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Continued assignment form for bank loan PDF Updated: 10 Oct 2019, 05:59 PM Disinterest in a life insurance policy can be transferred from the policyholder to a lender or relative by assignment of
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How to fill out lic assignment form for
How to fill out lic assignment form for
01
To fill out the LIC assignment form, follow these steps:
02
Obtain a copy of the LIC assignment form from the LIC website or from a LIC branch office.
03
Read the instructions provided with the form carefully to understand the requirements and guidelines for filling it out.
04
Start by entering your personal details accurately in the designated fields. This may include your name, address, contact information, and policy number.
05
Next, provide details about the assignee, who is the person/entity to whom you are assigning the LIC policy. Ensure that their information is correct and complete.
06
Specify the reason for the assignment and provide any additional required information or documentation as per the instructions.
07
Review all the entered information thoroughly to avoid any errors or omissions. Make necessary corrections, if needed.
08
Sign and date the form at the appropriate places as indicated. If there are multiple applicants, all parties involved should sign the form.
09
Submit the filled-out LIC assignment form along with any supporting documents, if required, to the nearest LIC branch office or as per the instructions provided.
10
Keep a copy of the filled-out form and the accompanying documents for your records.
11
Await further communication from LIC regarding the processing of the assignment form.
12
Note: It is recommended to consult with a LIC representative or an insurance advisor for any specific queries or concerns during the form filling process.
Who needs lic assignment form for?
01
The LIC assignment form is needed for individuals or policyholders who wish to transfer the rights and benefits of their LIC policy to another person or entity.
02
The reasons for using the LIC assignment form may vary, but some common situations where it is required include:
03
- To transfer the policy benefits to a family member or a nominee in case of the policyholder's demise or inability to continue the policy.
04
- When obtaining a loan against the LIC policy by assigning it to the lending institution as collateral.
05
- To transfer the policy to a trust, organization, or company for various financial or administrative reasons.
06
- In cases of deeds of settlement, family settlements, or legal requirements where the LIC policy needs to be assigned to a specific individual or entity as per the terms and conditions.
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What is lic assignment form for?
Lic assignment form is used to transfer ownership of a life insurance policy from one individual to another.
Who is required to file lic assignment form for?
The policyholder who wishes to transfer ownership of the life insurance policy must file lic assignment form.
How to fill out lic assignment form for?
To fill out lic assignment form, the policyholder needs to provide personal information, policy details, and the details of the new owner.
What is the purpose of lic assignment form for?
The purpose of lic assignment form is to legally transfer ownership of a life insurance policy.
What information must be reported on lic assignment form for?
The lic assignment form must include personal information of the current owner, details of the life insurance policy, and information about the new owner.
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