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Guide
(022) 4230 3600
insurancehelpdesk@angeltrade.com
 
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Assignment
1. Who is an assignor and who is an assignee?
2. Can I assign a policy?
3. What are the documents required for an assignment?
4. What are the documents (proofs) required to effect an assignment?
Nomination
1. Can I change my nomination?
2. Can I appoint a minor as nominee?
3. What documents and details am I to provide about the nominee/s?
4. Can I appoint more than one nominee?
5. Is nomination possible in all the policies?
Issue of Duplicate Policy
1. What are the documents required for Issue of Duplicate Policy?
Deed of Relinquishment
1. What are the documents and details required for Deed of Relinquishment?
Change in Address and Contact details
1. What are the documents and details required for Change of Address and Contact details?
2. Can I update my address through the website?
Change in Name and Changes in policy printing
1. What are the documents required for Change in Name?
2. What are the documents required incase I have incorrectly spelt my name in application form?
Change in Signature
1. What are the documents and details required for changing signature?
 
Assignment: Assignment is a means whereby the beneficial interest, rights and title under a policy get transferred from assignor to assignee. Insurance Act, 1938 recognizes only one mode of transfer of ownership of an insurance policy i.e., assignment under Section 38 of the Act.
 

1. Who is an assignor and who is an assignee?

Assignor is the policy owner who transfers the title of the policy and assignee is the person who derives the title to the policy from the assignor.
 
2. Can I assign a policy?


Yes, you can assign a policy. To assign the policy, you have to notify us regarding the assignment.
 

3. What are the documents required for an assignment?

  1. Duly filled Assignment Form
  2. Policy Documents
  3. Photograph of the assignee (Not required in case of assignment to banks /FIs /Business Entities.)
  4. Proof of identity (Not required in case of assignment to banks/FIs.)
  5. Proof of residence (Both mailing & permanent Not required in case of assignment to banks/FIs.)
  6. Proof of Income* (Not required in case of assignment to banks/FIs.)

* (The income proof is required only in case of the total annual premium contribution for all the policies attached to the assignee id is Rs 1 lac or above. Policies where assignee is owner and payor or just payor need to be considered for this calculation.)
 

4. What are the documents (proofs) required to effect an assignment?

Particulars Documents to be obtained

Incase of individuals
Identity Proof
(Anyone of the documents listed)

Passport
PAN Card
Voter’s Identity Card
Driving license
Letter from any recognized public authority or public servant verifying the identity and residence of the customer

Incase of individuals
Proof of Residence
(Anyone of the documents listed)

Telephone bill
Bank account statement
Electricity bill
Ration card
Letter from any recognized public authority

Incase of assignee being a company
Principal place of business
Mailing address of the company
Telephone / Fax number

Certificate of incorporation and Memorandum & Articles of association Resolution of the Board of Directors to open an account and identification of those who have authority to operate the account
Power of attorney granted to its managers, officers or employees to transact business to its behalf
Copy of PAN allotment letter

Incase of assignee being a partnership firm
Legal name
Address
Name of all the partners and their addresses
Telephone numbers of the firm and partners

Registration certificate, if registered
Partnership deed
Power of attorney granted to a partner or an employee of the firm to transact business on its behalf
Any official valid document identifying the partners and the persons holding the power attorney and their addresses

Incase of assignee being trust and foundations
Name of trusties, settlers, beneficiaries and signatories
Name and address of the founder, the managers / directors and the beneficiaries
Telephone / fax numbers

Registration certificate, if registered
Power of attorney granted to transact on its behalf
Any officially valid documents to identify the trustees, settles, beneficiaries and those holding power of attorney
Founders / managers / directors and their addresses
Resolution of the managing body of the foundation / association
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Nomination: Nomination is a process, which enables a policy owner to nominate a person or persons to receive the policy money in the event of the death of the Policy Owner
 

1. Can I change my nomination?

Yes. You can change your nomination at any time till the maturity date. All you need to do is to inform us about the change through the nomination form.

Ps: All previous nomination shall be automatically cancelled on execution of new nomination.
 

2. Can I appoint a minor as nominee?

For nomination in favour of minor, the appointee should be a major and someone other than life insured.

3. What documents and details am I to provide about the nominee/s?

1.Duly filled Nomination form
2.Full name of the nominee, address, age, and the relationship between the life insured and the nominee.
3. Appointee (Incase nominee is a minor)
 

4. Can I appoint more than one nominee?

Yes, you can appoint more than one nominee. Incase any money to be paid to the nominees will be paid equally.
 

5. Is nomination possible in all the policies?

Nominee is possible where owner and insured is one single person.
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Issue of Duplicate Policy: Incase the original policy documents are lost/ misplaced / destroyed / mutilated, notice of such loss / misplacement / destruction / mutilation should be received by the Head Office from the client in order to Issue a Duplicate Policy.
 

1. What are the documents required for Issue of Duplicate Policy?

To issue a duplicate policy we require an Indemnity Bond on a stamp paper of Rs.200 duly notarized.
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Deed of Relinquishment: Where the Insured and Policyholder are different, and Policyholder dies, the "Deed of Relinquishment" is required to be filled on stamp papers for transferring all rights of the policy to class one legal hair of the deceased Policyholder.
 

1. What are the documents and details required for Deed of Relinquishment?

  1. Deed of relinquishment (DOR) should be notarized on a Rs.200 stamp paper
  2. Death certificate
  3. Photograph of the proposed owner
  4. Proof of identity of the proposed owner
  5. Proof of residence of the proposed owner
  6. Proof of Income* of the proposed owner.

* (The income proof is required only in case of the total annual premium contribution for all the policies attached to the assignee id is Rs 1 lac or above. Policies where assignee is owner and payor or just payor need to be considered for this calculation.)
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Change in Address and Contact details: As the name suggests, this activity deals with any changes that need to be made to the client’s mailing address registered in our records.
 

1. What are the documents and details required for Change of Address and Contact details?

  1. Letter from the client / Policy Service Request Form / email from a registered ID
  2. Policy ID
  3. Policy Owners Name
  4. Signature of policy owner
  5. Complete / New Address (Inclusive of landmark)
  6. Pin code (Mandatory)
 

2. Can I update my address through the website?

Yes, by logging on to our website through your CIP Tpin, you can update any changes to your existing address.
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Change in Name and Changes in policy printing: Updation of any changes or correction in the name of the Policy Owner or Life Insured on the basis of the request forwarded by the client to the Head Office. The client may also submit the policy documents for changes to be update in the original policy document.
 

1. What are the documents required for Change in Name?

In case of change in name, Letter / Policy Service Request Form from the client has to be supported by either of the following:

  1. Copy of Marriage Certificate is required if the name is changed due to Marriage. In such a case the middle name or surname gets changed whereas the first name generally remains same.
  2. Gazette notification: If the client wants to change the name (generally the first name) then a copy of name change registered with the gazette office is required.
  3. Any valid age proof reflecting the name and DOB of the client is required for rectifying the name. e.g. Voters Card, Driving License, Pan Card, etc.
 

2. What are the documents required incase I have incorrectly spelt my name in application form?

In case of correction in name, Letter / Policy Service Request Form from the client has to be supported by either of the following any one of the listed documents

  1. Copy of Ration Card
  2. Passport
  3. Driving License (state where the listed documents can be viewed)
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Change in Signature:
 

1.What are the documents and details required for changing signature?

Change in Signature form / letter mentioning both old and new signatures along with Banker’s certificate. In case client does not remember the old signature he has to give a signature form with the new sign and the Banker’s certificate.
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