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Answer» Essential features of assignment - The person assigning the policy must have absolute right or interest vesting in him in respect of the policy.
- The assignor must be a major and competent to enter into a contract.
- The assignor must not be subject to any legal disqualification.
- Assignment must be supported by consideration which may be a valuable consideration in money or a good and moral consideration.
- A life insurance policy from LIC may be assigned only after a period of five years.
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