Ensure there are no typos in the policy number or names on Form 3857. They must match the original policy bond exactly.
Form 3857 is a legal instrument used for the .
To complete the reassignment process, policyholders need to submit the following documents along with the filled-out form: lic of india reassignment form 3857
Under Section 38 of the Insurance Act, 1938, a policyholder (the Assignor) can transfer the rights, title, and interest of their insurance policy to another entity or person (the Assignee). This is usually done for two reasons:
To ensure your reassignment goes through without administrative rejection, verify this checklist: Verification Point Requirement Ensure there are no typos in the policy
| Aspect | Details | | :--- | :--- | | | LIC Reassignment Form No. 3857 | | Primary Use | Transfer of policy ownership from assignee back to assignor (reassignment) | | Assignor (Transferor) | The original policyholder who initially assigned the policy | | Assignee (Transferee) | The person or entity (often a bank) who is currently the policy's owner and is transferring it back | | Assignment Type | Used for reassignment (reverse of assignment) | | Where to Submit | The LIC branch that services the policy | | Current Fee Status | As per a Supreme Court ruling, LIC cannot levy a service charge or fee for endorsing assignment or transfer |
I/We, [Name of the Bank/Lender] , the within-named Assignee, do hereby reassign the within Policy No. [Policy Number] to [Name of the Policyholder] , the Life Assured / Assignor, the debt for which the assignment was made having been fully satisfied. Dated at [Place] this [Day] day of [Month] , 20 [Year] . To complete the reassignment process, policyholders need to
or Discharge Letter from the financial institution/bank.