Can I transfer my LIC policy to another person?

A person can transfer his rights, title and interest in a life insurance policy to another by assigning it to him. Assignment form The policyholder has to send the assignment form or application to the insurance company providing details of the policy that has to be assigned and those of the assignee.

How do you fill up a form of reassignment for valuable consideration?

Insert the current Date with the corresponding icon. Add a legally-binding e-signature. Go to Sign -> Add New Signature and select the option you prefer: type, draw, or upload an image of your handwritten signature and place it where you need it. Finish filling out the form with the Done button.

What are the life policy means transferring the rights of the insured in respect of the policy to another one?

Assignment of
Assignment of a Life Insurance Policy simply means transfer of rights from one person to another. The policyholder can transfer the rights of his insurance policy to another for various reasons and this process is called Assignment.

Can an assigned policy be surrendered?

Types of assignments and what situations is each suitable for The assignment of life insurance policies in India is regulated as per Section 38 of the Insurance Act, 1938. The absolute assignee can deal with the policy in any manner he likes and may even transfer his interest to another person or surrender the policy.

Who is assignee in LIC policy?

The person who assigns the insurance policy is called the Assignor (policyholder) and the one to whom the policy has been assigned, i.e. the person to whom the policy rights have been transferred is called the Assignee.

Is the policyholder who transfers the title of the policy?

‘Assignor’ is the policyholder who transfers the title, and ‘assignee’ is the person who derives the title from the assignor.