Signatures, names, and addresses of witnesses who attest to the signing of the form.
This process, governed by , is the official method for changing a policy's ownership. It provides a formal, legally binding record of the transfer, protecting the interests of both parties.
The name and official stamp/signature of the bank, financial institution, or individual who currently holds the policy rights.
"Everything is in order, sir," the officer said, noting the 'Absolute Assignment' box was checked. "We will register the reassignment in our records. Your daughter will be the sole owner of the policy benefits now." lic of india reassignment form 3857
LIC Form 3857 is a crucial legal document that bridges the gap between loan closure and the restoration of ownership rights. Many policyholders mistakenly believe that simply repaying the loan is enough to reclaim their policy. However, without the execution of Form 3857 and the subsequent endorsement by LIC, the bank remains the legal owner of the policy proceeds. Ensuring this form is properly filed protects the policyholder’s investment and ensures that the benefits of the policy return to the intended beneficiary.
The form assumes you have a physical copy of the policy bond handy. In an era where dematerialized (Demat) policies are becoming common, the reliance on physical documentation feels dated. It loses one star for not having a fully digital integration path yet.
The name and details of the original policyholder receiving the rights back. Signatures, names, and addresses of witnesses who attest
| Feature | Form 3855 (Assignment) | Form 3857 (Reassignment) | Form 3818 (Nomination) | | :--- | :--- | :--- | :--- | | | Transfer ownership rights to another person. | Transfer rights back to original owner. | Appoint a person to receive claim amount. | | Direction | Policyholder → Assignee. | Assignee → Original Policyholder. | Policyholder → Nominee. | | When to use | Taking a loan, gifting a policy. | After loan repayment, canceling assignment. | At policy start or after life changes. | | Who signs | Assignor (Policyholder). | Assignee (Bank or person). | Policyholder. |
Transferring the policy as a gift or sale to a family member, where the assignee becomes the absolute owner.
Do you need assistance locating a of this specific form? Share public link The name and official stamp/signature of the bank,
If you took a loan directly from LIC, the corporation automatically reassigns the policy back to you upon final settlement of the debt.
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.