- This topic has 55 replies, 40 voices, and was last updated 1 year, 4 months ago by
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UI purchased a ₹5 crore term insurance policy under the Married Women’s Property (MWP) Act. The policy has been paid in full for 5 years (₹2 lakh per year) and is valid till I turn 60.
I got divorced recently (10months ago) and my ex-wife was the beneficiary when the policy was bought. I now wish to change the beneficiary to my mother instead of my ex-wife.
Given that the policy is under the MWP Act, I have the following questions:
1. Can I change the beneficiary from my ex-wife to my mother, as MWP does not allow that
2. If I can change the beneficiary, what steps should I take with the insurance company to make the update?
3. Is there any legal barrier that would prevent my mother from becoming the beneficiary now, even though the policy was initially meant for my ex-wife?
Any advice or guidance on how to proceed would be greatly appreciated!
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UIf you have children, you can make them a nominee. No other way about it. Stupid indian laws. Even if she marries someone else, she will get the benifit.
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BShe will get insured value if anything happened to OP before policy end.
If he lives through then ex will just be holding onto piece of worthless paper
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Sso i read somewhere that if you surrender the poicy while its being in force, then there is a refund which is mandated by irdai (with some usual deduction). Try digging into it. MWP wont let you change it, so policy is a waste. Atleast see if you can salvage some amount in refund.
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Si dont think so, beneficiary is only entitled to claim in case of the said event. Anything apart from that will be handled by proposer or the insured.
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W>- As a policyholder, you cannot take a loan against the policies that are endorsed under MWPA. In case you’re surrendering the policy, the proceeds due shall also go to the beneficiaries endorsed under MWPA.
>- Beneficiaries mentioned in a policy endorsed under the MWPA cannot be changed after the policy is issued. Thus, even if the husband and wife divorce after the policy is taken, the beneficiaries (wife and/or children) will continue to remain the same.
>- All the proceedings from the policy including maturity amount, death claim, loan and surrender value shall vest in the beneficiaries registered under MWP act.
Read the first and last point about surrender. Once paid, the husband, relatives, debtors and nobody else can touch the proceeds from that policy.
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QMay be you should approach the policy issuer and enquire how you can change the beneficiary or what will the cancellation of policy pros and cons is what you should do
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UDepends on insurance provider – I recently changed beneficiaries in my policy- no questions asked because I’m the owner of the policy – I can decide who the beneficiaries are
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Ubut it’s under mwp one so idts they will change it , still I will enquire more
Btw nice to see you after very long on comments section
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FYour 10 lakhs is gone. Can’t do anything about it. But if the policy papers are with you, hopefully she won’t be able to claim it in future.
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IMWP creates a trust for the benefit of the wife (and children), and you lose the right to change the beneficiary. Divorce does not automatically invalidate your ex-wife as the trust continues to exist.
To replace the wife, you would need to legally override the designation via court, which is very difficult. Alternatively, you could negotiate with the wife for a deed of assignment, but legally, she is not obligated to do this or pay you back.
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UFirstly, connect with your insurer to update the nominee for your policy. There may be a KYC procedure involved.
As an added measure, get a will made where you declare your mother as the heir. Ensure that you explicitly mention in your will that your wife is not be considered the beneficiary for any of your assets, regardless of being listed as a nominee. It’s not that hard, Google “Will Making” services local to you or online, they’ll do all of it for you.
Lastly, a nominee does not equate to a beneficiary. The nominee is someone who is empowered to process the paperwork associated with the assets on your behalf, since you’re no longer there. If they want to become the beneficiary, they will have to initiate the due process to become the beneficiary. Being a nominee just simplifies that process as you do not have to prove that you’re the rightful beneficiary.
In case someone else has a legal claim to your assets, they can dispute it in court and still claim what is rightfully theirs despite not being a nominee.
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