k Married Women's Property Act

Married Women's Property Act


Married Women's Property Act – Best Insurance for the best journey
Married Women's Property Act

Helps in safeguarding the assets for your loved ones.

Married Women's Property Act - Section 6
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 interest so expressed, and shall not, so long an object of the trust remains, be subject to the control of the husband, or to his creditors, or form part of his estate

image image


Tax benefit of section 80C on premium paid and 10(10D) on claims, as per the prevailing terms and conditions of the Income Tax Act, 1961.


PRODUCT OFFERED

  • All the products of Life can be offered except pension products

MOST APPROPRIATE SEGMENT OF BUYERS

  • Business Owners
  • Professionals
  • Politicians
  • Doctors
  • MWPA* is deemed as a Trust for the benefit of the wife and children
  • With MWPA*, your beneficiaries remain the same always (even in case of a joint family)
  • It ensures that no creditor has any claim over your policy thus protecting your family
  • Only a married man can take such a policy for the benefit of his wife and/ or children i.e. only the wife or children or both combined can be the beneficiaries
  • The request for marking the policy under MWP Act can only be accepted by Insuarnce company along with the Proposal for Insurance. Once the policy is effected, the policy cannot be marked under the MWP Act
  • The Proposer and the life to be insured should be the same person i.e. the husband
  • Normal proposal form has to be filled in and request for endorsement of the policy under MWP Act can be received only at the Proposal stage in the specified format
  • The standard request letter covers the right for taking loans. If the Proposer does not intend the Trustee to take loans the relevant portion of the standard request and endorsement letters reproduced here below, should be deleted "With power and authority to the said Trustee to obtain loan or loans (where the provisions of the policy provide for) on the security of the policy from the Company, subject to the terms and conditions that the Company may prescribe from time to time”
  • The names of the Beneficiaries and Trustee should be named in the request letter. The Proposer and the Trustee should sign this request
  • The Proposer can name more than one Beneficiary. However, the Trustee cannot be a minor or HUF
  • The Beneficiary and the Trustee can be the same person (e.g. The Proposer's wife can be both the Beneficiary and the Trustee). However, the Proposer can neither be the Beneficiary nor the Trustee
  • The Proposer has the right to change the Trustee during the tenure of the policy. However, the Proposer does not have the right to change the Beneficiaries of the policy
  • On maturity or on the death of the Proposer, Insurance company would pay the claim proceeds to the Trustee/s only. The claim amount would not be paid to the beneficiaries directly. (Even if the Proposer is alive, the claim amount would be paid to the Trustee. The claim amount would not be paid to the Proposer i.e. the Husband)
  • Where a Trustee is not appointed by the Proposer, the claim amount would be remitted to the Official Trustee of the State
  • The Trust and the Trustee would be governed under Indian Trust Act