Assignment reversion on maturity: assigned life insurance benefits revert to the assured without need for reassignment orders. When a life insurance policy assigned for estate duty matures during the assured's lifetime or is surrendered, the benefits and right to receive moneys revert automatically to the assured as if the assignment had not been made, and no separate Central Government order is necessary to reassign the policy.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Assignment reversion on maturity: assigned life insurance benefits revert to the assured without need for reassignment orders.
When a life insurance policy assigned for estate duty matures during the assured's lifetime or is surrendered, the benefits and right to receive moneys revert automatically to the assured as if the assignment had not been made, and no separate Central Government order is necessary to reassign the policy.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.