Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak Guaranteed Fortune Builder

A plan that offers guaranteed income for your future goals. Know more

Kotak e-Term

Protect your family's financial future. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and life cover. Know more

Kotak e-Invest

Insurance and Investment in one plan. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Why Married People Should Buy Term Insurance Under MWP Act?

Term Insurance with MWP Act ensures your family is financially protected in your absence. Click here to know more about Why married people should buy term insurance under MWP Act.

  • Nov 30, 2021
  • 1,715 Views

A term insurance policy can help you protect your loved ones from financial strain if an unfortunate incident occurs and you pass away. If that happens, a term insurance policy will ensure that the beneficiary will receive the assured sum and hence your family can carry out their expenses without any hassle.

However, getting a term insurance policy may not be the end of financial problems for your family. In case you have outstanding loans with any creditors, relatives or friends, then after your demise, they can lay claim to the term insurance payout. They may have priority over your spouse and children for the insurance benefit. Thus, only buying a term insurance policy will not ensure that the money reaches the right hands.

So what can you do? There is a way out. You can purchase a term insurance policy under the MWP (Married Women’s Property Act). This will make sure that when the time comes to claim the policy, your wife and children will be given first preference to the death benefit and no one else can lay claim to the policy.

What is the MWP Act?

The Married Women’s Property Act is a law created to protect women’s properties from creditors, relatives, friends and others who try to lay claim to it using unfair means. Section 6 of the MWP act specifically mentions that if a married man purchases a policy under this act, then only his wife, their children, or both can claim the benefit of the policy. Creditors, relatives or friends with outstanding loans cannot claim the death benefit.

Thus, purchasing a term insurance policy under the MWP Act ensures that in case of an unfortunate incident if you pass away, then the money from your term insurance policy will rightly go to your wife and children as you intended.

Who can purchase a policy under the MWP Act?

A married man can purchase a erm insurance policy under the MWP Act. He can either add his wife, his children, or both as beneficiaries and mention the percentage division of the claim amount. A wife, however, cannot purchase term insurance under MWP for her husband. She can purchase a term insurance policy under MWP for her children and add them as beneficiaries.

How To Purchase Term Insurance Under MWP?

The procedure to purchase a term insurance policy under the MWP act is almost exactly similar to buying a standard term insurance policy. When signing the application for term insurance, policyholders also need to sign and submit an MWP Act addendum. Many insurance companies have this option included in the main form itself. All you need to do is answer ‘Yes’ wherever you see the option to purchase the policy under MWPA. If you do not see such an option in the form, enquire about it to whoever is selling you the policy and ask for it to be included.

Benefit of Getting Term Insurance Under MWP

An earning member of the family does everything they can for their loved ones. And this can include taking on a car loan, home loan, personal loan, borrowing money from friends and relatives. They may have other liabilities that they fulfil every month. But an unexpected incident can occur at any time and when that happens, people whom the policyholder owes money can lay claim to the policy death benefit, and hence what was intended for your wife and children falls into the wrong hands, putting in vain all your efforts to safeguard their future.

Getting a policy under the MWP Act can prevent this from happening. Your insurance claim directly reaches your wife and children without anyone else meddling in your affairs. They are insulated from your existing debts and liabilities since the claim amount cannot be taken from them for loan repayments.

So if you’re buying a new term insurance plan, make sure you do so under the MWP Act to safeguard your family’s future.

Kotak e-Term

Download Brochure

Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

9 Questions You Should Ask Before Buying Term Insurance

Is Death Due to Covered by Term Insurance?

Do I Need to Give a Medical Test for Term Insurance in India?

Term Insurance for Home Loan: How Term Plan Helps in Paying Off Home Loan?

5 Things to Consider When Buying Term Insurance, if you are Single

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Term Insurance Basics You Should Know

Make Your Online Term Plan Your Family's Monthly Pay Cheque

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Online vs Offline Term Insurance - A Comparison

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

क्रिटिकल इलनेस राइडर के साथ टर्म इंश्योरेंस के लाभ

Is term Insurance Needed for People With No Dependents?

Which Death Type Does Your Term Plan Not Cover?

Term life insurance: Should you opt for lump sum payout or staggered payout?

Why Should You Rethink Short Term Insurance Plans

Various Term Insurance Premium Payment Options Available in India

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Term Insurance: What Happens When You Don’t Pay Your Premiums?

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

Should you buy a Renewable Term Life Policy?

Why 1 Cr Term Plan Is Necessary For Family?

Why Should You Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

Insurance Policy for Housewife In India

What Is Staggered Payment Option Under Term Insurance Policy?

Should Youngsters, Working Couples Buy Term Insurance Plans?

₹75 Lakh Term Insurance

Term Insurance Claims – Make Sure Your Claims Are Never Rejected

How to Buy ₹1 Crore Life Insurance Policy Without Medical Test?

All you need to Know about Term Insurance Plans for housewives

How to Buy a Term Life Insurance Online

Different Types of Premiums in Term Insurance?

How To Change The Nominee in Term Insurance?

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

How Much Term Life Insurance Cover Do I Need?

8 Benefits of Term Insurance You Should Know

Buying A Term Insurance Plan? Take These Factors into Account

Why You Must Include In Your Financial Planning?

Types of Deaths Not Covered by Term Insurance

Why Buy Term Insurance Plan With a High Cover?

Term Insurance Plans and Policies for Smokers

Family Protection Term Insurance: Safeguarding Your Loved Ones

Is Group Term Life Insurance Provided By Employer Sufficient?

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

5 Reasons to Buy Term Insurance When You are in Your 30s

Hiding vital facts while buying term insurance? Claims may be rejected

1 करोड़ का टर्म इंश्योरेंस प्लान क्या है?

What Are the Best Term Insurance Plans for Planning Retirement?

Can I Make Changes to My Term Insurance Policy Post Purchase?

Why Should You Buy Term Insurance in 2022?

Term Insurance As A Gift | Perfect gift for your Loved ones

4 Methods to Calculate How Much Term Insurance You Need

Which is better limited pay or regular pay in term insurance?

What Types of Deaths Are Covered in a Term Insurance Plan?

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

₹1.5 Crore Term Insurance

How to Find the Best Term Insurance Plan in Seven Steps

5 Term Insurance Benefits for Single Women

Term Insurance vs Life Insurance: Understand the Difference and Benefits

What is Term Insurance: Definition and Benefit of Term Plan

Should you have more than one nominee in your term insurance?

Term Plans are Definitely Cheaper than You Think!

Everything about Incremental Term Life Insurance Policy

Why should single women purchase term life insurance?

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

Salient features of a Term Insurance Plan

How To Evaluate Your Term Insurance Quote?

Tax Benefits of Term Insurance in India

What is a short term insurance policy?

How to Identify Term Insurance According to Your Needs?

₹5 Crore Term Insurance

Should You Buy a Term Plan After 40?

Why does every working women need life insurance?

Difference Between Short-Term and Long-Term Insurance

What All Documents Required For Term Insurance In India?

टर्म इंश्योरेंस क्लेम प्रक्रिया

How To Choose the Right Sum Assured Under a Term Plan?

Is a Term Insurance Policy Portable?

Why is it important to buy term insurance plan?

Want to surrender your term insurance policy? Here's a guide

वरिष्ठ नागरिकों के लिए ऑनलाइन टर्म इंश्योरेंस प्लान खरीदने के लिए गाइड

Term Insurance with Critical Illness

Can You Buy Multiple Term Insurance Policy?

Choose the Nominee of a Term Life Insurance Plan Wisely

Why Term Insurance Is Better Than ULIP?

What is a term insurance plan with a return of premium, and how does it work?

10-Year Term Life Insurance Policy - Explained in Detail

9 Most Frequently Asked Questions on Term Insurance

Calculating Term Insurance Premium

Cost of Term Insurance Likely to Increase Soon

Terms and Conditions of Term Insurance Plans

Why You Need to Know About the Critical Illness Plan?

How Much Term Life Insurance Cover Do I Need in India?

Top 5 Features of Term Insurance

How Not To Get Your Term Insurance Claim Rejected

भारत में जीवन बीमा कितने प्रकार के होते हैं?

Can I Get Term Insurance on Behalf of My Spouse?

Individual Life Insurance vs. Group Term Life Insurance

Why Term Insurance Is Important in times of COVID-19?

What is Salary Protection Insurance and Why You Need It

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Do term insurance policy have a waiting period after buying?

5 Things To Consider While Buying Term Insurance Plan

While Buying Term Insurance Compare Features, Not Just Premiums

Term Insurance Terminology

What is Critical Illness Policy?

Take 100% Responsibility for Your Family with Term Life Insurance

Term Life Insurance Vs Money Back Life Insurance

What Is the Correct Age to Buy Term Insurance?

How Does Short-Term Life Insurance Work?

Term Insurance With Riders In India

Increasing Term Insurance and Riders

6 Reasons That Make Term Insurance a Must Buy

What Are Insurance Riders and How to Choose Them in a Term Plan?

6 Types of Death not covered in Term Insurance Plan

Things To Do After Buying Term Insurance

Term Insurance Claim Process

All About Term Insurance Inbuilt Coverage

Understanding Term Insurance Riders

Busting Myths and Facts About Term Insurance Policies

Documents Required for Term Insurance

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Why Term Insurance Is Must For Parents

Endowment Plans vs Term Plans: Understanding the difference

Why Buy Term Insurance Even at Rising Rates?

How to choose the right term insurance plan

Age Limit for Term Life Insurance

Smart Steps to keep in mind while buying term policies

Everything About Claim Settlement Ratio for Term Insurance

How to Compare Term Insurance Online

Do Beneficiaries Pay Taxes on Term Insurance?

8 Factors to consider before choosing a Critical Illness Insurance

टर्म इंश्योरेंस बनाम लाइफ इंश्योरेंस: अंतर और लाभ समझें

₹2 crore Term Insurance

Why Should New Parents Buy Term Life Insurance?

Top 3 Reasons Why You Should Buy A Term Plan Now

Importance of Term Insurance at Every Stage of Your Life

Term Insurance: Smokers vs Non-Smokers

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Eligibility Criteria for Buying Term Insurance in India

How To Choose the Right Term Insurance Plan?

Term Insurance Calculator - Everything You Need To Know

Zero Cost Term Insurance Plan: What is & Should you buy it?

Why Renewal of the Life Insurance Policy is Important?

Make Your Online Term Plan Your Familys Monthly Payout

Why Should You Add a Rider to a Term Insurance Plan?

Gift Your Father A Term Insurance Plan This Father's Day

Renewable Term Insurance

Can NRI Buy Life Insurance in India?

Term Insurance vs. Endowment Plan: Know the Differences

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Can I Extend the Tenure of My Term Insurance Plan?

4 Reasons Why You Need Critical Illness Cover

5 methods to calculate how much term insurance you need

Should You Have Multiple Term Life Insurance Policies?

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

How Does BMI Affect Your Term Insurance Premium?

Here's why Renewal of Term Plan is Important

Is ₹1 Crore Term Insurance Good Enough Cover?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Advantages of Buying Term Insurance in Your 50s

Term Insurance for Women

Should Retirees Buy Term Insurance?

Why Online Term Insurance Plans Cheap?

Can You Get Term Insurance Without Income Proof?

How do I Calculate My Term Insurance Premium

Is it Worth Buying Disability Rider on Term Insurance?

Can Senior Citizens Avail Term Insurance?

Why Term Plan Should Be The First Step To Securing Your Future?

Term Insurance Comparison – What Should You Look Out for?

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

Why One Must Buy Term Insurance before 25 Years

Steps on How to Buy Term Insurance Online

Is Term Life Insurance Plan Worth?

Guide for Buying Online Term Insurance Plans for Senior Citizens

How Does Term Life Insurance Work? Learn the Benefits

Why Should You Not Take A Term Plan Without Medical Test in India?

Term Insurance Tips for NRIs in India

Joint vs Individual Term Insurance: Which One Should You Choose?

Why Premium Amount for Term Insurance is So Low?

Advantages & Disadvantages of Term Insurance in India

Know the many types of life insurance policies in India

A Term Insurance Guide for Disabled People

Can I Buy Term Insurance for a COVID-19 Patient?

Is There Any Tax Benefit on Term Insurance?

Difference Between Term Insurance and Endowment Plan

Can You Increase Your Term Insurance Cover?

Term Plan with Spouse Cover

Surrender Term Life Insurance Policy

Which Death Types are Covered by Kotak E-Term Plan?

₹50 Lakh Term Insurance

How Does Term Life Insurance Work? Learn the Benefits

How Much Cover Should I Take In A Term Plan?

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Term Insurance Trends You Must Know

Term Life Insurance Plan for Smokers vs Non-Smokers

Alzheimer's Disease and How It’s Covered Under Health Insurance

Benefits of Short-Term Life Insurance Policy

Does Term Insurance Cover Accidental Death?

Is It Good To Buy A Term Insurance Plan In 2022?

4 Things To Expect From Your Term Insurance Plan in India

Reasons Why Term Insurance Claims Get Rejected

Can a Housewife Buy a Term Insurance Plan - All You Need to Know

What Should be the Right Term Insurance Plan Duration?

Reasons You Need Term Insurance Plan as a Self-Employed Person