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What’s the Difference Between Section 5 and Section 6 of MWPA?

Both Section 5 and Section 6 of MWPA empower married women. Section 5 states married women can purchase a life insurance policy for themselves independently, and Section 6 states married men can buy life insurance cover to safeguard their wives and children against creditors and family disputes.

Married women are the pillars of strength, happiness, and well-being in every family. They nurture children and support partners to build strong, resilient families.

However, in many parts of India, especially rural India, women do not enjoy property rights. They do not own or control assets, generate income, or make financial decisions related to property management.

It can lead to financial inconsistencies during unprecedented scenarios, such as when she separates from her husband, her husband passes away, or she becomes the sole earning member of a family with increased loans and liabilities.
 

The Married Women's Property Act (MWPA) was enacted to safeguard married women and ensure financial security for their lives. MWPA Section 5 and  MWPA Section 6 are significant because they are about life insurance benefits for financial protection.
 

Let us delve into understanding them and their differences right away!

What Is The Married Women’s Property Act (MWPA)?

The Married Women’s Property Act, MWPA, was introduced during the British colonial period in 1874 to safeguard women's property rights from their families, including parents and their husband’s parents and creditors.

The MWPA was further amended in 1923 to include an entitlement to life insurance benefits to offer financial protection to married women and their children. Section 5 and Section 6 are two provisions that relate to life insurance plan benefits for married women.

Difference Between MWPA Section 5 And MWPA Section 6

Differentiating Factors

MWPA Section 5

MWPA Section 6

Meaning

Section 5 states that a married woman, with or without her husband's consent, can avail of a life insurance policy on her behalf and be the sole decision-maker on the disbursement of the benefits.

Section 6 states that a married man can purchase a life insurance policy for himself and entitle the benefits to his wife and children.

 

The life insurance plan benefits will not be subject to the husband's control, form part of his estate, or be utilised by his creditors.

Primary Purpose

Help married women access life insurance plans independently and have control over the financial benefits.

Help married men purchase life insurance plans to ensure financial protection for their wives and children by designating them as beneficiaries and negating the control over the financial benefits by other family members or creditors.

Policyholder

Married Women

Married Men

Beneficiary

The woman policyholder will be the sole authority to decide the beneficiaries.

Wife, Children, or Wife and Children

What Are The Tax* Benefits Of Life Insurance Under MWPA?

Life insurance plans purchased under MWPA Section 5 and Section 6 qualify for tax* deduction and exemption benefits. The annual premium paid for the term insurance will qualify for a tax* deduction benefit under Section 80C of up to ₹1.5 lakhs, and the payouts received will qualify for a tax* exemption under Section 10 (10D) based on the Income Tax Act 1961.

Conclusion

Section 5 and Section 6 of the Married Women's Property Act empower married women for financial security. They offer financial protection to married women against the burden of their husband's liabilities, creditors, and family financial disputes.
 

The key difference is that Section 5 MWPA allows married women to purchase life insurance plans on their behalf and designate the beneficiaries, and according to Section 6 MWPA, married men can purchase a life cover to secure the financial needs of their wives and children.

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

View all posts by Tata AIA Life Insurance

Frequently Asked Questions

How is the term plan under Section 6 MWPA different from other term plans?

The features of term plans remain the same. However, the sum assured will be provided only to the beneficiaries, the life insured’s wife and /or children and not subject to the control of any family members or creditors. Furthermore, the amount cannot be appropriated towards any liability associated with the life insured.

Can the beneficiaries be changed during the policy tenure for the term insurance under Section 6?

Beneficiaries can be decided during the policy inception and cannot be changed subsequently.

Can I get a loan against the life insurance policy purchased under the MWPA Act?

The life insurance policy purchased under the MWPA Act cannot be assigned to availing of a loan.

Disclaimers

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not guaranteed issuance plans, and they will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.