Case Law Details
Case Name : LIC of India Vs Insure Policy Plus Services Pvt. Ltd. & Ors. (Supreme Court of India)
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Supreme Court of India
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LIC of India Vs Insure Policy Plus Services Pvt. Ltd. & Ors. (Supreme Court of India)
Summary: Supreme Court of India has affirmed that life insurance policies are transferable and assignable, dismissing an appeal by LIC of India against Insure Policy Plus Services Pvt. Ltd. The ruling clarifies that prior to the 2015 amendment to the Insurance Act, 1938, insurers were bound to accept policy assignments provided statutory procedures were followed. LIC had refused to register assignments by Insure Policy Plus Services, citing concerns about policy trading, specu
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