With ICICI Pru iProtect Smart term insurance, you can avail the plan online under MWP Act. It's really simple. While you are buying the plan, in the application form, you will see this question: I would like to buy this policy under Married Women's Property Act (1874)

Just select "YES" for this question. Once selected, you will have to enter the beneficiary and trustee details e.g. the beneficiary name, relationship, date of birth and benefit share (in %). You can only choose your wife/child/children as beneficiaries. You can add multiple beneficiaries.

The term policy under the purview of MWP Act will be considered as a trust . Only trustees will have control on the policy including servicing, receipt of benefit amount. In case of a death claim, the policy proceeds are received by the trust and can only be claimed by trustees. It cannot be claimed by creditors, relatives or form a part of the will (estate of the proposer)*. The trust shall be holding the claim proceeds for the benefit of the wife and/or child(ren). Hence, the financial future of your wife and children is protected.

For instance, if you are a salaried person with a home/ personal loan or the owner of a business and have accumulated debts, your creditors will have the first claim on your policy proceeds in the event of your death. When you buy a term insurance online under MWP Act, your wife and/or children will be the only ones who will have access to the claim amount – enabling you to secure their future financially.

This is also a great solution for a joint family setup, wherein there could be several complications in the ownership of property, a lot of the fineprint not being explicitly specified thereby increasing the scope of family disputes over money and property. A policy covered under the MWP Act will give a clear title to the beneficiary.

The beneficiaries (wife and/or children) once mentioned in the policy remains unchanged throughout the term. Once the policy is issued, it will not be a considered part of the insured’s business assets (estate) and so cannot be targeted by the creditors/lenders of the business. This means that no one can exercise control over the benefit amount in the insured’s demise, except insured’s wife and children with which it seals their future in the right way.

• Businessman and salaried individuals with loans or liabilities.
• People who want to protect their wife/children from creditors/relatives who might have fraudulent intentions.

• The benefit amount with term life insurance can be a huge sum enough to financially protect someone’s future in your absence. So it will be a good decision if everybody who is buying term life insurance chooses to protect their loved ones under MWP Act.