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Why to Buy Term Insurance under the MWP Act
March 25, 2026
Let me explain, should anything happen to you, your life insurance should not become the legal property of your creditors (unless you wish that to happen) and the money should actually reach to your family.
For the above to happen you need to take the leverage of a legal safeguard called the Married Women Property Act 1874 (MWP).
Under the Married Women Property (MWP) Act 1874 a woman's property is protected from relatives, creditors, and other miscreants who might take advantage of her situation.
The said Act also covers Insurance plans under Section 6 which ensures that every policy availed under the MWP Act by her husband may not be attached by courts for repayment of his debts.
The biggest reason for this Act is because a lot of times, after the death of a loved one, there is a dispute between family members and creditors about the money left behind by him or her.
Buying a term insurance protection plans under the MWP Act thus makes sure that the money you intended your family is used by them and them alone and that other person can have access to that money.
To ensure this there is a simple yet very important step that you need to ensure when you buy Term Insurance - Select 'Yes' when asked a question on whether you want to buy it under the MWP act.
Then proceed to add the details of your nominees as trustees and by the plan.
Unfortunately, you cannot convert an already existing term insurance policy plan to be covered under this Act and thus have no other choice other than opting for a new term insurance policy taken under the MWP Act.
Just so you know there is no extra charge for buying a term insurance under the MWP Act and that it is totally free and should be taken advantage of.
In case you are planning to buy Term Insurance, please click here and make sure that you select 'Yes' when asked if this policy should be covered under MWP Act 1874. Please check the other details by clicking the mentioned link: https://www.hdfclife.com.
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99.68% Claim Settlement Ratio
For FY 2024-2025
~5 Cr. Number Of Lives Insured
For FY 2024-2025
Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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1. Provided all due premiums have been paid and the policy is in force.
18. Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.
** The returns mentioned is the 5-year benchmark return percentage of Nifty 500 Multifactor MQVLv 50 Index data as of August 29, 2025, and is not indicative returns of Top 500 Multifactor 50 Fund (ULIF08219/09/25TopMF500Fd101).
