Processing

Once you have submitted all the required documents to the insurance company, the latter shall take a minimum of 10-15 working days to process the request and make the necessary changes in its records.

Endorsement

The assignment can be endorsed (certified) over a policy document, or a notarised assignment deed on a stamp paper confirming that it can be executed (implemented). Even after the endorsement, if desired the previous policyholders can withdraw the assignment on a later date. But for this, a 'no-objection certificate' has to be submitted by the assignee

Nomination Vs Assignment

Though the true meaning of nomination is to authorize the assigned to receive the policy money in case of the assignee's death, but it does not mean that the nominee can receive the money by excluding the other legal heirs. Also during the lifetime of the policy holder the nomination can be changed any time.

But in case of assignment of an insurance policy, transfer or assignment of all rights and liabilities to the insurance policy will be in favour of the assignee.

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