The primary goal of purchasing a term insurance policy is to protect your family members’ futures in your absence. According to the Married Women’s Property Act (MWPA), 1874, you can get a term insurance policy if you are married and want to safeguard the future of your spouse, child, or both.

“A policy of insurance effected by any married man on his own life and expressed on the face of it to be for the benefit of his wife, or of his wife and children, or any of them, shall ensure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them according to the interests so expressed, and shall not, so long as any object of the trust remains, be subject to the control of the husband, or his creditors, or form part of his estate," Section 6 of this act emphasises its significance.

According to the MWP Act, the term policy will be regarded as a trust. The insurance, including servicing and benefit amount receiving, will be under the sole discretion of trustees. The policy proceeds are received by the trust and are only available to the trustees in the event of a death claim. It cannot be included in the proposer’s will (estate)*, nor can it be claimed by creditors or family members. For the benefit of the wife and/or child(ren), the claim proceeds will be held in trust. Your wife and kids’ financial future is so safeguarded.