Assignment of life insurance policy
NSR Moorthy
(Querist) 08 July 2018
This query is : Resolved
My son has SBIlife insurance policy for 10 years with 5 years annual premiums. Now it is 6th year and all annual premiums paid. He is an NRI and assigned (absolute assignment) the policies to me and approved by SBI life. I requested SBI life to to link my Bank details, PAN and aadhar with the policies. Since my son is an NRI he has no aadhar card. SBIlife says policicy holder alone can link aadhar and other details. My contention is now that I am absolute owner of the policies they should link my data and they are refusing to do so.
In similar assignment to me of policies of HDFC, they took my data and linked to the assigned policies. What is the legal status ?
Dr J C Vashista
(Expert) 09 July 2018
Consult a local lawyer preferably having banking/insurance background, with relevant documents.