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Life Insurance Corporation of India, the market leader in insurance sector, cannot charge any fee for transfer or assignment of its policies, the Bombay High Court has held.
The court conceded that transfer of policy is a cumbersome process and puts burden on LIC’s resources and
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As per policy condition, any type of charge is not possible but LIC issued a circular to collect amount from the concern parties. It is a good decision. LIC can not charge it because it is not a part of terms and condition of the contract while issuing a policy.