Post Office Assignment and re-assignment form Download

Post Office Assignment and re-assignment

This document is Annexure – III, used for the Assignment or Re-assignment of a Postal Life Insurance (PLI) or Rural Postal Life Insurance (RPLI) policy when a loan is taken from an outside organization (not India Post) (100495g0th… p. 1).

Here are the key points of the form:

Purpose of the Form

Assignment: Formally transfers policy rights to a bank or financial institution as collateral for a loan (100495g0th… p. 1).
Re-assignment: Transfers the policy rights back to the policyholder once the loan is fully repaid (100495g0th… p. 1).

Policy and Financial Details Required

Policy Data: Policy number, insurant’s name, sum assured, acceptance date, and maturity date (100495g0th… p. 1).
Loan Details: Loan amount required/taken and the specific purpose of the loan (100495g0th… p. 1).
Lender Info: Name of the bank/institution, regulator (RBI, IRDA, SEBI, etc.), address, and contact details (100495g0th… p. 1).
Proof: Requires a Loan Sanction Letter (for assignment) or a Loan Repayment Letter (for re-assignment) (100495g0th… p. 1).

Terms & Conditions (For Assignment)

Premiums: The policyholder (Assignor) must continue paying all future premiums (100495g0th… p. 1).
Restricted Rights: The policyholder cannot surrender the policy or make partial withdrawals without the bank’s consent (100495g0th… p. 1).
Loan Closure: The policyholder and bank must inform India Post upon loan closure to trigger the re-assignment process (100495g0th… p. 1).

Declarations & Signatures

Assignment Section (4A): Confirms the loan agreement details. Acknowledges the lender as the sole beneficiary of policy benefits until re-assigned. Requires signatures from both the Insurant (Assignor) and the Lender (Assignee) with a stamp (100495g0th… p. 1).
Re-assignment Section (4B): Confirms full loan repayment with zero dues. The lender officially relinquishes all claims and rights over the PLI/RPLI policy. Requires signatures and stamps from both parties (100495g0th… p. 1).