Lic Of India Reassignment Form 3857 Online

: The person or institution currently holding the rights must sign as the "beneficial owner" returning the policy. : The original policyholder receiving the rights back. : At least one witness must attest to the signatures. Accurate Details

Self-attested copies of your PAN Card, Aadhaar Card, and a recent photograph.

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Ensure the assignee's signature matches the records available with the bank or LIC database. lic of india reassignment form 3857

To ensure a smooth processing experience with LIC, the form must be filled out accurately without errors or overwriting. Step 1: Obtain the Document

To successfully register the assignment, you must submit Form 3857 along with several supporting documents:

: Full names and addresses of both parties (the entity currently holding the policy and the original owner receiving it back). : The person or institution currently holding the

Note: Ensure the bank official signs and affixes the official bank rubber stamp. Step 4: Arrange a Valid Witness

LIC Form 3857 is a legal document used to transfer the ownership of a life insurance policy back from an assignee (the lender) to the original policyholder (the assignor).

The reassignment endorsement must be witnessed. Ensure the witness signs the designated area on the form, providing their full name and address. Step 4: Submit to the Home LIC Branch Accurate Details Self-attested copies of your PAN Card,

Reclaiming a policy from a bank (the assignee) once a loan is settled, thereby restoring full rights and benefits to the original policyholder.

A formal written letter to the LIC branch manager stating that you are submitting the policy for reassignment registration. Important Rules and Best Practices

When you assign a policy to a creditor (the Assignee) to secure a loan, the creditor becomes the legal owner of the policy benefits. Once you pay off the loan, the creditor must return the policy ownership to you (the Assignor). Form 3857 serves as the formal endorsement through which the creditor relinquishes their rights and transfers the policy back to your name. Absolute vs. Conditional Assignment