Know All About Transferring Life Insurance Policy

By SiliconIndia   |   Monday, January 21, 2013   |    2 Comments
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Bangalore: Sometimes, you don't wish to surrender your life insurance policy, however transferring it to someone else would be a better idea. You can transfer your rights, title and interest in a life insurance policy to another by assigning it to him. People usually do this in order to provide security for a loan or protect the financial interest of the other person. Once the insurance policy is transferred, the new policy holder is set to receive the benefits from it.

What You Must Do To Transfer The Policy?

Assignment form

The first step to be taken by an individual for transferring his policy is, sending an assignment form or application to the insurance company providing details of the policy that has to be assigned (transferred) and those of the assignee (transferee). These include the name, address, contact information, signature of the assignee, his/her relationship with the policyholder (transferor) and the reason for assignment (transfer).

Documents

Along with the assignment form, you would also be required to send the original copy of the life insurance policy documents and KYC (Know Your Customer) documents of the assignee. The KYC documents must be signed by at least one witness, whose name and other essentials details should be provided in the form, before forwarding it to the insurance company.

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Reader's comments(2)
1: policy transfer to only close relatives or lenders is presently allowed in india.
not to anyone else.
-chitranjan khandal
senior business associate, LIC
9958771888
Posted by:chitranjan - 24 Jan, 2013
2: Transferring insurance policy is a good way of insuring our kids without much hassle.
Posted by:Mario - 21 Jan, 2013
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