Efficient Business Risk Management products

• Business people and salaried individuals with loans or liabilities.
• People who want to protect their wife/child(ren) from creditors/relatives who might have fraudulent intentions.
• The benefit amount with term life insurance can be a huge sum enough to protect your loved ones' future in your absence financially. So it will be the ideal decision if everybody who is buying term life insurance chooses to protect their loved ones under the MWP Act.

Simple. Just inform your insurer that you would like to take the policy under MWP act & sign an annexure.

Your wife and children can be covered under the MWP Act*. In case of divorce, your ex-wife will continue being covered under the MWP Act. Moreover, in the unfortunate absence of your wife, the proceeds will be passed on to your children if they have been added as beneficiaries.

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.

No, your policy covered under the MWP Act, 1874 cannot be assigned to another person (or) no loan can be taken against the policies covered under the MWP Act, 1874. 

No, the MWP Act^* is applicable only in the case of a life insurance policy. The wife cannot claim the husband’s other assets, such as property under the MWP Act.

For any term insurance policy covered under the MWP Act, the beneficiary once opted at the time of taking the policy cannot be changed. So when you appoint your wife as the beneficiary and in case you both divorce, your beneficiary (wife) will remain the same.