MWP Act - Married Women’s Property Act in Term Life Insurance | ICICI Pru Life

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• . You can ensure that the sum assured is indeed passed on to your wife and children by taking a term insurance plan under the MWP Act.

• For a married, male policyholder, availing of a term insurance plan under the Married Women's Property Act, 1874 (MWP Act) helps in protecting your family's financial interests in your absence.

• Once a policy is availed under the MWP Act, it may not be attached by courts for repayment of your debts*.

• Only your wife and children will be entitled to the sum assured in the event of your demise

• policy of insurance effected by any married man

• on his own life

• for the benefit of his wife, or of his wife and children

• term policy under the purview of the MWP Act will be considered as a trust.

• Only trustees will have control of the policy including servicing, and the receipt of the benefit amount.

• n case of a death claim, the policy proceeds are received by the trust and can only be claimed by trustees

• cannot be claimed by creditors, relatives or form a part of the will

• the financial future of your wife and children is protected.

• your creditors will have the first claim on your policy proceeds in the event of your death.

• When you buy term insurance under MWP Act, your wife and/or child(ren) will be the only ones who will have access to the claim amount