Document background
The Transfer Of Insurance Form is a crucial document used in the Indian insurance sector when an insurance policy needs to be transferred from one party to another. This transfer might be necessary due to various circumstances such as loan security, family arrangements, or business requirements. The document must comply with Section 38 of the Insurance Act, 1938, and current IRDAI regulations, which provide the legal framework for such transfers in India. It captures essential information including the details of the original policy, particulars of both the transferor and transferee, terms of transfer, and any conditions attached to the transfer. The form requires proper execution with witnesses and must be submitted to the insurance company for registration of the transfer. It's particularly important in scenarios involving policy assignments for loans, transfer of business assets, or family settlements.
