The Life Insurance Corporation (LIC) Assignment Cancellation form is a critical document designed for the specific purpose of legally transferring ownership rights of an insurance policy from the assignor to the assignee. This document plays a vital role in the context of life insurance, where policyholders may need to assign their policy for valuable consideration, effectively changing the beneficiary of the policy from themselves to another party. It meticulously outlines the procedure for executing such an assignment, emphasizing the necessity of proper documentation and adherence to legal requirements including the use of appropriate stamp paper, if applicable, and the importance of executing the assignment in the presence of a witness. Furthermore, the form underscores the need for the delivery of the policy or the deed of assignment to the relevant LIC office for the registration of the assignment, without which the assignment will not be recognized by LIC. Notably, the form also includes instructions for ensuring that proper stamp duty has been paid, specifying the required details of the assignee, and necessitating the acknowledgment of the actual consideration received by the assignor from the assignee. This detailed procedural guideline ensures that all parties are fully informed of their rights and obligations, making the assignment process transparent and legally sound.
| Question | Answer |
|---|---|
| Form Name | LIC Assignment Cancellation Form |
| Form Length | 4 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 1 min |
| Other names | lic reassignment letter, reassignment form of lic, lic form 3857, lic assignment form |