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Assignment bof lic

(Querist) 20 July 2012 This query is : Resolved 
Dear Sir/Madam,

Mr X is a minor and a traditional life insurance policy holder,his father Y is the proposer of the said policy ,the policy is more than 05 yrs old.

Is it possible for a Bank to assign this particular policy in favour of them and consider it as a security in a loan in the name of his father Y?

Pls suggest.
Report Abuse
A V Vishal (Expert) 20 July 2012
No it cannot be done.

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