Lic Of India Reassignment Form 3857 [new] Here

The LIC of India Reassignment Form 3857 is a critical legal document used to restore ownership of a life insurance policy to the original policyholder. Typically, this occurs after a policy was "assigned" as collateral for a loan; once the debt is repaid, Form 3857 is used to "reassign" those rights back to the assured. Understanding Form 3857: Purpose & Scope

When you take a loan from a bank or LIC itself, your policy document is often assigned to the lender. This means the lender becomes the "Assignee" and holds the rights to the policy benefits until the loan is cleared.

Restoration of Rights: Form 3857 legally transfers the "title, interest, and benefit" of the policy back from the lender (Assignee) to the policyholder (Assignor).

Valuable Consideration: This specific form is often titled "Form of Reassignment for Valuable Consideration," acknowledging that the reassignment is happening because a sum (the loan repayment) has been satisfied. Key Components of the Form Description Assignee Details

The name and address of the institution or individual currently holding the policy rights. Consideration Amount The specific sum of money (Rupees) repaid to the assignee. Policy Details

Includes the Policy Number, sum assured, and the date the policy was granted. Signatures

Must be signed by the Assignee (lender) in the presence of witnesses. Notice of Reassignment

A formal notification to the LIC Manager that the change has occurred. How to Execute Reassignment

Drafting: LIC guidelines strictly state that the wording of Form 3857 should not just be filled into a blank template but copied onto the back of the original policy bond or onto a stamp paper of requisite value.

Witnessing: The signatures of the assignor and assignee must be witnessed by a person competent to contract (who is not a party to the assignment).

Submission: Submit the completed deed along with the original policy document to your LIC Servicing Branch.

Fresh Nomination: Crucially, any previous nomination is cancelled upon assignment. After reassignment is registered, you must file a fresh nomination to ensure your beneficiaries are protected. Common Use Cases

Bank Loan Closure: Once you receive a "No Dues Certificate" from a bank, they will use Form 3857 to return the policy title to you.

Estate Planning: Reassigning a policy that was previously gifted or transferred within a family. lic of india reassignment form 3857

Mortgage Release: If the policy was used as additional security for a home loan. Critical Checklist for Policyholders Lic Form No.3857 | PDF - Scribd

The LIC of India Form No. 3857 is the official document used for the Absolute Reassignment of a Life Insurance Policy for Valuable Consideration. This form is typically required when a policy that was previously assigned (often to a bank or financial institution as security for a loan) is being transferred back to the original policyholder after the loan has been repaid. Key Purpose and Use Cases

Loan Repayment: Its most common use is to reassign the policy's rights and benefits back to the assured person once a financial obligation, like a bank loan, has been settled.

Legal Ownership Transfer: 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.

Asset Liquidation: It allows individuals to regain control of their policy as an asset after it has served its purpose as collateral. Critical Instructions for Execution

Do Not Fill Directly: LIC guidelines often specify that Form 3857 should not be filled out directly. Instead, the exact wording from the form should be copied onto the back of the original policy bond or onto a separate stamp paper of the required value. Necessary Information:

Consideration Amount: The sum of money repaid to the current assignee (e.g., the bank) must be mentioned.

Policy Details: You must include the correct policy number, the date of issue, and the sum assured.

Signatures: The form must be signed by the current assignee(s) acting as the "reassignor" in the presence of a competent witness.

Registration: 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

LIC of India Reassignment Form 3857 is a critical legal document used by policyholders to transfer the ownership of a life insurance policy back to the original assured person, typically after a loan has been repaid or a conditional assignment has ended. Core Purpose and Use Cases Loan Security Release

: It is most commonly used when a policy was previously reassigned to a bank or financial institution as collateral for a loan. Once the debt is cleared, this form transfers the rights and benefits back to the original policyholder. Estate Planning

: It can be used to move policies between family members for inheritance or asset management purposes. Absolute Ownership Transfer The LIC of India Reassignment Form 3857 is

: It formally records the change of "beneficial owner," ensuring the new (or restored) owner holds all legal rights to maturity amounts or death claims. Key Requirements for Filing To ensure the form is accepted by the LIC Branch Office , follow these specific requirements: Policy Bond original policy document

must be submitted along with the form for the reassignment to be registered in LIC's records. Signature & Witnessing

: Both the assignor (current owner) and the assignee (new owner) must sign the form. These signatures must be witnessed

by a competent person, such as a Magistrate, Gazetted Officer, or an authorized LIC official. Documentation

: Attach self-attested ID and address proofs for the assignee and the witness. Stamp Paper

: Depending on the specific case, LIC may require the reassignment wording to be copied onto a proper stamp paper

of requisite value or endorsed on the back of the policy bond. licindia.in Common Pitfalls to Avoid Incomplete Information

: Missing the policy number or exact dates can lead to immediate rejection. Signature Mismatch

: Ensure signatures match those already on record with LIC to avoid validation issues. Authentication

: Any corrections or overwriting on the form must be authenticated by a full signature from the applicant. You can typically download necessary forms from the LIC Official Download Page or obtain them directly from your servicing branch. licindia.in Are you filling this out specifically for closing a bank loan , or is this for a personal transfer between family members? Download LIC India Forms for Hassle-Free Transactions 30 Mar 2026 —

LIC of India Reassignment Form 3857: A Comprehensive Guide

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.

What is LIC Reassignment Form 3857?

The LIC Reassignment Form 3857 is a document that allows policyholders to transfer their insurance policy to another person, known as the assignee. This form is used when the policyholder wants to gift or transfer their policy to someone else, usually a family member or a close relative.

Why is LIC Reassignment Form 3857 required?

The LIC Reassignment Form 3857 is required in the following situations:

Gift of policy: When a policyholder wants to gift their insurance policy to someone else.
Transfer of policy: When a policyholder wants to transfer their insurance policy to another person, such as a family member or a close relative.
Change of ownership: When there is a change in the ownership of the policy, such as in the case of a business or a trust.

How to fill out LIC Reassignment Form 3857?

The LIC Reassignment Form 3857 requires the following information:

Policy details: Policy number, policyholder's name, and date of birth.
Assignee's details: Name, date of birth, address, and relationship with the policyholder.
Reassignment details: Date of reassignment, consideration (if any), and purpose of reassignment.
Policyholder's declaration: The policyholder must sign and date the form, declaring that the information provided is true and correct.

Documents required

The following documents are required to be submitted along with the LIC Reassignment Form 3857:

Original policy document
Proof of identity (e.g., PAN card, Aadhaar card)
Proof of address (e.g., passport, utility bill)
Proof of relationship (e.g., birth certificate, marriage certificate)

Process of submitting LIC Reassignment Form 3857

The filled-out LIC Reassignment Form 3857 and supporting documents can be submitted to the LIC office in the following ways:

In-person: The policyholder or assignee can submit the form and documents to the LIC office.
Online: Some LIC offices may allow online submission of the form and documents.
Through an agent: The policyholder or assignee can also submit the form and documents through an LIC agent.

Conclusion

Step 6: Obtain Acknowledgment

After submission, LIC will enter the reassignment in its books and return the original policy document (if deposited earlier) with an endorsement or a separate reassignment certificate. Keep this safely – it is proof that you are now the absolute owner.

Frequently Asked Questions (FAQs)

The "Re" in Reassignment: Getting Your Policy Back

The magic of this form isn't just in giving the policy away; it’s in getting it back. The "Reassignment" feature allows the original owner (the Assignor) to reclaim the policy once the purpose of the assignment is over.

Common scenarios where Form 3857 becomes a superhero: Gift of policy : When a policyholder wants

The Loan Scenario: You assign your policy to a bank as collateral for a home or education loan. Once you repay the loan, the bank signs the "Reassignment" section of Form 3857, handing ownership back to you.
The Trust Transfer: You assign your policy to a family trust for estate planning. Later, when the trust dissolves, you reassign it back.
Securing a Debt: You assign the policy to a friend as a guarantee for a personal loan. When the debt is cleared, you reassign the policy to yourself.

6. LIC Endorsement

Once LIC verifies the documents, they will register the reassignment in their records. An endorsement is made on the policy bond stating: "Reassigned to [Policyholder Name] vide Deed of Reassignment dated [Date]". This restores the policyholder’s absolute rights to the policy.