Lic Of India Reassignment Form 3857 !new! Review

Use this opportunity to update your NEFT details with LIC so that future survival benefits or maturity claims are credited directly to your bank account.

This form is essential for managing the rights and benefits of an insurance policy in specific scenarios:

The signature of the authorized signatory of the bank, along with the official institutional seal, and the signature of at least one witness. Step-by-Step Process to Reassign Your LIC Policy lic of india reassignment form 3857

: It legally transfers the ownership, rights, and benefits of the policy back to the original assured.

The form often includes a section to declare the consideration amount (sum paid) for the reassignment. Policy Identification: Clearly enter the LIC policy number. Use this opportunity to update your NEFT details

If you have previously assigned your LIC policy to a bank or financial institution to secure a loan, you will need to reclaim absolute ownership of your policy once the debt is cleared. This article provides an in-depth breakdown of LIC Form 3857, its purpose, a step-by-step filling guide, and critical legal implications. Understanding Policy Assignment vs. Reassignment

Both witnesses must sign. Their addresses should be complete. Unsigned witness sections = immediate rejection. The form often includes a section to declare

: A formal declaration that the consideration (often the loan amount repaid) has been received, and rights are being reassigned "for valuable consideration".

The exact date the transfer is being executed.

Always ensure that the assignee (bank or individual) signs Form 3857 promptly. Keep a copy of the submitted form and the acknowledgment from LIC. When in doubt, visit your LIC branch or consult a certified LIC agent.

The reassignment must be witnessed by an independent third party. Eligible witnesses include: LIC Agents or Development Officers LIC Branch Officers Gazetted Officers Bank Managers Step 5: Submit to LIC