Lic Of India Reassignment Form 3857 -
You previously assigned the policy to a family member or third party and now wish to revert the ownership. Key Components of Form 3857
When you want to transfer the policy rights back to the original owner after a previous assignment, you must use . This comprehensive guide explains everything you need to know about the LIC reassignment form, the process, required documents, and critical considerations. What is LIC Reassignment?
Under Section 38 of the Insurance Act, 1938, a policyholder (the Assignor) can transfer the rights, title, and interest of their insurance policy to another entity or person (the Assignee). This is usually done for two reasons:
The witness must be a competent individual. LIC highly prefers signatures witnessed by: LIC Agents or Development Officers Branch Managers of any scheduled bank Gazetted Officers An LIC Class-I Officer Step 5: Submission to LIC Branch lic of india reassignment form 3857
It's vital to understand that assignment (using Form 3857) is very different from nomination:
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.
A witness must sign the document, providing their name, occupation, and address. Step 3: Submission to LIC You previously assigned the policy to a family
Your name (the original policyholder).
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Take the form to your lender (bank manager or authorized LIC officer). The must sign and stamp the reassignment endorsement section on the form. If it is a bank, they will use their official rubber stamp. Step 4: Witness Attestation What is LIC Reassignment
Download a clean copy of LIC Form 3857 from the official LIC website or procure it from your nearest LIC branch. Fill in the policy details accurately. Step 3: Get the Assignee’s Signature
: Reassigning the policy to the owner once a mortgage or personal loan is cleared.
The bank usually takes 7 to 15 working days to return the original policy bond and Form 3857 after loan closure. LIC takes an additional 3 to 7 working days to register the reassignment in their systems.
: 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
This comprehensive guide covers everything you need to know about LIC of India Reassignment Form 3857, including its purpose, step-by-step filling instructions, required documents, and critical mistakes to avoid. What is LIC Form 3857?
