, the country’s premier insurance provider, manages crores of policies. Over time, circumstances change—policyholders may pass away, assignments may need to be cancelled, or the ownership of a policy might need to be transferred from one person to another. In the complex world of policy servicing, one document often creates confusion and urgency: LIC of India Reassignment Form 3857 .
A clear statement by the assignee confirming the receipt of all due amounts and the release of the policy.
: Reassigning a policy that was previously gifted or transferred within a family.
The legal process of returning policy ownership to the original owner. When Do You Need Form 3857?
By properly executing LIC Form 3857, you secure your financial legacy, reinstate your nominees, and ensure that future maturity or survival benefits flow directly into your bank account without legal hurdles. To help tailor this guide further, let me know: lic of india reassignment form 3857
The form is structured as a legal endorsement. It requires precise details to ensure legal validity. The core components of Form 3857 include:
| Feature | Form 3855 (Assignment) | Form 3857 (Reassignment) | Form 3818 (Nomination) | | :--- | :--- | :--- | :--- | | | Transfer ownership rights to another person. | Transfer rights back to original owner. | Appoint a person to receive claim amount. | | Direction | Policyholder → Assignee. | Assignee → Original Policyholder. | Policyholder → Nominee. | | When to use | Taking a loan, gifting a policy. | After loan repayment, canceling assignment. | At policy start or after life changes. | | Who signs | Assignor (Policyholder). | Assignee (Bank or person). | Policyholder. |
Do you also need the steps to after this process?
The assignment process is not free. You must be aware of the applicable fees and processing times. , the country’s premier insurance provider, manages crores
Crucial Point! When you assign a policy, any previous nomination is automatically cancelled. When the policy is reassigned to you via Form 3857, the old nomination does not automatically revive. You must file a fresh nomination using Form 3750 to ensure your nominees are protected. Frequently Asked Questions (FAQs) 1. Can I download LIC Form 3857 online?
The reassignment form is a relatively short but legally binding document. It typically requires the following details: The unique identifier of your LIC policy.
Disclaimer: This article is for informational purposes only. LIC of India rules and forms are subject to change. Always refer to the official LIC website or consult a legal advisor for matters specific to your policy.
The signatures of the bank official usually require attestation by witnesses. This ensures the validity of the document. A clear statement by the assignee confirming the
: Space for the signatures of the assignor, assignee, and at least one witness, along with the date and place of execution. Essential Requirements for Submission
After you have completed the form and gathered the necessary documents, submit the entire package to (the "servicing branch").
Note: Ensure the bank official signs and affixes the official bank rubber stamp. Step 4: Arrange a Valid Witness
Signed and stamped by the assignor and witnessed.
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