A person resident of India has taken a life insurance policy. Now he wants to assign the policy to a person a NRI living in Norweigh?
Total Comments: 15
Posted: Wed May 06, 2009 09:40 am Post Subject: hi.
Its very subjective that you can assign or not. It varied for case to case. Assgning means you are giving all your rights to another person. Fist it should be clear that what relation you have with perosn and reason for assigning.
Nomination will be the good option instead of assigning.
Posted: Wed May 06, 2009 09:40 am Post Subject: hi.
Its very subjective that you can assign or not. It varied for case to case. Assgning means you are giving all your rights to another person. Fist it should be clear that what relation you have with perosn and reason for assigning.
Nomination will be the good option instead of assigning.
Posted: Wed May 06, 2009 10:52 am Post Subject:
Well, Yes, Life Insurance policies can be traded and assigned freely and this has been approved by the High court in India.
If a policy holder wishes to transfer or assign the policy and gives a notice to such an effect, the Insurers have no other way but to transfer or assign it.
Posted: Wed May 06, 2009 11:01 am Post Subject:
btw to my information....... there are two exceptions to it....... Some Pension Policies and the type of Policies that come under Married women's property act.. for which the best option would be to contact your agent.
Posted: Wed May 13, 2009 12:39 pm Post Subject:
Yes, Resident Indian can assign life insurance policy to NRI. Since life insurance policy is classified as securities by foreign exchange regulation act, insurance policy document cannot be taken out of country without formal approval of Reserve Bank of India. Policy should be in Indian currency.(Rupees). Prior consent of RBI is not required where assignment is without consideration in favour of policy holders NRI wife or other dependent relatives.
Posted: Wed May 06, 2009 09:40 am Post Subject: hi.
Its very subjective that you can assign or not. It varied for case to case. Assgning means you are giving all your rights to another person. Fist it should be clear that what relation you have with perosn and reason for assigning.
Nomination will be the good option instead of assigning.
Posted: Wed May 06, 2009 09:40 am Post Subject: hi.
Its very subjective that you can assign or not. It varied for case to case. Assgning means you are giving all your rights to another person. Fist it should be clear that what relation you have with perosn and reason for assigning.
Nomination will be the good option instead of assigning.
Posted: Wed May 06, 2009 10:52 am Post Subject:
Well, Yes, Life Insurance policies can be traded and assigned freely and this has been approved by the High court in India.
If a policy holder wishes to transfer or assign the policy and gives a notice to such an effect, the Insurers have no other way but to transfer or assign it.
Posted: Wed May 06, 2009 11:01 am Post Subject:
btw to my information....... there are two exceptions to it....... Some Pension Policies and the type of Policies that come under Married women's property act.. for which the best option would be to contact your agent.
Posted: Wed May 13, 2009 12:39 pm Post Subject:
Yes, Resident Indian can assign life insurance policy to NRI. Since life insurance policy is classified as securities by foreign exchange regulation act, insurance policy document cannot be taken out of country without formal approval of Reserve Bank of India. Policy should be in Indian currency.(Rupees). Prior consent of RBI is not required where assignment is without consideration in favour of policy holders NRI wife or other dependent relatives.
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