Assignment of a Life Insurance Policy (India)

Updated 24 July 2026

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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ASSIGNMENT OF LIFE INSURANCE POLICY

This Deed of Assignment is entered on this __________ day of ___________.

Between

Sh. _________________________________,

S/o Sh. ______________________________,

R/o __________________________________ (as named "the assignor") which expression shall include

his successors, executors and administrators of the one part

And

Sh. __________________________________,

S/o Sh. _______________________________,

R/o __________________________________ (as named "the assignee") which expression shall include

his successors , executors and administrators of the other part.

Whereas

1. Life Insurance Corporation of India issued a policy of assurance by the dated the ____ day of ____ and numbered _____ subjective to yearly payment of premium of Rs. _______, the sum of Rs.___ is assured as paid on death of assignor.

2. The assignor has concerted with the assignee for bending him said policy amount to Rs. _________.

Now This Deed Witnesses as Follows:

1. The assignor being beneficial owner also assigns to the assignee the aforesaid policy of assurance for a consideration of Rs._______ (Rupees ____________ only) paid by the assignee to the assignor, the assignor also acknowledges. The assignor also assigns to the assignee all moneys assured by or to become payable under or in lieu of the stated of policy, foe holding the same completely, subjective to the payment of all future premiums hereunder.

2. The assignor consents with the assignee that on date of this assignment the said policy is legal and enforceable. The assignor undertaking for not doing knowingly, any act, deed or thing whereby the said policy may become nullity or voidable or whereby the assignee is obstructed from getting assured the moneys or any bonus or addition thereto.

In Witness Whereof, the parties to this deed have signed at New Delhi, on the day, month and year first noted above, in presence of :

Assignor

_____________

Assignee:

_____________

Signed.................

Date .............

Witnesses:

1.

2.

About this template

What is this template?

Assignment of a Life Insurance Policy (India) is a free, ready-to-use Commercial law template you can open, customize, and download on GitLaw. It gives you a professionally structured starting point, so you never have to draft from a blank page. The wording is plain and modern, organized into clear sections that are easy to read, edit, and adapt to your own situation before you share or sign it.

When should you use it?

Reach for this Commercial law template whenever you need a reliable agreement quickly and want to be sure the essentials are covered. It suits individuals, freelancers, startups, and established businesses alike. Instead of paying for a document drafted from scratch, you can start here, tailor the details to your arrangement, and have a polished draft ready in minutes. This version is drafted with India in mind, though you should always review the final wording against the laws that apply to you.

What's typically included?

A well-drafted Commercial law usually sets out the parties involved, the scope of the agreement, and each side's rights and responsibilities. Expect sections covering key terms and definitions, how long the agreement lasts, how it can be ended, and what happens if something goes wrong. This template brings those building blocks together in a sensible order, so you can focus on the specifics rather than worrying about what to include. Open it to read the full document, then sign up to edit, negotiate, and e-sign it directly in GitLaw.