Assignment of a Life Insurance Policy (India) by OLL
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ASSIGNMENT OF LIFE INSURANCE POLICY
S/o Sh. ______________________________, R/o __________________________________ (as named "the assignor") which expression shall include his successors, executors and administrators of the one part S/o Sh. _______________________________, R/o __________________________________ (as named "the assignee") which expression shall include his successors , executors and administrators of the other part. |
This document is used to legally transfer the ownership and benefits of a life insurance policy from the original policyholder to another person. It outlines the transfer of all future payouts and the responsibility for premium payments, ensuring the assignee becomes the new beneficial owner.
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About this template
What is this template?
This document is a formal deed of assignment specifically naming the Life Insurance Corporation of India as the insurer. It is not a notice of assignment or a change of beneficiary form; it is the underlying legal instrument that effects the transfer of the beneficial interest.
When should you use it?
Use this when selling or gifting a life insurance policy to another individual. Use a Notice of Assignment instead if you only need to inform the insurance company that a transfer has already occurred.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Assignment of Policy | The assignor transfers the policy and all payable moneys to the assignee for a specific consideration of Rs._______. |
| 2 | Validity and Non-Interference | The assignor warrants the policy is legal and agrees not to perform any act that makes the policy voidable or null. |
Who it's for
- an individual in India transferring a Life Insurance Corporation policy to another person for a cash payment
- a policyholder needing to legally record the sale of insurance benefits to a third party
How long it runs and how it's signed
Law it's drafted under
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