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Married Women’s Property Scheme

A business, while has its share of profits, also presents you with liabilities from time to time. In your absence, these liabilities can prove to be a heavy burden on your loved ones. So, how do you protect your family from bearing substantial business expenses in an unforeseen situation? Insurance policy offered by Aditya Birla Sun Life Insurance under The Married Women's Property scheme aims to insulate your investments against business liabilities so that your family get what rightfully belongs to them under any circumstances.

The Married Women’s Property Scheme comprises of two sections:

  • Section 6 of the MWP Act, 1874
  • Section 5 of MWP Act, 1874.

Section 6 of the MWP Act, 1874:
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 beneficiaries based on the interest so expressed, and shall not, so long as any object of the trust remains, be subject to the control of the husband, or to his creditors, or form part of his estate - Extract from MWPA 1874 Bare Act

Section 5 of MWP Act, 1874:
Any married woman may affect a policy of insurance on her own behalf and independently of her husband; and the same and all benefit, thereof, if expressed on the face of it to be so effected, shall ensure as her separate property, and the contract evidenced by such policy shall be valid” - Extract from MWPA’1874 Bare Act

Under an MWPA policy/policies you will be able to generate a corpus that is free from creditors, other encumbrances and attachments (even in case of insolvency), provided there was no fraudulent intention in creating this instrument.


Features & Benefits:

Under Section 6 of MWP Act, 1874

  • A tool to ensure your wealth is passed down only to your desired loved one/s
  • Helps create an insulated corpus for your beneficiaries
  • Ensure your family is protected against any future financial adversities
  • Estate planning tool
  • Desired allocation of corpus for intended beneficiaries
  • Help the family maintain a better lifestyle even in case of financial adversities
  • 1Tax benefits under section 80C and 10 (10) D as applicable - 1Tax benefit is subject to changes in the tax laws, please consult your tax advisor for more details

Under Section 5 of MWP Act, 1874

  • Corpus created which is insulated from the liabilities of your husband
  • Benefits under this policy will go to the life insured on any chosen nominee
  • 1Tax benefits under section 80C and 10 (10) D as applicable - 1Tax benefit is subject to changes in the tax laws, please consult your tax advisor for more details


To download scheme brochure Click Here

Disclaimer

“The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License.”

For more details on risk factors, terms and condition please read the sales brochure carefully before concluding the sale.
Aditya Birla Sun Life Insurance Company Limited (Formerly Birla Sun Life Insurance Company Limited) Registered Office: One Indiabulls Centre,Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. Website:www.adityabirlasunlifeinsurance.com and toll-free no. 1800-270-7000. IRDAI Reg No.109
CIN: U99999MH2000PLC128110. ADV/11/19-20/1126

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.