Lic Of India - Reassignment Form 3857

Once LIC verifies the documents, they will register the reassignment in their records. An endorsement is made on the policy bond stating: "Reassigned to [Policyholder Name] vide Deed of Reassignment dated [Date]" . This restores the policyholder’s absolute rights to the policy.

Cancelled cheque (if you need to update your bank details for future survival benefits) Important Things to Keep in Mind

Understanding the assignment? Lic form 3857: Fill out & sign online - DocHub lic of india reassignment form 3857

Includes the , sum assured, and the date the policy was granted. Signatures

When you assign a policy, you transfer the legal title and rights to claim the policy benefits. Reassignment is the exact reverse of this process. Form 3857 acts as the formal declaration by the assignee stating that they no longer hold any interest in the policy and are returning all rights to the original policyholder. Common Scenarios Requiring Form 3857 Once LIC verifies the documents, they will register

Rejection rates for reassignment forms are higher than for other LIC forms. Avoid these pitfalls:

Form 3857 is the Assignment Deed used to transfer the title, benefits, and rights of an LIC policy from the original owner (assignor) to another person or institution (assignee). It is most commonly used when taking a loan against an LIC policy from a bank. Cancelled cheque (if you need to update your

: Both the assignor (current owner) and the assignee (new owner) must sign the form. These signatures must be witnessed

You have cleared all outstanding dues on a housing loan, education loan, or personal loan secured against your LIC policy.