Married Women Property Act Explained | MWP Act 1874 in Life Insurance Policy | *IMPORTANT*

Many of us are not familiar with Married Women’s Property Act In the life insurance policy. This act ensures that on the death of the life assured, the dependents receive the proceeds, not the creditors.
The main focus of MWPA is to secure your Wife’s and Child’s future .
In this video we will discuss :
- What is MWPA ?
- What are the key features of MWPA ?
- Who is eligible for MWPA ?
- How you can take MWPA ?
- What are the benefits of MWPA ?
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Disclaimer : Information presented in this video is for educational purpose only. It may not necessarily be taken as financial, legal or any other type of advice. It is not as per individual needs, objectives or financial situation of any particular person.The video is based on 15 years of experience of Financial industry.
It is based on researches from various books, internet etc and may include opinions of one or more persons who may or may not be the part of Hareepatti.
Gurleen Kaur Tikku or any other team member of Hareepatti will not hold be held responsible as this is not to be considered as personal finance advise.The video does not mean to hurt anyone’s sentiments or spread rumours of any sorts.Viewers should do their own due diligence before taking any action based on the video.
Viewers discretion is advised.

[@KCMaity]

Excellent information. Many many thanks 🙏🙏🙏🙏🙏

[@GurleenKaurTikku]

Most welcome jee :)

[@dhananjaykumargond750]

Very good information about mwp act ....

[@GurleenKaurTikku]

Thanks, keep watching !

[@imransiddiqui6521]

I have taken a policy with mwpa and if the policy is canceled then who will get the money

[@ravimaxdigitals]

please make a video on how to fill the mwp form

[@GurleenKaurTikku]

jee, we will bring up a video soon 😊

[@Iam_Handoree]

Hello mam ? What if both the beneficaries wife and children

[@sumith3445]

I have Term Insurance with Tata AIG, but i didn't fill MWP Form and i dont have MWP in my policy..., So now my question is 1) During my Term Insurance claim, cant my wife claim the amount as MWP form not opted, so my current Term Insurance is waste now as i didnt fill the MWP Form

[@shreya26173]

Very informative

[@GurleenKaurTikku]

Thank you Sir :)

[@TravelwithShuva]

Can I opt mwp while buying lic tech term policy?

[@GurleenKaurTikku]

Yes, you can opt it while buying the policy.

[@chisaar]

Good explanation Madam, what is the role of trustee in this act?

[@GurleenKaurTikku]

The trustees can be the wife and/or one or more of adult children, or a third person. Trustee is required for disbursement of claim proceeds and trustee & beneficiary can be same person here.

[@chisaar]

@@GurleenKaurTikku Thankyou

[@nikhil3538]

I just took a Max Life Smart Secure Plus Term Insurance two days ago. There wasn't any option in the portal while taking the policy nor did the executive who walked me through the entire process mention this in the whole process. Anything I can do to confirm whether MWP is applied in my policy or if I can do it later?

[@u03ee026]

You cant do it later , you should do it now ,Please speak with customer care they will provide MWP document fill it and send .

[@QAS-kf6xz]

Dear madam , I have taken a term insurance under MWP act and single beneficiary and trustee is my wife only I have not added my children as beneficiary . if beneficiary passes away before insured person then what will happen in this case can new nomination be done if both passes away without nominating their children as beneficiary then what will happen can their children get the claim amount by proving that they are legal heir . should I stop this policy because at the time of buying agent has not cleared all the facts about MWP please suggest me

[@GurleenKaurTikku]

In such a case, it is an open title and kids will b the beneficiaries as they are next legal heirs after spouse and money can be claimed by them, if they are minor trust will be appointed till they turn 18.

[@QAS-kf6xz]

@@GurleenKaurTikku thanks

[@ShuvanshuJakhmola]

I have purchased a policy already. How can I now update the policy for MWP?

[@GurleenKaurTikku]

not available now.

[@prakashraut9686]

How to become certified financial planner....

[@GurleenKaurTikku]

Please check this website : india.fpsb.org/

[@theinformer5]

Is it a good idea to buy this policy if someone does't have kid(s) ? Because if wife dies then who will get the maturity benefit ?

[@GurleenKaurTikku]

No. it is better not to opt for MWPA then.

[@ranadheerreddy2996]

@@GurleenKaurTikku if husband opts MWP act and if wife/children are no more and later husband no more who will receive amount . Does the money goes to family members?

[@tusharzore1]

What if husband, wife and the children passed away then who can claims for money?

[@GurleenKaurTikku]

MWPA in this case will be null and void if all the parties are not there. In that case , it will be settled through succession law - will be claimed by other legal heirs.

[@bhaascer]

Immediate legal heiress will be the beneficiary

[@sevakgurubaxani98]

If wife will die and someone don't have children then what will happen to claim if we buy policy under this act

[@GurleenKaurTikku]

Legal heirs

[@keishavsannwalliyadalaal1273]

The sum assured will go to States governor if their is no children but the beneficiary died before having any child . Madam please correct if you have another ways or you can add on this statement. ​@@GurleenKaurTikku

[@venusrikanthmacharla]

What if we are not married

[@GurleenKaurTikku]

Then , you can't opt for MWPA

[@vikassharma8510]

How to cancel the mwpa act from policy

[@GurleenKaurTikku]

It can't be removed or cancelled once opted for.

[@vikassharma8510]

@@GurleenKaurTikku but I have divorced from my wife nisha and there is no relationship now..my policy stuck

[@GurleenKaurTikku]

@@vikassharma8510 this is the disadvantage of MWPA, it can't be removed.

[@vikassharma8510]

@@GurleenKaurTikku madam there is 5 lac maturity amount and I am middle class person I have paid the premium and what are the next possibility to get the premium amount...can I go in court or contact to lawyer pls help me

[@ishaanjuneja1030]

@@vikassharma8510 jitna Paid up Benefit hain u can claim it