Get the free Assignment Of Lic Policy Form. Assignment Of Lic Policy Form

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How to fill out assignment of lic policy

How to fill out assignment of lic policy

1. To fill out the assignment of LIC policy, follow these steps:
2. Begin by obtaining the assignment form from the LIC branch or download it from the official LIC website.
3. Provide your policy details such as policy number, policyholder name, and policy term in the appropriate sections of the form.
4. Fill in the name and address of the proposed assignee who will receive the rights and benefits of the policy.
5. Specify the assignment type, whether it is an absolute assignment or conditional assignment.
6. If it is a conditional assignment, clearly state the conditions under which the assignment can take effect.
7. Fill in the effective date of the assignment.
8. Sign the form along with the witness signatures as required.
9. Submit the completed form along with any necessary supporting documents to the LIC branch.
10. Pay any applicable fees or charges associated with the assignment.
11. Keep a copy of the assignment form for your records.

Who needs assignment of lic policy?

1. Assignment of LIC policy is needed by individuals who wish to transfer the rights and benefits of their LIC policy to another person or entity.
2. Some common scenarios where assignment may be required include:
3. - Policyholder wishing to transfer the policy to a family member, spouse, or dependent.
4. - Assignment to secure a loan or mortgage with the LIC policy as collateral.
5. - Assignment in case of a business transaction where the policy is transferred to a partner or shareholder.
6. - Assignment to fulfill legal requirements such as in case of divorce settlements or court orders.
7. In such cases, the assignment of LIC policy allows for the legal transfer of rights and benefits while ensuring the assigned party receives the policy benefits as per the terms and conditions.

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What is assignment of lic policy?

The assignment of lic policy refers to transferring the ownership rights of a LIC policy from one person to another.

Who is required to file assignment of lic policy?

The policyholder who wants to transfer the ownership rights of the LIC policy is required to file assignment of lic policy.

How to fill out assignment of lic policy?

To fill out assignment of lic policy, the policyholder needs to fill out the assignment form provided by LIC, sign it, and submit it along with the necessary documents.

What is the purpose of assignment of lic policy?

The purpose of assignment of lic policy is to legally transfer the ownership rights of the LIC policy from one person to another.

What information must be reported on assignment of lic policy?

The assignment of lic policy form must include details such as policy number, name of the assignor and assignee, relationship between them, and the effective date of the assignment.