max life insurance policy assignment form

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Policy Amendment request form - Max Life Insurance

• reinstatement
• declaration
• www.maxlifeinsurance.com

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POLICY AMENDMENT REQUEST FORM (A)<br />

SECTION A<br />

<strong>Policy</strong> No.<br />

1. Change in Address<br />

Address<br />

Please write in (BLOCK LETTERS)<br />

Home Work Alternate/Permanent<br />

City<br />

Pin Mobile* Tel*<br />

* Mandatory<br />

E-mail<br />

Please indicate your preference for preferred mailing address Home Work Alternate/Permanent<br />

Note: In case total Annual Premium exceeds Rs. 10,000, including all the policies, Please provide a copy of self attested supporting address proof for new address.<br />

The Supporting address proofs are as follows: (Please check the appropriate)<br />

Passport, Voter's Identity Card, Driving License, Ration Card<br />

Telephone Bill, Electricity bill (not older than six months)<br />

Credit Card or Bank statement, which is not more than 3 months old.<br />

2. Change in Name:<br />

<strong>Policy</strong> Owner:<br />

<strong>Life</strong> Insured:<br />

Letter from a recognized 'public authority' or public servant verifying the mailing address<br />

Affidavit Issued by a gazetted officer. Gazetted officer should be of Central or State Government.<br />

Valid lease agreement along with rent receipt, which is not more than 3 months old.<br />

(Title) (First Name) (Middle Name) (Last Name)<br />

Note: Please provide us with a certified copy of the supporting document along with the Affidavit.<br />

3. Change in Nomination:<br />

From To Relationship DOB<br />

(If minor i.e. under age 18)<br />

Note: If nominee is a minor, please name a person (''Appointee'') to receive policy proceeds in the event of death of life insured, while the nominee<br />

is still a minor. Please provide below the following in<strong>form</strong>ation for " Appointee " -<br />

Name of the Appointee: Relationship to Nominee:<br />

Address:<br />

Appointee's Signature:<br />

4. Change in Bonus Option: (Tick to indicate Bonus Option required) Cash PUA Premium Offset<br />

5. Change in NFO: (Tick to indicate NFO required) Reduced Paid Up Extended Term <strong>Insurance</strong><br />

SECTION B<br />

6. Addition/Change/Deletion in Riders:<br />

A-Addition C-Change D-Deletion<br />

A C D Riders (Tick to indicate) Term<br />

Personal Accident Benefit Rider (PAB)<br />

Dreaded Disease<br />

Payor Rider<br />

Term Rider<br />

Term R & C (5 year)<br />

Waiver of Premium (WOP)<br />

Coverage<br />

Amount<br />

Premium amount<br />

Effective<br />

Date Current<br />

Occupation<br />

Effective Date<br />

NA<br />

Note:<br />

Health declaration <strong>form</strong> is required for all addition of rider. <strong>Life</strong> insured may be required to under go medical tests<br />

Payor questionnaire and Date of birth proof required for addition of Payor rider<br />

Any addition of rider / option shall be subject to the company underwriting the risk and the company shall not be liable until such time it has<br />

underwritten the risk and issued the rider / option contract to the policy holder.<br />

I fully understand the meaning and scope of the <strong>Policy</strong> <strong>Amendment</strong> <strong>request</strong> <strong>form</strong> and the questions / amendment <strong>request</strong>s contained above and am<br />

submitting the completed <strong>Policy</strong> <strong>Amendment</strong> <strong>request</strong> <strong>form</strong> of my own volition.<br />

Name of <strong>Policy</strong> Holder:<br />

(Mention complete name)<br />

Date:<br />

Signature of <strong>Policy</strong> Holder:<br />

(Should match with policy records)<br />

Place:<br />

MNYL APA 28032009 Version 1.1<br />

<strong>Max</strong> New York <strong>Life</strong> <strong>Insurance</strong> Co. Ltd.<br />

3rd Floor, Operation Center, 90 A, Udyog Vihar, Sector – 18, Gurgaon – 122015.<br />

Amsure Helpline : 1800-180-1288 (Toll Free),<br />

e-mail : [email protected]. Visit us at : www.amsure.in

Request for Reinstatement:<br />

POLICY AMENDMENT REQUEST FORM (B)<br />

(please tick the box and fill the Health declaration <strong>form</strong>)<br />

The policy maybe reinstated at revised / reduced coverage. <strong>Policy</strong> pack maybe required.<br />

1. Name of <strong>Life</strong> to be Insured<br />

No. <strong>Policy</strong><br />

I <strong>request</strong> you to reinstate my above-mentioned lapsed policy. I fully understand that the reinstatement of my policy shall be subject to <strong>Life</strong> to be Insured<br />

undergoing medical tests (wherever required) at policyholder's cost, realization of full reinstatement charges, and confirming the same in writing to the<br />

<strong>Policy</strong>holder. Reinstatement of a lapsed policy shall be subject to the company underwriting the risk afresh and confirming the reinstatement details in<br />

writing to the policyholder.<br />

Health Declaration Form<br />

(Please attach this with the <strong>Policy</strong> <strong>Amendment</strong> Request Form while <strong>request</strong>ing for Addition of Rider or Reinstatement)<br />

2. Since the date of submission of proposal to the company have you suffered from any illness or consulted a medical practitioner<br />

(If "Yes" complete the questions 3 to 8 below.) (If "No" please clearly mark N.A against questions 3 to 8 ) YES NO<br />

3. Please state diagnosis or give details of illness or disorder<br />

4. Name the type of tests per<strong>form</strong>ed and dates<br />

5. Results of those tests<br />

6. Name of physician or medical practitioner consulted<br />

Consultation date(s)<br />

Name and address of Hospital (if admitted)<br />

7. Number of days in the hospital Treatment taken<br />

8. When did treatment cease? Any reports attached<br />

Yes<br />

Details of documents enclosed ______________________________________________________________________<br />

No<br />

Reason<br />

I hereby declare and agree that the above particulars and answers are complete and true, and this questionnaire will <strong>form</strong> part of policy records.<br />

I <strong>request</strong> you to reinstate my above-mentioned lapsed policy. I fully understand that the reinstatement of my policy shall be subject to <strong>Life</strong> to be<br />

Insured undergoing medical tests (wherever required) at policyholder's cost, realization of full reinstatement charges, and confirming the same in<br />

writing to the <strong>Policy</strong>holder.<br />

Name of <strong>Policy</strong> Holder<br />

Name of <strong>Life</strong> Insured<br />

Name of Witness<br />

Complete Address of Witness<br />

Signature of <strong>Policy</strong> Holder<br />

Signature of <strong>Life</strong> Insured<br />

Signature of Witness<br />

Instructions:<br />

Please ensure <strong>form</strong> is signed and dated.<br />

The Health Declaration <strong>form</strong> needs to be completed in all respects.<br />

<strong>Amendment</strong>s are subject to processing on receipt of original policy pack (as required) by the company, processing of<br />

your policy amendment <strong>request</strong> and confirmation of the amendment in writing by the company to the policyholder.<br />

If the <strong>Life</strong> insured is required to undergo medical tests, then medical reports must be attached wherever required.<br />

Additional in<strong>form</strong>ation as mentioned in each section in parentheses, needs to be completed and enclosed along with<br />

this <strong>form</strong> for processing.<br />

e-mail : [email protected]. Visit us at : www.amsure.in<br />

MNYL APA 28032009 Version 1.1

POLICY AMENDMENT REQUEST FORM<br />

SECTION C<br />

7. Switching of Funds: (I authorize <strong>Max</strong> New York <strong>Life</strong> to invest all existing renewal premiums in the proportions mentioned below)<br />

Name of the fund Switch From (Please indicate amount OR %) Switch To (Please indicate amount OR %)<br />

Guaranteed Fund - Income<br />

Guaranteed Fund - Dynamic<br />

Balanced Fund<br />

Growth Fund<br />

8. Redirection of Funds (Allocation of Future Premium) (I authorize <strong>Max</strong> New York <strong>Life</strong> to invest all future renewal premiums in the proportions mentioned below)<br />

Name of the fund %<br />

The minimum % that can be switched is 20% subject to a minimum of Rs. 5,000.00<br />

Units are switched on Bid price to Bid Price basis.<br />

Post exercising of free switches, a fee will be charged which will be higher of 0.5% of the amount of switch or Rs. 500. Please refer to your<br />

policy contract for the number of free switches.<br />

If the <strong>request</strong> is received before the cut-of time at the Head office, same day unit value will be applicable.<br />

Please note that switching of funds changes only your existing fund holding. if you wish to change the fund allocation of future premiums,<br />

please fill the 'Application for Premium Re-Direction <strong>form</strong>'.<br />

The change will be effective once all the due premiums are paid in full.<br />

When more than one funds are selected, at least 20% of each new investment will be invested in each selected fund.<br />

The redirection of scheduled premium can be done at any time by giving 7 days notice to the company before the premium due date.<br />

Post exercising of free redirection, a fee of an amount of Rs. 1000 will be charged. Please refer to your policy contract for the number of free redirections.<br />

9. Partial Withdrawal/Partial Surrender Request:<br />

Name of the fund<br />

Amount (in Rs) to be withdrawn from each fund<br />

Declaration: Kindly withdraw the amount by partially surrendering the units in my policy. I understand that I must withdraw at least Rs. 10,000.00<br />

worth of units (across all funds) based on the prevailing unit value at the time of this withdrawal.<br />

Partial Withdrawal / Partial Surrender Request - Terms and Conditions<br />

Withdrawal can only happen after the completion of three policy years. If you withdraw before 5 years, please check the availability of your tax<br />

exemption under section 80C<br />

After withdrawal the policy should have a minimum cash value equivalent to 50% of cash value or Rs. 10,000.00 which ever is higher.<br />

In case of level death benefit option, sum assured may reduce on partial surrender.<br />

If the <strong>request</strong> is received before the cut-off time at the Head Office, same day unit value will be applicable<br />

Two withdrawals in the policy year are free and processing fees of Rs. 500.00 will be charged for any additional withdrawal.<br />

10. Full Surrender of <strong>Policy</strong>: (Please tick the box)<br />

submitting the completed <strong>Policy</strong> <strong>Amendment</strong> <strong>request</strong>s <strong>form</strong> of my own volition.<br />

Please call us at 1800 180 1288 (toll-free) or e.mail us at : [email protected] we will process the following Service Requests online:<br />

Change of address Reinstatement (within 180 days from the lapsed date) Change in Contact details Change in Bonus Option<br />

Illustration Request<br />

Reactivation of ECS<br />

• More documents
• Recommendations

POLICY AMENDMENT REQUEST FORM (A) SECTION A <strong>Policy</strong> No. 1. Change in Address Address Please write in (BLOCK LETTERS) Home Work Alternate/Permanent City Pin Mobile* Tel* * Mandatory E-mail Please indicate your preference for preferred mailing address Home Work Alternate/Permanent Note: In case total Annual Premium exceeds Rs. 10,000, including all the policies, Please provide a copy of self attested supporting address proof for new address. The Supporting address proofs are as follows: (Please check the appropriate) Passport, Voter's Identity Card, Driving License, Ration Card Telephone Bill, Electricity bill (not older than six months) Credit Card or Bank statement, which is not more than 3 months old. 2. Change in Name: <strong>Policy</strong> Owner: <strong>Life</strong> Insured: Letter from a recognized 'public authority' or public servant verifying the mailing address Affidavit Issued by a gazetted officer. Gazetted officer should be of Central or State Government. Valid lease agreement along with rent receipt, which is not more than 3 months old. (Title) (First Name) (Middle Name) (Last Name) Note: Please provide us with a certified copy of the supporting document along with the Affidavit. 3. Change in Nomination: From To Relationship DOB (If minor i.e. under age 18) Note: If nominee is a minor, please name a person (''Appointee'') to receive policy proceeds in the event of death of life insured, while the nominee is still a minor. Please provide below the following in<strong>form</strong>ation for " Appointee " - Name of the Appointee: Relationship to Nominee: Address: Appointee's Signature: 4. Change in Bonus Option: (Tick to indicate Bonus Option required) Cash PUA Premium Offset 5. Change in NFO: (Tick to indicate NFO required) Reduced Paid Up Extended Term <strong>Insurance</strong> SECTION B 6. Addition/Change/Deletion in Riders: A-Addition C-Change D-Deletion A C D Riders (Tick to indicate) Term Personal Accident Benefit Rider (PAB) Dreaded Disease Payor Rider Term Rider Term R & C (5 year) Waiver of Premium (WOP) Coverage Amount Premium amount Effective Date Current Occupation Effective Date NA NA NA NA Note: Health declaration <strong>form</strong> is required for all addition of rider. <strong>Life</strong> insured may be required to under go medical tests Payor questionnaire and Date of birth proof required for addition of Payor rider Any addition of rider / option shall be subject to the company underwriting the risk and the company shall not be liable until such time it has underwritten the risk and issued the rider / option contract to the policy holder. I fully understand the meaning and scope of the <strong>Policy</strong> <strong>Amendment</strong> <strong>request</strong> <strong>form</strong> and the questions / amendment <strong>request</strong>s contained above and am submitting the completed <strong>Policy</strong> <strong>Amendment</strong> <strong>request</strong> <strong>form</strong> of my own volition. Name of <strong>Policy</strong> Holder: (Mention complete name) Date: Signature of <strong>Policy</strong> Holder: (Should match with policy records) Place: MNYL APA 28032009 Version 1.1 <strong>Max</strong> New York <strong>Life</strong> <strong>Insurance</strong> Co. Ltd. 3rd Floor, Operation Center, 90 A, Udyog Vihar, Sector – 18, Gurgaon – 122015. Amsure Helpline : 1800-180-1288 (Toll Free), e-mail : [email protected]. Visit us at : www.amsure.in

• Page 2 and 3: Request for Reinstatement: POLICY A

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Financial Tips, Guides & Know-Hows

Home > Finance > What Is An Assignee On A Life Insurance Policy?

What Is An Assignee On A Life Insurance Policy?

Published: October 14, 2023

Learn the role of an assignee on a life insurance policy and how it can impact your finances. Discover what it takes to become a finance-savvy assignee.

(Many of the links in this article redirect to a specific reviewed product. Your purchase of these products through affiliate links helps to generate commission for LiveWell, at no extra cost. Learn more )

Table of Contents

Introduction, definition of assignee, role of assignee in a life insurance policy, rights and responsibilities of an assignee, process of assigning a life insurance policy, benefits of assigning a life insurance policy, considerations before assigning a life insurance policy, potential challenges and risks for assignees.

Life insurance is a crucial financial tool that provides protection and financial security to individuals and their loved ones in case of unexpected events. While the primary purpose of life insurance is to provide a death benefit to beneficiaries, policy owners also have the flexibility to assign or transfer their policy rights to another person or entity. This is where an assignee comes into play.

An assignee on a life insurance policy refers to the individual or entity who is designated to receive the policy benefits or be the recipient of any policy changes. Assigning a life insurance policy can be a strategic move for policyholders who want to transfer ownership rights or allocate the proceeds to a specific person or organization.

In this article, we will delve deeper into the role of an assignee in a life insurance policy, their rights and responsibilities, as well as the process of assigning a policy. We will also explore the benefits and considerations involved in assigning a life insurance policy, along with potential challenges and risks that assignees may encounter.

Understanding the concept of assignees in life insurance policies is essential for policyholders who may be considering transferring their policy rights or for beneficiaries who need to comprehend the implications of an assigned policy. Without further ado, let’s dive into the details of assignees on a life insurance policy.

An assignee on a life insurance policy is an individual or entity that is designated to receive the policy benefits or take over the ownership rights and responsibilities. When a policyholder assigns their life insurance policy, they transfer their rights to the assignee, who then becomes the new owner of the policy.

The assignee can be a spouse, child, relative, friend, or even a business entity such as a trust or corporation. The assignee can be named at the time the policy is initially taken out, or the policyholder can choose to assign the policy at a later date. In some cases, a policyholder may assign their policy to a lender or creditor as collateral for a loan.

It is important to note that the assignee is distinct from the beneficiary. The beneficiary is the person or entity who receives the death benefit proceeds upon the death of the insured. While the assignee assumes ownership of the policy, they may or may not be the same person as the beneficiary.

Assigning a life insurance policy can be a way for policyholders to ensure that the intended recipient receives the policy benefits or to transfer the financial responsibility and management of the policy to someone else.

Now that we have established the definition of an assignee in a life insurance policy, let’s explore their role in more detail.

The assignee plays a significant role in a life insurance policy once they have been designated as the new owner. Their responsibilities and authority may vary depending on the terms of the policy and the specific agreement between the policyholder and the assignee. Here are some key roles an assignee may have:

• Policy Ownership: As the assignee, they become the legal owner of the life insurance policy. This means they have the rights to manage and make decisions regarding the policy, subject to any limitations or conditions outlined in the assignment agreement.
• Premium Payments: The assignee is generally responsible for paying the premiums to keep the policy in force. They may choose to use their own funds or utilize the policy’s cash value, if available, to cover the premiums.
• Beneficiary Designation: The assignee may have the authority to change the beneficiary designation if permitted by the policy terms. This gives them the ability to redirect the policy’s death benefit to another individual or entity.
• Policy Modifications: Depending on the specific agreement, the assignee may have the power to make changes to the policy, such as increasing or decreasing the coverage amount, adjusting the policy term, or adding additional riders.
• Access to Policy Information: As the new policy owner, the assignee has the right to access and review the policy information, including the policy terms, conditions, and any associated documents.
• Claims Processing: In the event of the insured’s death, the assignee is responsible for initiating the claims process and ensuring that the death benefit proceeds are disbursed to the designated beneficiary.

It’s important to note that the specific roles and authority of the assignee can vary based on the terms of the assignment agreement. It is essential for both the policyholder and the assignee to have a clear understanding of their respective roles and responsibilities to avoid any confusion or disputes in the future.

Now that we have examined the role of an assignee in a life insurance policy, let’s explore the rights and responsibilities they have in more detail.

When an individual or entity becomes the assignee of a life insurance policy, they acquire certain rights and responsibilities associated with the policy. These rights and responsibilities can vary depending on the terms of the assignment agreement and the specific provisions of the policy. Let’s take a closer look at the rights and responsibilities of an assignee:

Rights of an Assignee:

• Ownership Rights: As the assignee, they have the right to the policy benefits and any cash value that has accumulated. They can make decisions regarding the policy, such as changing the beneficiary, modifying coverage, or accessing policy information.
• Premium Payments: The assignee has the right to receive premium payments from the policyholder, which they can use to keep the policy in force. They may also have the right to access the policy’s cash value, if available.
• Policy Modifications: Depending on the terms of the assignment agreement, the assignee may have the right to make changes to the policy, such as adjusting the coverage amount, policy term, or adding additional riders.
• Access to Policy Information: The assignee has the right to access and review the policy information, including the terms, conditions, and any associated documents. This allows them to stay informed about the policy’s provisions and make informed decisions.
• Claims Processing: In the event of the insured’s death, the assignee has the right to initiate the claims process and receive the death benefit proceeds. They are responsible for disbursing the proceeds to the designated beneficiary, if applicable.

Responsibilities of an Assignee:

• Premium Payments: As the assignee, they are responsible for making premium payments to keep the policy in force. This ensures that the policy remains active and the coverage continues.
• Policy Management: The assignee has the responsibility to manage and maintain the policy. This includes reviewing the policy regularly, staying informed about any changes in the terms and conditions, and making decisions that align with the policyholder’s intentions.
• Beneficiary Designation: If authorized by the assignment agreement, the assignee may have the responsibility to change the beneficiary designation if necessary. This involves ensuring that the intended recipient of the death benefit is correctly designated.
• Communication: The assignee has the responsibility to maintain open communication with the policyholder, beneficiaries, and any other parties involved. This helps in addressing any questions, concerns, or changes that may arise regarding the policy.

It’s important for both the assignee and the policyholder to have a clear understanding of these rights and responsibilities to ensure a smooth and effective management of the policy. Now that we have explored the rights and responsibilities of an assignee, let’s move on to understand the process of assigning a life insurance policy.

The process of assigning a life insurance policy involves transferring the ownership rights and control of the policy from the policyholder to the assignee. While the specific steps may vary based on the insurance company and policy terms, the general process typically includes the following:

• Review Policy Terms: The policyholder should carefully review the terms and conditions of their life insurance policy to understand any limitations or restrictions on assigning the policy.
• Choose an Assignee: The policyholder selects an individual or entity to be the assignee. This can be a family member, friend, trust, or even a business entity. It is essential to consider the long-term goals and intentions when choosing an assignee.
• Obtain Consent: The policyholder must obtain the consent of the proposed assignee to ensure they are willing to assume the responsibilities and obligations associated with the policy.
• Prepare Assignment Agreement: The policyholder and the assignee should work together to prepare an assignment agreement. This is a legal document that outlines the terms of the assignment, including the assignee’s rights, responsibilities, and any potential compensation or considerations involved.
• Notify the Insurance Company: The policyholder must contact their insurance company to inform them of the intention to assign the policy. The insurance company may require specific forms to be filled out, along with a copy of the assignment agreement.
• Insurance Company Approval: The insurance company will review the assignment request and the assignment agreement to ensure they comply with their policies and regulations. Once approved, they will update their records to reflect the new assignee.
• Update Beneficiary Designation: If the assignee is different from the original beneficiary, the policyholder may need to update the beneficiary designation to ensure that the intended recipient receives the death benefit.

It is crucial for both the policyholder and the assignee to consult with legal and financial professionals to ensure that the assignment process is conducted properly, adhering to any legal requirements and optimizing the financial outcomes for all parties involved.

Now that we have discussed the process of assigning a life insurance policy, let’s move on to explore the benefits of assigning a life insurance policy.

Assigning a life insurance policy can offer several benefits for both the policyholder and the assignee. Here are some key advantages of assigning a life insurance policy:

• Control and Flexibility: Assigning a life insurance policy allows the policyholder to have control over who will manage and benefit from the policy. It provides flexibility to designate a specific person or entity to take over the ownership rights and responsibilities.
• Estate Planning: Assigning a life insurance policy can be an effective estate planning strategy. It allows the policyholder to transfer assets outside of their estate, which may help in minimizing estate taxes and ensuring a smooth transfer of wealth to the intended recipients.
• Creditor Protection: By assigning a life insurance policy to a trust or business entity, the policy cash value and death benefit may be protected from potential creditors. This provides an added layer of financial security for the assignee and the intended beneficiaries.
• Financial Assistance: Assigning a life insurance policy can be beneficial in scenarios where the assignee needs financial assistance. For example, if the assignee is facing financial hardship or requires funds for a specific purpose, they may be able to access the policy’s cash value or even borrow against the policy.
• Charitable Giving: Assigning a life insurance policy to a charitable organization can be a meaningful way to support a favorite cause. It allows the policyholder to make a significant charitable contribution, and the assignee, in this case, would be responsible for managing the policy and ensuring that the proceeds benefit the designated charity.

It’s important to note that the benefits of assigning a life insurance policy can vary depending on the specific circumstances and goals of the policyholder. Therefore, it is advisable to consult with financial advisors, estate planning professionals, and insurance experts to assess the suitability of assigning a policy and to maximize the potential benefits.

Now that we have explored the benefits of assigning a life insurance policy, let’s move on to discuss some considerations before making the decision to assign a policy.

Before deciding to assign a life insurance policy, it is crucial to carefully consider a few key factors. These considerations will help ensure that the decision aligns with your financial goals and meets your specific needs. Here are some important points to ponder:

• Impact on Beneficiaries: Assigning a life insurance policy may have implications for the intended beneficiaries. It is essential to consider their needs and financial security before assigning the policy to someone else or an entity. Make sure to have open conversations with the beneficiaries to discuss any changes in the policy ownership and how it may impact them.
• Future Financial Needs: Assess your own future financial needs before assigning a life insurance policy. Life circumstances can change, and it is crucial to determine if the policy’s cash value or death benefit might be required for your own financial stability or long-term goals. Balancing immediate financial needs with the desire to assign the policy is important.
• Trustworthiness of the Assignee: Consider the trustworthiness and reliability of the proposed assignee. Assigning a life insurance policy involves transferring ownership rights and responsibilities, so it is crucial to choose someone who will effectively manage the policy and fulfill the agreed-upon obligations. Conduct thorough due diligence and consider seeking legal advice to ensure the assignee is the right choice.
• Tax Implications: Assigning a life insurance policy may have tax implications. Consult with tax professionals to understand any potential tax consequences of the assignment, such as gift tax or estate tax considerations. Proper planning and knowledge of tax laws will help mitigate any unexpected tax liabilities.
• Insurance Company Policy: Review the terms and conditions of your life insurance policy regarding assignments. Some policies may have restrictions or limitations on assigning a policy, and it’s important to understand these provisions. Contact your insurance company directly to clarify any concerns or questions related to the assignment process.
• Legal Considerations: Assigning a life insurance policy involves legal documentation and agreements. It is advisable to consult with legal professionals who specialize in insurance and estate planning to ensure that the assignment is conducted in compliance with applicable laws and meets your specific needs.

Considering these factors will help you make an informed decision about whether assigning a life insurance policy is the right choice for you. Assess your individual situation, speak with professionals, and review your long-term goals to determine if assigning the policy aligns with your overall financial plan.

Now that we have explored the considerations before assigning a life insurance policy, let’s discuss some potential challenges and risks for assignees.

While assigning a life insurance policy can have its benefits, there are also potential challenges and risks that assignees should be aware of. Understanding these risks will help you make informed decisions and take necessary precautions. Here are some potential challenges and risks for assignees:

• Financial Responsibility: As the assignee, you become responsible for paying the policy premiums to keep the coverage in force. Failure to pay the premiums can result in the policy lapsing, causing loss of coverage and potential loss of the policy’s cash value.
• Potential Conflict: Assigning a life insurance policy may lead to conflicts, especially if the policyholder has multiple beneficiaries or if the assigned policy conflicts with other estate planning arrangements. It is important to communicate and coordinate with all involved parties to minimize potential disputes.
• Changing Circumstances: Life circumstances can change, and the assigned policy may no longer align with the assignee’s needs or financial goals. Review the policy periodically to ensure it still meets your objectives. If necessary, consult with professionals to explore options for policy modifications or changes.
• Loss of Control: By assigning a policy, you relinquish control over certain aspects of the policy. The assignee may need to consult the policyholder or beneficiaries before making any changes or important decisions. This loss of control should be carefully considered before proceeding with the assignment.
• Insurance Company Approval: The insurance company typically has the final say in approving the assignment. They will review and confirm the assignment agreement to ensure compliance with their policies. If the assignment is not approved, it can impede the intended transfer of ownership.
• Tax Implications: Assigning a life insurance policy may have tax consequences for the assignee, such as potential income tax on the policy’s cash value or estate tax implications. Consult with tax professionals before finalizing the assignment to fully understand these potential tax implications.

It is crucial for assignees to carefully weigh these challenges and risks against the potential benefits before accepting the assignment of a life insurance policy. Be proactive in communicating with the policyholder and beneficiaries, stay informed about policy details, and seek professional guidance to navigate any potential challenges or risks.

Now that we have discussed the potential challenges and risks for assignees, let’s wrap up our article.

Assigning a life insurance policy can be a strategic financial move that offers flexibility and control over the policy’s ownership and benefits. By designating an assignee, individuals can ensure that the policy proceeds are directed to the intended recipient or utilize the expertise of an entity to manage the policy. However, before proceeding with an assignment, it is important to carefully consider various factors.

Understanding the role, rights, and responsibilities of an assignee is vital to ensure a smooth transition and effective management of the policy. The assignee assumes ownership of the policy, enjoying benefits such as decision-making authority and control over premiums. They also have responsibilities, including making premium payments, managing the policy, and initiating claims if the insured passes away.

The process of assigning a life insurance policy involves reviewing policy terms, choosing an assignee, obtaining consent, preparing an assignment agreement, and notifying the insurance company. It is crucial to review the policy specifics and consult legal and financial professionals to ensure compliance with regulations and optimize financial outcomes.

Assigning a life insurance policy offers numerous benefits, such as control, estate planning opportunities, creditor protection, and financial assistance. However, there are considerations to keep in mind, including the impact on beneficiaries, future financial needs, and tax implications.

Assignees may face potential challenges, such as financial responsibility, conflicts of interest, changing circumstances, loss of control, and insurance company approval. These risks should be carefully assessed, and open communication with the policyholder and beneficiaries is essential to minimize disputes and ensure a smooth transition.

In conclusion, assigning a life insurance policy requires thoughtful deliberation and consultation with professionals. Assessing your financial goals, considering the needs of beneficiaries, and understanding the potential risks will help make an informed decision. Assigning a life insurance policy can provide peace of mind, but careful consideration and planning are essential to ensure the assigned policy aligns with your long-term financial goals.

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<h1>claims forms</h1>.

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Pradhan Mantri Jeevan Jyoti Bima Yojana

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BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

IRDAI clarifies to public that: • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. • Public receiving such phone calls are requested to lodge a police complaint.

IRDAI - Registration No. 104. ARN/Web/01/21042021 Category: Life. Validity: Valid. Corporate Identity Number (CIN):U74899PB2000PLC045626. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd .respectively and with their consents, are used by Max Life Insurance Co. Ltd

DISCLAIMERS

All Rights Reserved. An ISO 9001:2008 Certified Company.

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.

Corporate Office :

 Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002.

Operation Center :

 Max Life Insurance Co. Ltd, Plot No. 90-C UdyogVihar, Sector 18, Gurugram (Haryana) - 122015.

Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.

Online Helpline - 0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday).

Fax Number:0124-4159397.

Email ids: [email protected]

Website: www.maxlifeinsurance.com

Max Life Insurance is integrated with licensed NBFC FinVu(Cookiejar Technologies Pvt. Ltd. for sharing policy details with regulated Financial Information Users within the Account Aggregator ecosystem after obtaining the Policy holder's consent. Read more about Account Aggregator framework here .

*Life insurance coverage is available in this product. For more details on risk factors, Terms and Conditions please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co.

Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Tax benefits are eligible for tax exemption on fulfilling conditions mentioned under Section 10(10D) of income tax act 1961. Tax exemptions are as per our understanding of law and as per prevailing provisions of income tax at 1961 . Policy holders are advised to consult tax expert for better clarification /interpretation. Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Tax benefits are subject to changes in tax laws. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage.

Disclaimers for Market Linked Plans & Saving plans:

THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.

Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and Max Life Online Savings Plan (UIN: 104L098V05) is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.

Max Life Online Savings Plan is a Unit Linked Non Participating Individual Life Insurance Plan (UIN104L098V05)

*#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.

^* Disclaimer : Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy female of 18 years old paying Rs.3,60,000/- annually (exclusive of all applicable taxes)

^^On completion of policy term

The savings indicated is the maximum premium difference as compared with offline plan & depends on the variant purchased.

^*All claims that qualify for InstaClaim™ will be paid within 1 working day from date of submission of all mandatory documents else Max Life will pay interest at Bank Rate as on beginning of financial year in which claim has been received (4.65 % p.a. for FY’20) for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at beginning of the financial year in which death claim has been received.

Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day.Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification.Mandatory Documents :> Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

7 CMO Asia BFSI Excellence Award 2019

5 Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition

4 InstaClaim TM is available for all versions of (UIN:104N118V04). Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

Tax conditions :

Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

3 The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

CI Rider disclaimers:

MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium.

> Extended cover of up to 85 years is available with gold and platinum variant only

@ 64 critical illnesses covered in platinum and platinum plus variant on payment

22 critical illnesses covered in gold and gold plus variant

6 The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider

*^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.

  ~ C onditions for premium break : Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

~1 Conditions for Special exit value:

Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

~2 Voluntary Top-up Sum assured:

Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

^^*^^Free look period conditions:

The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

^Individual Death Claim Paid Ratio as per audited financials for FY 2022-2023

8 https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

2 Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

3 The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid

4 Tax benefits as per prevailing tax laws, subject to change

Terms and conditions for availing 5% employee discount:

< Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount

The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V07)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

~* Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V07)

** Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V07)

~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V07)

Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @ Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

ARN - ARN/Web/01/21042021

Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

The premium shall be adjusted on the due date even if it has been received in advance.

For Total Installment Premium - **Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

For Return of Premium - ~ The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

For Riders - # Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

For Additional Benefits - ## On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

*~ Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

With “Save the date”, you can choose to take your annual income to any special date in a year.

***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

7 Available with Max Life Smart Wealth Plan (UIN: 104N116V11 )

8 Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V04). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

** Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V07) with a life cover of Rs. 50 lakh.

**Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V07) with a life cover of Rs. 75 lakh.

**Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V07) with a life cover of  Rs. 1 Cr.

**Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V07) with a life cover of Rs. 1.5 Cr.

~~ Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Plan (UIN:104N125V02) with a life cover of Rs. 2 Cr.

~~ Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Plan (UIN:104N125V02) with a life cover of Rs. 5 Cr.

**Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.

Access to the desired resource has been restricted.

If you feel that this restriction is inappropriate, please call the Jackson Service Center at 800-644-4565, Monday through Friday 8am-7pm ET.

We apologize for any inconvenience.

Jackson National Life Insurance Company 1 Corporate Way Lansing, MI 48951