Obtain the form from your local LIC branch or the official LIC India website under the "Downloads" section.
. While an "Assignment" transfers your policy rights to a lender (like a bank), a "Reassignment" via Form 3857 cancels that transfer, restoring all rights, titles, and interests to you—the assured. Why is this Form Important? Legal Ownership Transfer: It ensures the new owner (usually the bank/assignee) legally returns the policy rights to you once their financial interest is satisfied. Estate Planning: It allows for the policy to be reassigned back to family members or beneficiaries as part of inheritance planning. Financial Freedom: Once the reassignment is registered, you regain the power to make nominations, take new loans, or surrender the policy if needed. Key Steps to Fill Form No. 3857 Filling out this form requires precision to avoid delays in processing at the LIC branch: Policy Details: Clearly state the policy number and the sum assured. Assignor & Assignee Info: Enter the details of the party returning the policy (the bank/lender) and your own details as the original policyholder. Statement of Consideration: The form includes a section acknowledging that the sum (the loan amount) has been repaid. Execution & Witnessing: Both the assignee (lender) and a witness must sign the form. The witness must be a person competent to contract and should provide their full address and occupation. Important Filing Tips Do Not Fill Directly: LIC often advises that the wording of the form should be copied onto the back of the policy document itself or onto proper stamp paper, rather than just filling out a loose sheet. Submission: Once executed, the completed form or the policy with the reassignment wording must be sent to the form no 3857 lic
, and I will produce the correct piece (fillable format, text version, or draft letter) for you. Obtain the form from your local LIC branch
Here is a breakdown of what this form is, why it is used, and how to process it. (If you were referring to a different context, such as a US tax form, please see the note at the end). Why is this Form Important
Before surrendering your LIC policy, consider the following:
Simply filling out the form is not enough for the assignment to be legally binding against the insurer (LIC). The process generally follows these steps: