Transfer or assignment involves transferring one's transferable interest in a life insurance policy to another person or institution, such as using the policy as security for loan repayment.

Assignment or transfer can be done in two ways: 1. By making an endorsement in the policy document. 2. By executing a separate assignment deed. The first method is commonly preferred as it is exempt from additional stamp duty. The assignment must be signed by the assignor or their authorized agent and witnessed by at least one person.

Assignment is applicable to all insurance plans except for Pension Policies and policies under the Married Women's Property Act (MWP).

General insurance includes agreements that provide financial coverage for various assets or liabilities, such as health, motor, home, and property insurance, but does not include life insurance.

Life insurance offers financial security in case of death or inability to earn due to physical disability. It can also help: - Accumulate funds for old age. - Build assets systematically. - Fund your child’s education. - Save on taxes.

The cost of life insurance depends on age, health, and income. To manage costs, you could: - Choose a basic protection policy with a minimum premium. - Avoid adding riders to keep the policy affordable.

The cost of life insurance depends on age, health, and income. To manage costs, you could: - Choose a basic protection policy with a minimum premium. - Avoid adding riders to keep the policy affordable.

- **Nominee/Appointee**: If the policyholder passes away, the nominee or appointee (for a minor nominee) receives the benefit. - **Proposer**: In cases where the policy is on someone else’s life. - **Assignee**: If the policy has been assigned to someone. - **Life Assured**: For living benefits (e.g., critical illness rider) in case of a policy on own life.