LIC OF INDIA vs INSURE POLICY PLUS SERVICES PVT.LTD.&ORS

The Supreme Court upheld the High Court's ruling that insurance policies issued by LIC are transferable and assignable under the Insurance Act, 1938. The Court emphasized that the refusal of LIC to accept assignments from Insure Policy Plus Services Pvt. Ltd. was unjustified, as the policies can be assigned in accordance with the law and contractual terms. The judgment clarified the legal standing of assignments in life insurance, reinforcing the rights of policyholders and assignees under the relevant statutes.