Regarding changing of asignee name of policy

my query is about changing asignee name of policy

  my elder brother took a life insurance policy about 3 year ago but he didn't know much  about policies so agent through which he took policy .agent declared himself as asignee and agent didn't told him about this

even he didn't know about policy that agent just took money for paying premiums from him and didn't told him anything about policy but now unfortunately he passed away last month  now that  agent claiming that he is asignee so he should be beneficiary but we want that is their any procedure by which we can proove that he is not real beneficiary he cheated us  and my father is real one to get insurance money  

  so we want to change asignee name from that agent to my father

please anyone help me  we are in trouble how can we save our money ??




There are certain rules that have to be followed in case of assignment.

Such rules are circulated by internal communications of the company as well.



IN case of assignment in favor of someone that is not in blood relation i.e. assignment due to love and affection, there should be financial reasons/financial pronote that may form basis of assignment.

Assignment deed is created on stamp paper of probably Rs.3000/- and model language is supplied by the insurance company.

Many managers have to sign in the process of passing the assignment deed.

The Underwriter of the company has to look into the assignment reasons and deed and has to pass the reason to issue the policy with assignment.

Assignment in favor of Life Insurance Agent should be prohibited and might have been inserted in Agency Agreement signed by Life Insurance Company with Agent.


You may approach your lawyer with all docs on record and register your protest with Life Insurance Company in writing so that payment is blocked. If reqd. obtain the court order/injunction.


dear sir'

 with due request may i know that is there any possibility for changing asignee name to life insured's father

we don't have any document related to policy except we know only policy no. which he told orally that agent never provided even bond paper to us so on what basis we can claim only we have proof of having blood relation of life insured


Armed with policy number lodge your complaint (under proper acknowledgment) with BM/HO/MD/Chairmen of the company, under expert guidance of your lawyer and block the payment to Insurance Agent.

The injunction from curt may be required.

The assignment deed etc all are in record of the Life Insurance Company.

It is felt that assignment deed in favor of agent is not permitted and would require underwriting in such cases.

If the company is LIC you may be able to pursue thru RTI route also. IN case of LIC DGM-CRM can also be approached.

Act fast.

If you know anyone in your local city that is with Insurance Sector he/she can update you. 


Other thread by the querist is at:


If policy was assigned in case of Bank Loan then the lender might have takes assignment in its favor after obtaining consent of borrower on relevant papers.

The bank won't conceal any document from legal heir.

The bank shall adjust the balance loan from payment of Insurance Amount and pay the rest to legal heir.

In case of difficulty approach local lawyer.


yes sir you got exact point actually my elder brother took education loan for higher study so at the time of financing loan bank took a policy and bank didn't tell him to my brother  

even bank didn't provide any document regarding policy and loan so that we could have to know about such policy .till now we don't have any paper as paper all papers are posses by bank. but i'm not blamming to bank for hiding information it may be their regular process to take policy against every loan

but my concern is about that insurance amount is much higher than their loan sanctioned and we are ready to repay their loan

i want that after settelment of loan amount remaining amount should be transferred to my father is it possible ??

whereas in policy detail asignne is mantioned as bank and no other banificiery declared(e.g. father of insured) so how father's name can be added as beneficiary of remaining amount ??

if it can be added what is the process ?? should i take agreement signed by bank that insured 's father and bank has their respected share in policy amount

as my elder brother got married just 15 days before his death
 so who will get precedence first of remaining amount his wife or his father ?? because me brother's wife left our house after death of her husband and her parents broke relation with us

so can they claim for remaining amount also ??


The bank shall keep on adding interest etc till the time loan is paid or death information is supplied to bank.

The bank shall adjust loan amount from policy proceeds and pay the rest.

Obtain authenticated copy of loan application, loan sanction letter, loan agreement, loan a/c statement from bank, policy copy etc under proper seal and signature.

The ClassI legal heir to the deceased are as per Personal Laws applicable to the deceased e.g.

Hindu Succession Laws;


Spouse, Mother Children........................


Father is not ClassI legal heir.

The bank shall follow the extent guidelines issued by RBI and Board of the bank that should be available on website of bank, RBI.................




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