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Assigned Insurance policy on the promise of getting money in return


04-Sep-2023 (In Civil Law)
Hi, There was a life insurance policy bought on 16th March 2018 in my name as the proposer and life assured. I submitted an application to surrender the policy on 6th June because I was struggling financially at that point. On 6th July, I assigned the policy the my mother on the promise that she will pay the surrender value of that policy to me which came up to about 19.5 Lacs. It has been two months since and she has made it very clear that she never had the intention to pay that in the first place, and she welcomes a legal suit on the matter. The only two pieces of documents that I have are: 1. The policy assignment form that states that the policy has been assigned in exchange for 19.5 Lacs (which i never received) 2. An application to the branch manager stating that the policy is being assigned in exchange for its surrender and that is why the request to surrender the policy is being withdrawn. What are chances in court on this matter?
Answers (1)

Answer #1
792 votes
What I have gathered from your query is that you have assigned an insurance policy to your mother in lieu of 19.5 lacs. The money as promised to be paid has not been paid to you despite assurances. You can file a suit for recovery of the said amount relying upon the documents executed. You should meet face to face along with the documents.
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