How do I assign a policy or transfer a life insurance policy?
Assignment or transfer of a life insurance policy may be made by simply making an endorsement to that effect in the policy document. Another way of transferring or assigning the life insurance policy is to get a separate assignment deed executed. The former case is the preferred mode of assignment as it is exempt from further stamp duty. An assignment should be signed by the assignor or his duly authorized agent, and should specifically state the fact of transfer or assignment. The document should be attested by at least one witness.
