How to make an assignment or transfer of a life insurance policy?
How to make an assignment or transfer of a life insurance policy?
Assignment or transfer of a life insurance policy may be made by simply making an endorsement to that effect in the policy document. Another way of transferring or assigning the life insurance policy is by getting a separate assignment deed executed. The former case is a preferred mode of assignment as it is exempt from further stamp duty. An assignment should be signed by the assigner or his duly authorised agent specifically stating the fact of transfer or assignment and attested by at least one witness. An assignment form needs to be filled and signed by the policy owner, assignee and a witness.
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