You
may assign / transfer your Policy in favor
of another person or an organization to
secure the repayment of a loan (by pledging
the Policy’s Sum Assured) or as collateral
(by pledging the Policy’s Cash Value)
or for any purpose that you may consider
necessary.
To
Assign / Transfer the Policy you need to
complete and submit the following:
Original Policy Documents
(Please always keep your Policy documents
very securely)
Attested
Copy of Computerized National Identity
Card of both the Assignor (you) and
the Assignee (person to whom Policy
is being transferred).
If
the Assignee is an Organization /
Corporate entity kindly also provide
an attested copy of the agreement
on which the Assignment is based.
Kindly ensure that all documents and forms
are signed by you as per signature affixed
by you on your Policy’s original Proposal
Form. Furthermore the Assignee’s signature
must match the signature affixed by such
person on Computerized National Identity
Card.
Kindly
attest copies of documents (where required)
by a Gazetted Government Official or a senior
officer of our Company (Assistant Branch
Manager or his senior). Original copies
of documents may be called for inspection.
The Original documents & forms (hardcopy)
properly completed, signed and witnessed
must be sent to:
Client
Services Department, New Jubilee Life Insurance
Company Limited, 74 / 1 – A, Lalazar,
M. T. Khan Road, Karachi – 74000, Pakistan
On receipt
of proper documents the Assignment / Transfer
affected by you would be endorsed in your
Policy Record and acknowledged vide letter
sent to you through courier.
Please
Note:
Once
a Policy is assigned your rights (to
the extent of the terms of assignment
agreed) as policy-owner and that of
your Beneficiary / Guardian under
the Policy stand suspended till such
time as the Policy is Re-assigned
back to you.
For
complete understanding of the regulations
that govern Assignments or Transfer
of Policies in life insurance, kindly
refer to Part X (Sections 71, 72 &
73) of the Insurance Ordinance (XXXIX)
2000.
