Assignment Of Policy Of Life Insurance Legal Draft Template
| Category | Agreements Contract Law |
| Format | |
| File name | ASSIGNMENT OF POLICY OF LIFE INSURANCE |
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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 of1._______________
)2.
_____________ )