Lic Of India Reassignment Form 3857 Link -

The LIC Form No. 3857 is the official Form of Reassignment for Valuable Consideration used by the Life Insurance Corporation of India (LIC). It is primarily used to legally transfer the ownership of a life insurance policy back to the original policyholder or to a new party, often after a loan secured against the policy has been repaid. Key Features of Form 3857

I, [Your Name], the life assured and policyholder of the above-mentioned LIC policy, hereby submit the duly filled and signed Form 3857 (Assignment Deed). lic of india reassignment form 3857

To ensure smooth processing at an LIC Branch Office, the following details are typically required: Lic form 3857: Fill out & sign online - DocHub The LIC Form No

I am assigning the above policy in favor of [Name of Bank / Person] as per the loan agreement dated [Date] for a consideration of ₹[Amount]. The assignment is conditional and shall be reassigned to me upon full repayment of the said loan. Loan Repayment: After a policyholder has fully repaid

  1. Loan Repayment: After a policyholder has fully repaid a loan taken from a Bank or Financial Institution against their LIC policy.
  2. Premature Closure: If the loan account is closed before the maturity of the policy.
  3. Transfer of Rights: When the financial institution (Assignee) formally agrees to release the policy back to the policyholder (Assignor).

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:

Pro Tip: 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.