Introduction of Married Women’s Property Act (MWP) was done in 1874 in India.
A Male (married) Policy holder availing a Term Insurance Plan, as highlighted in Section 6, under the Married Women’s Property (MWP) Act helps his family interest in his absence.
The Property may not be then attached by Courts for repayments of Debts.
Benefits under MWP Act:
Beneficiaries can be Wife or Child or Both
Beneficiaries cannot be changed once the policy is issued; not even in case of divorce
Who should opt for MWP Act:
Salaried Individuals / Businessman with Loans / Liabilities
People who want to protect their wife / children from creditors / relatives who might have fraudulent intentions
How to buy Term Insurance under the MWP Act:
One need to select the option that reads “I would like to buy this policy under the Married Women’s Property Act, 1874”
Once selected, details (Name, Relationship, Date of Birth and share (%)) of Beneficiary or Trustee to be entered.