If a policy holder is willing to rise loan against his/her policy from LIC or any other financial institutions then policy needed to be assigned by LIC or any other financial institution. When a policy is assigned then the policy then the title of the policy shifts from the name of policy holder to that of LIC or any other financial institution. This title would be reassigned to the policy holder once he completes the repayment of the loan. Policy holder has to do a fresh nomination after the reassignment of the policy. This assignment of the policy can be done even other than need of loan.
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What is assignment of the policy?
