Reply To: Assignment
Rishabh Surana
arpit wrote:
RISHABH wrote:
According to Section 38 of the Insurance Act 1938 , you can assign your policy to an individual or a financial institution provided there is an insurable interest between you and such individual/ financial institution.You can assign your policy to take a loan against it, as a security or in order to gift it to someone .
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Is it in General Insurance or life or both?
It is generally not present in pension products ; apart from these it is present in both life as well as general insurance products . However , if assignment option is available then it need to be specified in policy document.
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