ASSIGNMENT OF POLICY OF LIFE INSURANCE

ASSIGNMENT OF POLICY OF LIFE INSURANCE [CD1] 

 

THIS DEED OF ASSIGNMENT made at __________ on this __________ day _______________ BETWEEN XY son of Shri _____________________ resident of ____________ (hereinafter called "the

Assignor") of the ONE PART and PQ son of __________ resident of _____________ (hereinafter called "the Assignee") of the OTHER PART.

WHEREAS:

By a policy of Life Insurance issued by the Life Insurance Corporation of India _____________ office ___________ being _______________ dated the __________ on the life of the assignor, the sum of Rs. ________ assured to be paid on ________ maturity or to his nominee, heirs, executors, administrators, legal representatives or assigns after his death, subject to payment of the annual premium of Rs. ________

The Assignor has agreed to assign the said policy of insurance in favour of the said PQ for a sum of Rs. _________________.

NOW THIS DEED WITNESSES AS FOLLOWS:

1.    In consideration of sum of Rs.__________ paid by the said B (the receipt whereof the said XY does hereby admit and acknowledge), the said assignor as the beneficial owner hereby transfer and assign unto and to the use and for the benefit of the assignee the above policy together with the benefit of the said sum of Rs. ________/- thereby assured together with bonus, benefits and other moneys thereof to be had, recovered or obtained under the said policy. TO HAVE AND TO HOLD the same unto and to the use of the assignee absolutely and the assignor hereby force and that the assignor shall regularly pay the premia under the said policy of insurance to the Life Insurance Corporation of India and the assignor shall not do, execute or perform or knowingly suffer anything whereby the said policy may become void or voidable or the assignee or his heirs, executors, administrators, legal representatives or assigns may be prevented from receiving the moneys thereby assured or any bonus, benefits and other sums there under.

IN WITNESS WHERE OF, etc. the Assignor has put his hand the ________ day and _________ year hereinabove written, Signed and delivered by the ) within named Assignor PQ )

In presence of

1._______________ )

2.    _____________ )

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 [CD1]ASSIGNMENT OF POLICY OF LIFE INSURANCE