What is the difference between nomination and assignment?

While nomination is an authorisation to receive the policy monies in the event of death of the life insured, it does not give the nominee an absolute right over the money received to exclude other legal heirs. Further, the nomination can be revoked or cancelled at any time during the policyholder"s lifetime at his will and pleasure or by a subsequent assignment.

On the other hand, the assignment of an insurance policy is a transfer or assignment of all rights and liabilities of the insurance policy in favour of the assignee.

Nomination is a right conferred on the life insurance policyholder to appoint a person(s) to receive the policy monies if the policy becomes a claim by death. Any policyholder who is a major and the life insured under a policy can make a nomination. A nominee is a person designated by the policyholder to receive the proceeds of an insurance policy, upon the death of the life insured.

Yes. You can change your nomination at any time till the maturity date. All you need to do is to inform us about the change through the specified form.

The following details are necessary when filling in the proposal form:

  • Full name of the nominee
  • Address
  • Age
  • The relationship between you and the nominee

Transfer or assignment is a method of transferring one"s transferable interest in a life insurance policy to another person or institution, for example, as a security for repayment of loans.

Yes, you can assign a policy. To assign the policy, you have to notify us regarding the assignment.

Assignment or transfer of a life insurance policy may be made by simply endorsing 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 assignment mode as it is exempt from further stamp duty. The assignor should sign an assignment or his duly authorised agent, specifically stating the transfer or assignment. At least one witness should attest the document.

You have the following options:

  • Download the Policy Amendment Form A form from the Download section of our website, fill and send it to us.
  • Call our Customer Service Helpline numbers mentioned in the Contact Us section of the website.
  • Or write to us at the corporate address mentioned in the Contact Us section of the website

Yes, you can change the premium frequency from low (annual) to a higher frequency (bi-annual or monthly) or vice-versa.

Did not find what you were looking for?
Talk to an advisor