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Registered office: 11 Floor, Raghuleela Arcade, Sector 30A, Vashi, Navi Mumbai – 400703

M.W.P. ACT POLICIES

Section 6 of the Married Women’s Property Act, 1874, (M.W.P. Act), provides that 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 to his creditors, or form part of his estate.

Note: The term “children” in Section 6 of the said Act means sons and daughters by blood and in
case of Hindus it includes adopted sons and daughters.

Section 6 of the Married Women’s Property Act, 1874,thus not only provides for a simple method
by which a married man can make a settlement for the benefit of his dependents without the
formality of a deed of settlement but operates to give the Beneficiaries under such a policy,
certain statutory privileges, by virtue of which they secure decidedly better protection than they
would get under a voluntary settlement outside the Act.

2. Persons to whom Married Women’s Property Act Policies can be issued

Married Women’s Property Act Policies can be issued to all Proposers resident in India (excluding
Jammu and Kashmir State). The issue of policies to residents outside India is subject to this being
permissible under the Exchange Control Regulations, if any, and the other laws in force in the
territory concerned.

“Married man” would also include widower or a divorced man.

3. Persons who can be Beneficiaries

The beneficiaries under M.W.P. Act policies can be

1. The wife alone,

2. Any one or more children alone, or
3. The wife and any one or more children.
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Registered office: 11 Floor, Raghuleela Arcade, Sector 30A, Vashi, Navi Mumbai – 400703

If there are two or more beneficiaries, they may be given equal share, specified unequal shares or
where the proposer belongs to a community other than Mohammedan, he can provide that the
benefit should go to the Beneficiaries jointly or to the survivors or survivor of them.

The name of the beneficiaries should be clearly mentioned in the MWP Addendum.

4. Appointment of Trustees

The Proposer can appoint a person as a trustee or failing him another person as a trustee.
Alternatively, he may appoint two or more persons, or the survivors or survivor of them to be
trustees. The proposer may also appoint a corporate trustee e.g. a Bank transacting trustee
business. The consent of the appointed trustee or trustees to act should be obtained on the
Addendum. The beneficiary can also be appointed as the trustee.

Trustee should be major and his/her signature is to be obtained in the addendum

5. Scrutiny of proposals received under MWP Act

Following points are to be taken care of:

1. The Proposer is not residing in Jammu and Kashmir

2. The Proposer is a married man or a widower or a divorced man
3. The Proposal is on Proposer’s own life
4. Nomination and Assignment not allowed
5. The MWP addendum duly completed is submitted along with the proposals.
6. The addendum should be dated and signed by the Proposer and Trustee or Trustees.
7. The signatures on the addendum should be witnessed
8. Where Trustees are Institutions like Bank or Trustee Company etc. addendum should be
signed by the person for and on behalf of the Institution and that the Addendum should
bear rubber stamp impression showing the designation of the signatory and full name
and address of the Trustee Institution on whose behalf he has signed the addendum. It is
also important to obtain a copy of the trust deed if a trust has been appointed.
Addendum to proposal form for policy under Married Women’s Property Act,1874 (MWP)

This policy is issued under the provisions of Section 6 of the Married Women’s Property act, 1874. The following option/s has/have
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Registered office: 11 Floor, Raghuleela Arcade, Sector 30A, Vashi, Navi Mumbai – 400703

been chosen as per proposal form.

□ One or more beneficiaries jointly or survivor/ survivors and one or more Special trustees, jointly or survivor/ survivors.
□ One or more beneficiaries jointly or survivor and one Special Trustee and an Alternate trustee.

1. What is the object of this assurance? The policy is proposed to be effected for the sole &absolute benefit of the below
Is it to effect a policy under the mentioned beneficiaries:
Married Women’s Property Act, 1874 1. Shri/ Smt.______________________________aged_______yrs________Share
for the benefit of your wife, son or 2. Shri/ Smt.______________________________aged_______yrs________Share
daughter? If so, give particulars 3. Shri/ Smt.______________________________aged_______yrs________Share
4. Shri/ Smt.______________________________aged_______yrs________Share

2. If the object is to effect a policy under
the Married Women’s Property Act,
1874, whom do you wish to appoint
as Special Trustees?
I request the policy to be issued under the provision of the Married Women’s
Property Act,1874, for the absolute benefit of the beneficiary aforesaid and I hereby
appoint
1. Shri/ Smt.______________________________aged_______yrs________Share
2. Shri/ Smt.______________________________aged_______yrs________Share
3. Shri/ Smt.______________________________aged_______yrs________Share
To act as special trustees to receive the policy monies.
Applicable in the case of Alternate trustee:
The Principle Trustee is (name)_________________________________________
First alternate Trustee is (name)_________________________________________
Second alternate Trustee is (name)______________________________________

I request the policy to be issued under the provision of the Married Women’s Property Act, 1874, for the absolute benefit of the
beneficiary aforesaid in the manner aforesaid and the above mentioned trustees to be the Special Trustees to receive the policy
monies and hold the same in trust for the said beneficiary under the provisions of the said Act and in case any one of the said
trustee dies or declines to act or becomes incapable to act or is disqualified from acting under the law or cannot act as trustee for
any reason whatsoever I shall have power by a Deed to fill in the vacancy by appointing a new trustee or trustees in place of such
trustee or trustees to receive the policy monies and to hold the same in trust for the said Beneficiary/ies under the provisions of the
said Act.
The special trustees shall have the right to raise any loan/loans on the security of the policy from Star Union Dai-ichi Life Insurance
Co Ltd for the benefit of the aforesaid beneficiaries, provided they are all major and competent to contract and are all of one mind.
Provided that I shall have the right to revoke the appointment of any of the aforesaid Special Trustees or of both and
appoint others in their stead.
The consent of the trustees to act is endorsed below,

Date at ______________on_______________day of _____________________19

____________________________
Signature of Proposer

I agree to act as Special Trustee as aforesaid

______________________________
Signature of Trustee and his/her address

I agree to act as Special Trustee as aforesaid

_______________________________Signature of Trustee and his/her address