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Home / Policy Services / Assignment

Assignment

Minor Assignee :

During the minority period of the assignee even the natural guardian cannot deal with the policy.

If the assignment is in favour of a minor, in the event of claim policy money cannot be paid to him as he cannot give a valid discharge. It is, therefore, desirable that where the assignee is a minor, testamentary guardian should be appointed in respect of all the properties of such minor including the policy moneys. A testamentary guardian can only be appointed by the natural guardian or a minor. The appointment of a guardian can be done by a separate instrument or on the back of the policy.

The following points should be noted regarding appointment of a guardian.

• The appointment relates to the entire property of the minor and not a part of the minor’s property.
  
  
• The guardian can be appointed only by the father of the minor so that if the proposer is not the father of the minor the appointment will have to be made y the father of the minor.
  
  
• The appointer of the guardian must affix his signature to the appointment in the presence of at least two witnesses who must also sign in the presence of each other.
  
  
• No stamp fee is required on the document of appointment of guardian.
  
  
• The document must clearly identify the minor and the guardian.
  
  
• The agent must also note that during the minority of assignee the policy cannot be dealt with even with the consent of the testamentary guardian unless the Guardianship certificate under the Guardian and Wards Act issued by a Court of competent jurisdiction is furnished to the Corporation empowering the holder to deal with the property of the minor.

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