Skip to content
  • There are no suggestions because the search field is empty.

Lic Of India Reassignment Form 3857

is the process where the Assignee transfers the policy rights back to the original policyholder. This usually happens when the condition of a conditional assignment is fulfilled, such as the full repayment of a housing or personal loan. What is LIC Form 3857?

Form 3857 acts as proof that the lender no longer has a claim on your policy maturity or death benefits. When Do You Need Form 3857?

Life insurance policies are valuable financial assets. Beyond providing risk cover, they offer liquidity through assignments. If you have absolutely assigned a Life Insurance Corporation (LIC) of India policy to a bank or a lender for a loan, you will need to reassign it back to your name once the debt is fully paid. This is where becomes essential. lic of india reassignment form 3857

LIC Form 3857 is a crucial legal document that bridges the gap between loan closure and the restoration of ownership rights. Many policyholders mistakenly believe that simply repaying the loan is enough to reclaim their policy. However, without the execution of Form 3857 and the subsequent endorsement by LIC, the bank remains the legal owner of the policy proceeds. Ensuring this form is properly filed protects the policyholder’s investment and ensures that the benefits of the policy return to the intended beneficiary.

Typically, once submitted to the LIC branch, the reassignment registration takes 7 to 10 working days. is the process where the Assignee transfers the

Kindly register this assignment in your records and return the endorsed policy bond to the assignee/bank as per the instructions provided.

Do you already have the , or do you need assistance finding a download link ? Form 3857 acts as proof that the lender

You absolutely assigned a policy to a family member or third party, and they now wish to return the ownership to you voluntarily.

The name and signature of the person or institution (like a bank manager) currently holding the policy rights.

Yes. You can download it for free from the official LIC of India website under the "Downloads" or "Forms" section. 2. Is there a fee for policy reassignment?

The reassignment must be witnessed by an independent third party. Eligible witnesses include: LIC Agents or Development Officers LIC Branch Officers Gazetted Officers Bank Managers Step 5: Submit to LIC