If a life insurance plan is taken under the MWP Act, can I get a loan on the policy?

While a regular life insurance policy may allow you to avail of a loan against the policy, you will not be able to take a loan against your life insurance policy under the MWP Act. In case you happen to meet an untimely demise and leave the pending debts behind, such a situation can endanger the security provided by the life insurance policy to your wife and children. This is why a policy under this Act does not enable the loan facility.

Is it possible to buy more than one life insurance plan under the MWP Act?

Yes, you can have more than one life insurance plan under the Married Women’s Property Laws. However, ensure that you are able to pay the premiums for the policies that you purchase so that the policy is in effect and your wife and children will be able to receive the benefits when needed.

What will happen to the life insurance policy if my wife passes away before me?

If your wife, who is the beneficiary of the life insurance policy, passes away before you do, the benefits of the policy will go to your legal heir. It is this person who can receive the policy benefits in case your wife does not.

Can one surrender a policy that has been taken under the MWP Act?

Yes, if needed, you can surrender your life insurance policy that is covered under the Married Women’s Property Laws. However, the beneficiaries should be informed of the process, and their signatures need to be present on the policy. After surrendering the policy, you will receive the benefits, which will be utilised for the benefit of your beneficiaries.

Can the beneficiary of the policy be changed under the Act in case of a divorce?

No, the beneficiary you have chosen while purchasing the policy cannot be changed. If the nominee is your wife, she will receive the policy benefits when the situation arises.

Can I add my parents as nominees under the policy taken under the MWP Act?

No, the MWP Act is a provision solely for your wife and children. You cannot cover your parents, relatives, or any other family members under a life insurance plan taken under this Act.

If my wife has unpaid debts from before our marriage, do I have to repay them?

No, under the MWPA provision, the husband is not liable to repay the wife’s unpaid debts from before the marriage unless he chooses to. Hence, if your wife is sued for the non-payment of credit or loans taken by her, the Act will protect you from being held liable for the same.

Is it possible to add my wife as the trustee and the beneficiary?

A trustee is added to the insurance policy under the MWP Act to manage the policy on your behalf in your absence. If you wish to name your wife as the trustee as well as the nominee, you are allowed to do so. In many cases, it is deemed safe to have the trustee and the nominee as the same person instead of involving a third person in the life insurance plan.

Can my wife purchase her own life insurance and make the benefits her own property?

Yes, your wife can also independently purchase a life insurance policy after marriage under the MWPA. The proceeds and the benefits will be claimed only by her as her sole property. In case of her death, she can choose a nominee at her convenience. The death or maturity benefits will not be used for repaying any of your debts or be claimed by your relatives.

If my insurance policy offers survival benefits, who will be eligible for the maturity proceeds?

If you have purchased a savings plan or an endowment plan under the MWP Act, the maturity proceeds will go to your nominee. This is unlike a regular savings plan where you can avail of the benefits if you survive the policy term.

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MWP - Married Women’s Property Act

The Married Women’s Property Act (MWP) gives your wife and children legal ownership of the policy proceeds, protecting them from creditors... Read more and inheritance disputes. Purchasing a term insurance plan under the MWP Act helps ensure that the sum assured is provided directly to your loved ones, offering them financial security in your absence. This guide explains what is MWP act and how it works. Read less

Financial security is vital for individuals seeking long-term stability. Term insurance ... Read more offers a reliable and affordable solution to safeguard your family’s future, providing reassurance and confidence in the face of life’s uncertainties. In the event of the policyholder’s untimely demise, these benefits ensure that the dependents receive a predetermined sum, helping them maintain financial stability and meet essential expenses and obligations.

Here are the top 10 benefits of Term Plan:

1. Life Cover - Protects your family financially.
2. Regular Investment - Affordable premiums.
3.Financial Protection - Secures your family’s future.
4.Sum Assured - Can choose a sum assured to secure your family
5.Debt Repayment - Covers outstanding loans or debts.
6.Financial Security - Ensures stability for loved ones.
7.Maturity Benefits - Some plans offer a return of premiums.
8.Optional Riders⁵ - Add extra coverage like critical illness or accident.
9.Tax⁶ Benefits - Deductions under Section 80C.
10.Online Purchase - Convenient and easy to buy online. Read less

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Discounts

2% Milestone discount

2% discount on 1st year premium on these milestones

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Wedding (1 wedding only)	Within 6 months before or after the date of wedding
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First job	Within 6 months of joining date

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The above milestones cannot be clubbed to avail more discount, Such discount shall be capped to a maximum of ₹500 over the year.

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Written by

Vishal Kapoor

Insurance Expert

Vishal Kapoor

Vishal Kapoor, AVP - Brand & Product Marketing at Tata AIA, has over 17 years of experience in the BFSI sector. He is responsible for driving brand strategy, product & channel marketing campaigns.

Reviewed by

Girish J Kalra

Chief Marketing Officer

Girish J Kalra

Girish J Kalra, Chief Marketing Officer at Tata AIA, leading the organizations marketing & corporate communication initiatives..

What is the MWP Act?

The MWP full form is the Married Women’s Property Act. It was introduced in 1874 to protect a married woman’s own property and income. Later, in 1923, a key amendment extended this protection to life insurance. When a life insurance policy is purchased under this Act, the policy becomes a legally protected asset. The benefits can only be claimed by the wife and/or children listed as beneficiaries.

This means that the payout from the policy cannot be given to creditors, relatives, or even the husband’s estate. It ensures complete financial independence for the wife and children. It also protects them from liabilities such as unpaid debts or disputes within a joint family or a Hindu Undivided Family (HUF).

Additionally, the MWP Act in insurance applies to any man who is or was married, including widowers and divorcees, not just currently married men.

Popular Tata AIA Term plans

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Sampoorna Raksha Promise

Key benefits:

Get ₹1 Cr life cover @501/month¹
Up to 18.5% discount⁵ (1^st year premium)
Option to get all premiums back³

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Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V07)

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Key benefits:

Get ₹2 Cr life cover @679/month⁶
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Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N171V11)

How does the MWP Act protect my family?

The following point helps you understand how the MWP Act protects your family.

Ensures only beneficiaries get the payout
: Policies purchased under the MWP Act legally bind insurers to pay benefits only to the wife and/or children listed. No third party, including relatives or creditors, can claim the proceeds.
Avoids repayment of personal debts
: If the policyholder had unpaid loans, creditors cannot seize the insurance amount. The entire payout goes directly to the nominated family members.
Prevents family disputes
: In joint families or Hindu Undivided Families (HUF), disputes may arise over property and funds. Policies under this Act are treated as the exclusive property of the listed nominees and benefit only them.
Offers divorce-proof protection
: A policy under the MWP Act provides divorce-proof financial security, meaning only the wife and/or children can be the sole beneficiaries. Even in the event of a divorce, the policy proceeds cannot be claimed by anyone else.
Non-alteration of nominees
: Nominees added under the Act cannot be changed. This helps ensure that the financial security of the wife and children remains fully protected.

Benefits of buying insurance with the MWP Act

Buying insurance with the MWP Act offers many benefits, some of which are as follows:

Financial protection for family

Life insurance under the MWP Act safeguards the wife and children from financial challenges due to the policyholder’s debts or liabilities
Safe from claims and disputes

The MWP Act protects the policy payout from external claims and prevents misunderstandings by clearly securing it for the wife and/or children only.
Empowers women financially

In case of death or divorce, the wife receives full control over the insurance benefit, strengthening her financial independence.
Eliminates need for additional legal setup

A separate trust isn’t required; insurance acts as a built-in trust, securing payouts directly for the nominees.

Who should opt for the MWP Act?

The MWP Act may be suitable for any man who is or was married. This act helps ensure that the policyholder's wife and children receive life insurance benefits. This includes individuals with financial liabilities, unstable income, or those part of a joint family structure. By opting for this Act, the policyholder can protect his family from potential legal or financial disputes.

If a women purchases a Term plan under the MWPA Act, she can choose to keep her children the beneficiaries.

Suitable for:

Salaried individuals with existing loans
Business owners with outstanding debts
Members of joint families
Members of Hindu Undivided Families (HUF)
Individuals with unstable income sources

Who can you name as beneficiaries in insurance under the MWP Act, 1874?

The Married Women’s Property Act, 1874, was introduced to safeguard the property rights and financial rights of married women. Even life insurance policies are considered to be assets under this Act. So, it is possible to protect your wife and your children with the help of an insurance plan covered by the Act. Here is how you can nominate your spouse and your children:

Security for your child/children only
Security for your wife and kids
Security for your wife only

How do you buy Term Insurance under the MWP Act of 1874?

Here is how you can buy a term insurance under the MWP Act of 1874:

Choose a suitable policy :
Select a term insurance or savings/endowment plan that allows MWP endorsement.
Fill MWP addendum during purchase :
At the proposal stage, sign the MWP addendum form declaring your wife/children as irrevocable beneficiaries.
Nominate beneficiaries :
Decide who will receive the insurance benefits: wife, child/children, or both. You can allocate in equal or defined proportions.
Appoint a trustee (Optional) :
You can assign a trustee (must be 18+ and give consent in writing) to manage the policy on behalf of the beneficiaries. The wife can also be named a trustee.
Finalize the policy :
Once the MWP clause is added and the policy is issued, beneficiaries cannot be changed. This ensures financial stability and protection..

What other laws did the MWP Act enact?

These are some of the other laws enacted by the MWP Act:

Right to Opt for Insurance

The MWP Act also enables married women to purchase and own an independent life insurance plan. After marriage, a woman need not have to depend on her husband to buy an insurance policy. The benefits of the policy purchased by the woman can only be claimed by her. This is much the same as an unmarried woman owning a life insurance policy since, before the Act, married women could not hold independent contracts.

Ownership over Earnings

As per the Married Women’s Property laws, a married woman’s earnings are her own property. If her earnings are independent of her husband’s earnings, she can pursue any trade or occupation, and the earnings will be her sole property. Hence, her husband or any other entity may not make any claims on her property or earnings, which also includes her savings or investments made in various avenues. These are all her legally protected property under the Act.

Initiate Legal Proceedings

The MWP Act empowers and enables a woman to initiate legal proceedings if she wants. This provision was created to help women seek legal help independently to recover their separate property, whether acquired under the Indian Succession Act or the Married Women’s Property Act. The law allows the woman to initiate civil or criminal proceedings to regain her ownership.

Insurance for Married Women

Earlier, before the introduction of the Act, if a married man passed away without clearing his debts, his creditors would claim his assets and property, which also included life insurance policy benefits. However, through Section 6 of the Act, the proceeds from the life insurance policy taken by the man under this Act can only go to his wife and/or children and may not be claimed by his creditors.

Husband’s Liability for Breach of Trust

The MWPA also explains the liability of the husband when his wife is nominated as the beneficiary and trustee of the life insurance policy. As per the provision, since the husband does not have any claim over the benefits or is not involved in the management of the life insurance policy, he cannot be liable in case of a breach of trust by his wife or if the proceeds are misused by her.

Husband’s Liability for Ante-Nuptial Debts

The Act also discusses how the husband cannot be held liable for unpaid debts incurred by his wife before marriage. If an unmarried woman takes credit or a loan, her liability to be sued for the non-payment of the debts even after marriage will remain the same as an unmarried woman. Hence, the husband is not liable to repay debts after marriage.

Liability for Post-Nuptial Debts

The MWP Act 1874 also lists out all the liabilities of a married woman, along with listing out her rights. If a married woman chooses to enter a contract or an agreement regarding her property and does not uphold her repayments, the other person involved in the agreement can sue her for the losses, like suing an unmarried woman for the losses.

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FAQs about MWP Act

If a life insurance plan is taken under the MWP Act, can I get a loan on the policy?

While a regular life insurance policy may allow you to avail of a loan against the policy, you will not be able to take a loan against your life insurance policy under the MWP Act. Your untimely demise with pending debts can risk the protection the life insurance policy provides your wife and children.
Is it possible to buy more than one life insurance plan under the MWP Act?

Yes, you can have more than one life insurance plan under the Married Women’s Property Laws. However, ensure you pay their premiums so that the policies are in effect, and your wife and children can receive the benefits when needed.
Can I assign an existing life insurance policy under the MWP Act?

No, the MWP Act clause must be added at the time of purchasing the policy. It cannot be added or assigned to an existing policy later.
What will happen to the life insurance policy if my wife passes away before me?

If your wife is the beneficiary of the life insurance policy, but passes away before you, the benefits of the policy will go to your legal heir. It is this person who can receive the policy benefits in case your wife does not.
Can one surrender a policy that has been taken under the MWP Act?

Yes, you can surrender your life insurance policy covered under the Married Women’s Property Laws. However, the beneficiaries should be informed of the process, and they must sign the policy. After surrendering the policy, the appointed beneficiaries receive the benefits.
Can the beneficiary of the policy be changed under the Act in case of a divorce?

No, the beneficiary you have chosen while purchasing the policy cannot be changed. If the nominee is your wife, she will receive the policy benefits when the situation arises.
Can I add my parents as nominees under the policy taken under the MWP Act?

No, the MWP Act is a provision solely for your wife and children. You cannot cover your parents, relatives, or any other family members under a life insurance plan taken under this Act.
If my wife has unpaid debts from before our marriage, do I have to repay them?

No, under the MWPA provision, the husband is not liable to repay the wife’s unpaid debts from before the marriage unless he chooses to. Hence, you will not be liable in case your wife is sued for the non-payment of credit or loans taken by her.
Is it possible to add my wife as the trustee and beneficiary?

Yes, you can add your wife as the trusteed and beneficiary to the insurance policy under the MWP Act to manage the policy on your behalf in your absence.
Can my wife purchase her own life insurance and make the benefits her own property?

Yes, your wife can independently purchase a life insurance policy after marriage under the MWPA. The proceeds and benefits will be claimed only by her as her sole property. In case of her death, she can choose a nominee.
If my insurance policy offers survival benefits, who will be eligible for the maturity proceeds?

Your nominee will receive the maturity proceeds if you have purchased a savings plan or an endowment plan under the MWP Act.

MWP - Married Women’s Property Act

Give your family the financial protection they deserve

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Vishal Kapoor

Girish J Kalra

What is the MWP Act?

Popular Tata AIA Term plans

Sampoorna Raksha Promise

Maha Raksha Supreme Select

How does the MWP Act protect my family?

Ensures only beneficiaries get the payout

Avoids repayment of personal debts

Prevents family disputes

Offers divorce-proof protection

Non-alteration of nominees

Benefits of buying insurance with the MWP Act

Financial protection for family

Safe from claims and disputes

Empowers women financially

Eliminates need for additional legal setup

Who should opt for the MWP Act?

Suitable for:

Who can you name as beneficiaries in insurance under the MWP Act, 1874?

How do you buy Term Insurance under the MWP Act of 1874?

Choose a suitable policy :

Fill MWP addendum during purchase :

Nominate beneficiaries :

Appoint a trustee (Optional) :

Finalize the policy :

What other laws did the MWP Act enact?

Right to Opt for Insurance

Ownership over Earnings

Initiate Legal Proceedings

Insurance for Married Women

Husband’s Liability for Breach of Trust

Husband’s Liability for Ante-Nuptial Debts

Liability for Post-Nuptial Debts

Looking to buy a new insurance plan?

Calculate Term Insurance Premium

FAQs about MWP Act

If a life insurance plan is taken under the MWP Act, can I get a loan on the policy?

Is it possible to buy more than one life insurance plan under the MWP Act?

Can I assign an existing life insurance policy under the MWP Act?

What will happen to the life insurance policy if my wife passes away before me?

Can one surrender a policy that has been taken under the MWP Act?

Can the beneficiary of the policy be changed under the Act in case of a divorce?

Can I add my parents as nominees under the policy taken under the MWP Act?

If my wife has unpaid debts from before our marriage, do I have to repay them?

Is it possible to add my wife as the trustee and beneficiary?

Can my wife purchase her own life insurance and make the benefits her own property?

If my insurance policy offers survival benefits, who will be eligible for the maturity proceeds?

Give your family the financial
protection they deserve