The MWP Act* can help men protect their wives and children in their absence.
If you do not secure your life insurance policy under the MWP Act*, creditors can claim the payouts from your plan. In such a case, your wife and children will not be able to claim the death benefit.
To get an LIC plan covered under the Married Women’s Property Act (MWPA) 2021, you can fill out the MWP Addendum form when you apply for the policy. You can get the form from your insurance provider or download it from their website.
Steps to get an LIC plan covered under the MWP Act
- Choose a term insurance policy
- Fill out the insurance proposal form
- Select Yes when asked if you want to buy the policy under the MWP Act
- Fill out the MWP Addendum form
- Specify the beneficiaries
- Provide any required documents, such as identity and relationship proofs
- Pay for the policy
What the MWP Act does
The MWP Act ensures that married women in India have the right to their property
The MWP Act protects the financial security of the policyholder’s family, especially their wife and children. The MWP Act ensures that the life insurance benefits go directly to the beneficiaries
What the MWP Addendum form includes?
Details of the beneficiaries, Details of any trustees, and The share of benefits that each beneficiary receives.
Can I assign an existing life insurance policy under the MWP Act?
No, you cannot. Once a policy has been issued, it cannot be assigned under the MWP Act later. You have to opt for the MWP Act at the time of purchase.
Send an email to get@budvice.com and get the suitable coverage to secure your family now. We make tomorrow better by securing you today.
