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Home / Policy Services / MWP Act

MWP Act

Introduction :

Section 6 of the Married Women’s Property Act, 1874, (M W P ACT), provides that 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 as any object of the trust remains, be subject to the control of the husband, or to his creditors, or form part of his estate.

Note: The term children means sons and daughters and includes adopted sons and daughters in case of Hindus.

Section 6 thus not only provides for a simple method by which a married man can make a settlement for the benefit of his dependents without the formality of a deed of settlement but operates to give the Beneficiaries under such a policy certain statutory privileges by virtue of which they secure decidedly better protection than they would get under a voluntary settlement outside the Act.

Persons to whom Married Women’s Property Act Policies can be issued:

• Married Women’s Property Act Policies can be issued to all proposers resident in India (excluding Jammu and Kashmir State).
  
  The issue of Policies to residents outside India is of course, subject to this being permissible under the Exchange control Regulations, if any, and the other laws in force in the territory concerned.
  
  
• Having regard to the purpose of Section 6 of the M W P Act which is to enable a man who has wife or children to make provision for their benefit by effecting an insurance on his own life, a liberal construction has to be placed on the words `any married man’
  
  Accordingly, it is permissible for a widower or a divorced man to take out a policy under the said Act for the benefit of his children.

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