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 completed form is a crucial document for LIC's records, preventing future disputes over ownership. How to Fill Out the LIC Reassignment Form 3857

A: You need to fill out the form to transfer the ownership of your life insurance policy to another person, usually a nominee or beneficiary.

The name and address of the institution or individual currently holding the policy rights. The specific sum of money (Rupees) repaid to the assignee. Policy Details

When you take a loan against your policy, you "assign" it to the lender. Once the loan is settled, the lender uses Form 3857 to "reassign" those rights back to you. Ownership Transfer:

In this article, we will provide a detailed overview of the LIC of India Reassignment Form 3857, its purpose, and the process of filling and submitting it.

: You want to regain the right to change nominees, surrender the policy, or take a loan directly from LIC.

The LIC Reassignment Form 3857 is a document that allows policyholders to transfer their insurance policy to another person, known as the assignee. This form is used when the policyholder wants to gift or transfer their policy to someone else, usually a family member or a close relative.

The current holder of the policy (the bank or individual) must fill out and sign Form 3857.

To ensure a smooth transfer, the following must be included with the filled form:

Always keep a photocopy of the signed and witnessed Form 3857 for your records, and request an endorsement from the LIC branch on your policy bond document confirming the assignment.

The authorized signatory of the bank/financial institution must sign and place their official stamp/seal.

This comprehensive guide covers everything you need to know about LIC of India Reassignment Form 3857, including its purpose, the step-by-step process, and critical downloading tips. What is LIC Form 3857?

The exact date and location where the reassignment is signed.

: Transferring policies between family members for inheritance purposes.