MWP

Married Womens Protection Act

The extra layer of protection your wife and children deserve.
Section 6 of the Married Women's Property Act (MWPA), 1874 ensures that the wife and children of the policyholder are the sole beneficiaries of a life.

insurance payout

1. The Proposer (husband) takes a policy on his own life.
2. The Proposer appoints a Trustee to receive such money.
3. A policy can be effected for the benefit under Married Women's Property Acy where
4. A written request is taken from the Proposer (the husband) at the Proposal stage that the policy should be endorsed under MWP Act for the benefit of his wife and/ or children.

Benefits:

1. MWPA* is deemed as a Trust for the benefit of the wife and children
2. It ensures that no creditor has any claim over your policy thus protecting your family
3. With MWPA*, your beneficiaries remain the same always (even in case of a joint family)

Prerequisites of the MWP act

1. The Proposer and the life to be insured should be the same person i.e. the husband
2. 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
3. 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
4. The request for marking the policy under MWP Act can only be accepted by KLI along with the Proposal for Insurance. Once the policy is effected, the policy cannot be marked under the MWP Act
5. 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

Company may prescribe from time to time

1. Assignment can be done in a MWP policy
2. The Trust and the Trustee would be governed under Indian Trust Act
3. Nomination cannot be executed for a policy endorsed under MWPAct
4. The Proposer can name more than one Beneficiary. However, the Trustee cannot be a minor or HUF
5. Where a Trustee is not appointed by the Proposer, the claim amount would be remitted to the Official Trustee of the State
6. The names of the Beneficiaries and Trustee should be named in the request letter. The Proposer and the Trustee should sign this request
7. 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
8. 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
9. On maturity or on death of the Proposer, KLI 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)