Reassignment Form Of Lic -
Used when the reassignment involves a financial transaction or repayment. Documents Required for Processing
The consideration/debt for which the policy was assigned has been fully discharged. I/We request you to register this reassignment in your books and return the policy document with the necessary endorsement. reassignment form of lic
Assignment typically cancels the existing nomination. Reassignment is necessary to reinstate or update your nominees. Used when the reassignment involves a financial transaction
Reassignment is essentially the "undo" of an assignment. You cannot reassign a policy unless it was previously assigned. Assignment typically cancels the existing nomination
When you take a loan from a bank or LIC against your policy, you "assign" it to the lender. Once the loan is settled, the lender uses a reassignment form to transfer the title back to you.
: The form must be signed in the presence of a competent witness (often an LIC official or a magistrate if signed in a vernacular language).