LIC Assignment Cancellation Form – Fill Out and Use This PDF

FORM OF ASSIGNMENT OF POLICY FOR VALUABLE CONSIDERATION

(Absolute Assignment)

Note : THIS FORM SHOULD NOT BE FILLED IN. The wording of the form, if found suitable, should be copied out either on the back of policy itself, or in the alternative, on a proper stamp paper of the requisite value.

(FOR INSTRUCTIONS RE: EXECUTION OF AN ASSIGNMENT SEE REVERSE)

I,

in

Consideration of the sum of Rupees

Paid to me by

the receipt Of which I hereby acknowledge, do hereby as beneficial owner assign unto the said

Aged

years his Heirs, Executors

Administrators and Assigns the policy Of Assurance on the life of myself granted to me by the

Life Insurance Corporation of India assuring the sum of Rupees

And numbered

and bearing date

the

day of

1999 /2000 and the sum assured thereby and all other moneys

benefits and Advantages to be received thereunder.

Dated at

this

day of

year 2000

WITNESS :

Signature :- ______________________________

Full Name :- ______________________________

_________________________

Signature of Life Assured

Designation :- _____________________________

Address :- ________________________________

Place : _____________________

Date :- _____________________

The Senior / Branch Manager,

Branch No. ________________

Life Insurance Corporation of India,

Policy No. ________________________Own Life

Dear Sir,

I hereby give you notice that I have assigned the above policy to :

Shri. ________________________________________
____________________________________________
_____________________________________________	Here mention the name and
_____________________________________________	} address of the assignee.

On ___________Please acknowledge receipt of this notice and forward the enclosed Policy/Deed

Of Assignment to ___________________after registering the assignment thereon in your Books

Certified that the thumb impression here in is

That of _______________________________________________

Who admits having affixed the same after understanding the contents hereof

	Yours faithfully
___________________________
Signature of Witness	(Signature/Thumb Impression of Assignor)

NOTE

??Notice Should be given by assignor or his/her duly authorised Agent.

The assignor's thumb impression to the form should be attested by a Magistrate or justice of the Peace or a Gazetted Officer. An officer or Development officer of atleast 3 years standing or confirmed Development Officer recruited from the Agents, who were DM or BM club members before joining or Development officer recruited from agents who were ZM or Chairman's club members before joining Provided he / she is fully satisfied about the identity of the person. The attesting witness should certify as above

INSTRUCTIONS

(1)After making such alteration, if any as may be deemed necessary in the case under consideration, the form printed on the reverse should be copied either on the back of the policy, in which case no stamp duty will be payable or on a separate (Special adhesive or non-judicial ) Stamp paper of the appropriate value. Parties to the Assignment should satisfy themselves before forwarding the policy or the Deed of Assignment, as the case may be as regards proper Stamp duty having been paid thereon.

(2)The full name, and age, of the Assignee must be stated.

(3)The actual consideration for the assignment received from the assignee should be written in words, not in figures.

(4)The Assignor must affix his signature to the Assignment in the presence of a witness other than the Assignee. If the Assignor is not conversant with English, he must sign the Assignment before an English-knowing person and if he be illiterate, he must affix his thumb impression to the Assignment before a magistrate a justice of peace or Gazetted Officer. An Officer or Development Officer of Atleast 3 Years standing or confirmed Development Officer recruited from the Agents, who were DM or BM club members before joining or Development Officer recruited from Agency who were ZM chairmans club members before joining provided he/she is fully satisfied about the identity of the person executing the assignment. The Witness in such cases should certify as follows :-

" Certified that the contents of the above Assignment were explained by me to the Assignor Mr.____________________________in Vernacular and that he affixed his signature / Left thumb impression there to in my presence after thoroughly understanding the same.

(5)Signature or any other matter written in Vernacular should have the english translation therof written beneath the same.

(6)Immediately after an assignment has been executed the Policy or the deed of Assignment must be sent to the Divisional Office of the Corporation at________________________

__________________________for registration of the assignment accompanied by anotice in writing of the assignment. Preferably in the form printed on the reverse. Except as otherwise provided any law in force at the place where the policy moneys are payable in terms of policy contract. An assignment other than one in favour of the corporation will not me be operative as against the corporation(and will not confer upon the assignee or his legal representatives any right to sue for the policy moneys) unless a notice in writing of the assignment and the policy bearing the assignment or the assignment deed in original or the copy of the assignment certified to be correct by both the assignor and the assignee or by the duly authorised agents are delivered to the corporation and priority of claims under the assignment will be governed strictly by the order in which notices of assignment have been received at the divisional office of the corporation through which the policy is issued and not by dates of execution of assignment.

(7)When the policy is to be assigned by way of security or mortgage only and not absolutely it is advisable to consult a legal advisor as to form of assignment to be used, amount of stamp duty etc.

Form No. – 3848 p.i./15,000 f / 12-99