HOW TO BUY LIFE INSURANCE UNDER THE MARRIED WOMEN'S PROPERTY ACT
The Married Women’s Property Act, 1874 protects the property of a wife if the proceeds of her husband’s life insurance policy is attached to pay for outstanding loans in the event of his death or bankruptcy.
Types of policies
Life insurance policies of any kind, term insurance, endowment policy or unit linked pension plans can be bought with a MWP addendum to take benefit of the said legislation.
Conditions
The policy can be bought only by a married man who is an Indian citizen. The beneficiaries of the policy must be his wife and/or children. Even a divorcee or a widower can buy an insurance policy with an MWP addendum. A married woman can also buy such a policy with her children as beneficiaries.
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