries?
The beneficiaries of a policy covered by the MWPA can be your wife alone, your child or children alone, or your wife and children together. As a policyholder, you have the option of allocating specific percentages of the sum assured to each beneficiary or dividing it equally. However, once the policy is issued, the beneficiaries cannot be changed. So, if you name your wife as the beneficiary, even if you and your wife divorce, your beneficiary (wife) will remain the same.
What else does the MWPA accomplish?
As a policyholder, you are not permitted to borrow against MWPA-endorsed policies. If you surrender a cash-value policy, the proceeds will be distributed to the beneficiaries. Furthermore, if you survive the policy term, the maturity proceeds will be paid to your beneficiaries.
How do I obtain a MWPA insurance policy?
It is very simple to get an insurance plan endorsed under the MWPA. All you have to do is include an addendum with your insurance application when you purchase the policy.