Policy Assignment is a method by which all rights and benefits under a life insurance policy is transferred to an individual or institution. The person who transfers his right is called the "Assignor" and the person to whom the right is transferred is called the "Assignee".
You can assign your policy to an individual or a financial institution if there is an insurable interest between you and the individual/ financial institution.
The two types of assignment that are possible are:
- Absolute Assignment: In an absolute assignment you transfer all interests, benefits, liabilities, obligations and rights under your policy to the assignee, without any condition. Absolute assignment can be done under valuable consideration and love and affection.
- Conditional Assignment: In case of conditional assignment, your assignment is dependent on a condition. All conditions will be executed as per the terms of the assignment.
You can assign your policy to a bank/financial institution by visiting the nearest Exide Life Insurance branch with the following documents:
For assigning your policy to an individual, you need to visit the nearest Exide Life Insurance branch with the following documents:
- Duly filled Assignment form with details of the person to whom you wish to assign the policy. Also, you need to specify at this stage how the future premiums of your policy will be paid.
- Policy Bond / Document
- You also need to provide the following list of documents of the Assignee:
- Signed copy of Photo Id Proof (Driving Licence, Aadhaar Card, Voter ID, etc.).
- Signed copy of Address Proof (Passport, Aadhaar Card, Electricity bill, etc.).
- Recent Passport size Photograph.
- Signed copy of PAN Card. If PAN Card not available then a signed copy of Form 60 is required.
- In case the assignee is going to pay the future premiums of the policy, then Income Proof like IT returns will have to be submitted in the following conditions, if :
- Policy premium is equal to or more than Rs.1 lakhs and
- Person to whom the policy is assigned is a NRI/PEP/ Trust or a resident of FATF deficient country or has an occupation in mining, shipping or is an Agriculturist / Jeweller / Importer/ Exporter or Scrap dealer.
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