Know All About Transferring Life Insurance Policy
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?
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).
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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