Lic Of India Reassignment Form 3857

The Life Insurance Corporation of India (LIC) provides a facility to its policyholders to reassign or transfer their insurance policies to another person. This can be done through the LIC Reassignment Form 3857. In this article, we will provide a detailed overview of the form, its purpose, and the process of filling it out.

The physical bond paper is mandatory.

The person or institution currently holding the policy rights (the lender/bank).

The form must be filled out accurately. The authorized officer of the bank must sign the form and affix the bank's seal. This acts as proof that the bank is releasing its claim on the policy. lic of india reassignment form 3857

Cancelled cheque (if you need to update your bank details for future survival benefits) Important Things to Keep in Mind

The signatures of the bank official usually require attestation by witnesses. This ensures the validity of the document.

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? The Life Insurance Corporation of India (LIC) provides

Reassignment is absolute. You cannot partially reassign a policy; the entire ownership reverts to the original policyholder.

To ensure your reassignment goes through without administrative rejection, verify this checklist: Verification Point Requirement

This article provides a comprehensive overview of LIC Form 3857, its purpose, and the step-by-step process for completing it. The physical bond paper is mandatory

Ensure the witness writes out their full address and designation clearly. Illegible witness blocks spark compliance flags. Frequently Asked Questions (FAQs) How long does it take for LIC to process a reassignment?

Carefully type or write the policy number, premium amount, and full names as they appear on the original policy bond. Any mismatch will result in administrative delays. Step 3: Visit the Assignee (Lender)

The form requires specific details to be legally binding and recognized by LIC: Absolute Reassignment - Lic New Delhi

Download LIC Form 3857 or get it from your local LIC branch. Take this form to your bank. The bank’s branch manager or authorized officer must execute the reassignment by signing the form and applying the bank's official rubber stamp. Step 3: Arrange for a Witness

When a policy is assigned, the original nomination is cancelled by law. Reassignment does not automatically reinstate the old nominee. Once Form 3857 is registered, you must fill out a fresh Nomination Form (Form 3750) to appoint a nominee. Failure to do so means the policy will have no nominee, causing severe claim settlement delays for your family in the future.