The is the official document used for the Absolute Reassignment of a Life Insurance Policy for Valuable Consideration . This form is typically required when a policy that was previously assigned (often to a bank or financial institution as security for a loan) is being transferred back to the original policyholder after the loan has been repaid. Key Purpose and Use Cases
Crucial Step! When you assign a policy, any previous nomination is automatically cancelled. Once the policy is reassigned to you via Form 3857, the policy does not automatically restore your old nominee. You must submit a fresh Nomination Form (Form 3750) along with your reassignment to ensure your loved ones are financially protected.
The person receiving the rights back (the original policyholder/life assured). lic of india reassignment form 3857
The form requires a few key pieces of information to be valid. Follow these steps carefully:
For any specific queries or if you need a copy of the form, always contact your branch directly, as policies and procedures can be updated from time to time. The is the official document used for the
Once your loan balance reaches zero, request a Loan Closure Letter or No Objection Certificate (NOC) from your bank or lending institution. Step 2: Fill Out LIC Form 3857
It is easy to confuse these three forms. Here is a quick comparison table: When you assign a policy, any previous nomination
The bank manager or authorized signatory must fill out Form 3857. They will sign and stamp the form, explicitly stating that the policy is being reassigned to the original policyholder. Step 3: Witness Attestation
A: The process typically requires a physical submission of the original signed form and policy documents to your servicing LIC branch. It is best to confirm with your branch if any online initiation is possible.
Signed and stamped by the assignor and witnessed.
: Reassigning a policy that was previously gifted or transferred within a family.