It is highly recommended to submit the form at your (the home branch where your policy was opened). If you are in a different city, you can visit a local branch to request a transfer of your servicing branch first. How long does it take for LIC to process the reassignment?
, the policy rights remains with the lender. This means you cannot claim maturity benefits, take a new loan, or update nominees until the reassignment is officially recorded in LIC's books. licindia.in
Any corrections, white-out, or overwriting on Form 3857 can lead to instant rejection by LIC administrative officers. If a mistake happens, fill out a fresh form.
: Note that reassignment cancels any previous nominations . A fresh nomination (using Form 3750) must be filed after the reassignment is registered. Key Components of the Form
To complete the reassignment process, policyholders need to submit the following documents along with the filled-out form: lic of india reassignment form 3857
LIC does not charge a fee for registering a reassignment. However, you may need to pay nominal stamp duty fees depending on state laws if a separate indemnity bond is required. 3. How long does it take for LIC to process Form 3857?
An individual assignee wants to return the policy ownership to you willingly.
LIC Form 3857 is a legal document used specifically for the of a life insurance policy.
: Once the reassignment is executed, the policy document must be sent to the LIC Divisional Office for the change to be officially registered in their books. Required Documents for Submission LIC Reassignment Form 3857 Guide | PDF - Scribd It is highly recommended to submit the form
All rights are transferred completely. When the loan is cleared, an absolute assignment must be formally reversed using a reassignment deed or Form 3857. Structure and Components of Form 3857
_______________ (Official Seal/Stamp of the Institution) Checklist of Required Documents
To understand reassignment, you must first understand assignment .
The Branch Manager, LIC of India, [Branch Code/Address] , the policy rights remains with the lender
Must be clearly visible and legible over the manager's signature. Must match exactly with the original policy bond. Witness Name, signature, and address must be completely filled out. Nomination Submit a fresh nomination form along with Form 3857.
LIC of India Form 3857 is the official document used for the reassignment of a life insurance policy
: It serves as a formal legal instrument to ensure the new owner (usually the original policyholder) holds all rights to the policy's maturity or death benefits.
Many borrowers, once they clear their loan, take the "No Objection Certificate" (NOC) from the bank and assume the job is done. They file the NOC away and forget about it.
