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Home / Policy Services / Assignment

Assignment

Policies on the life of another :

When a policy is taken by a person on the life of another, all right, title and interest in the policy vest in proposer.  Hence, the life assured has no interest in the policy. 

As long as the life assured has no interest in the policy, he cannot deal with the policy.  It is only when the proposer absolutely assigns the policy in favour of the life assured, when he attains the age of majority, the life assured can thereafter assign the policy in favour of his close relative or make any absolute assignment for valuable consideration.

Similarly, under Childer’s Deferred Assurance Plan, the life assured can assign the policy after the policy has vested in him or in respect of policies issued prior to 1.12.1967, he can assign the policy only when he adopts the policy.  

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