Can I assign a Life Insurance Policy to a Non Resident india

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PostPosted: Tue Apr 21, 2009 8:54 am   Post subject: Can I assign a Life Insurance Policy to a Non Resident india  

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?

balasbalaji
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PostPosted: Tue Apr 21, 2009 9:31 am   Post subject:   

there is a difference between assigning the policy and nominating the policy.



I will just get clarified from Mr.balas.balaji that whether he want to nominate this policy benefits to his family members or



he want to assign the policy to someone who is in business relation with him.



Once i get this information then i can surely tell you more about it.



One more to add from which country you have purchased this policy?? Wink



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PostPosted: Tue Apr 21, 2009 11:15 am   Post subject:   

I think you may discuss the issue with your agent. The policy holder, technically, can name anyone as the beneficiary on his/her plan.

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PostPosted: Wed Apr 22, 2009 5:55 am   Post subject:   

I think you may discuss the issue with your agent. The policy holder, technically, can name anyone as the beneficiary on his/her plan.



Kelvin, they aren't talking about beneficiaries here. They're discussing assigning ownership of a life insurance policy to someone other than the original policyholder.



Guys- every life insurance contract that I have ever seen from just about any country has an assignment provision contained within the policy language that shows the terms and conditions of all assignment options, usually concentrating on absolute, collateral and business buy-sell contract assignments.



Is this what the OP is concerned about? There's both a little and a lot to this, and the policyholder should think verrrrrrrry carefully before assigning the policy.



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PostPosted: Wed Apr 22, 2009 12:10 pm   Post subject:   

Quote:
There's both a little and a lot to this, and the policyholder should think verrrrrrrry carefully before assigning the policy.


But Teacher, I think the OP is asking about an international assignment of such a policy.

Can someone really assign from so far away?

If you've come across such instances, then we'd at least know that it's possible. Steven
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PostPosted: Wed Apr 22, 2009 1:36 pm   Post subject:   

Steven, this isn't just an international assignment. This appears to be an Indian insurance policy. None of us have any business even attempting to answer this question without an expertise in Indian insurance law.

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PostPosted: Thu Apr 23, 2009 1:24 pm   Post subject:   

Quote:
None of us have any business even attempting to answer this question without an expertise in Indian insurance law.


Definitely! His query has got nothing to do with the general nature of global insurance operations. I think the OP should rather ask it at any Indian consumer forum. Steven
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PostPosted: Fri Apr 24, 2009 8:54 am   Post subject:   

Hi,



I don't think he can. Still, he might just forward this query through the customer service email of any Indian carrier and see what they have to say regarding this.



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PostPosted: Fri Apr 24, 2009 10:49 am   Post subject:   

In my opinion, he still need to ask him at that time the insured person, and ask in India's policy on this issue.

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PostPosted: Sat Apr 25, 2009 11:24 am   Post subject:   

Hi,



I guess if the person is on a short trip to abroad then this thing might just work for him. On the other hand if he's gonna settle down for long, then I believe this coverage won't be of any help to him. Steven

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PostPosted: Mon May 04, 2009 1:27 am   Post subject:   

However, I would like to whether he is a short-term or long-term settlement, and the key to see whether he meets the requirements of insurance policies, I think this does not affect.

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PostPosted: Wed May 06, 2009 9:40 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.

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PostPosted: Wed May 06, 2009 9:40 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.

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PostPosted: 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.



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PostPosted: 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.



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