Further to the query above, I have few more queries
1. If I have to assign the policy to my legal heir (who may not be a nominee) then which is preferred (i.e. legally watertight) route (a) assignment to the legal heir or (b) bequeating my policy to the legal heir via deed of will?
2. If I am assigning the policy to a 3rd pat who is not connected to me, then do I (or the assignor) need to show the proof of the cash consideration recd from the assignee or will a statement stating the same signed by assignee, assignor and a witness will suffice?
3. I am aware that assignment does apply on the policy governed by the Marriage Women Protection Act 1884 and on the pension policy. Assuming that policy under consideration is outside this contsraint, what other circumstances per your reply can result into cancellation of the assignment?
4. Who get the precedence in claming the benefit of the policy (a) an assignee who holds perfectly valid assigned policy as per the records of the Insurer or (b) a blood relationship who claims to be the rightful heir and has a will signed by the original policy holder who may have willed the policy despite having it assigned earlier?
