Form 3857 | How To Fill Lic Reassignment

: This must be signed by the Assignee (the bank manager or authorized official) and include their official seal/stamp. 2. Form of Reassignment (Middle Section) This is the deed that legally executes the transfer.

The Life Insurance Corporation (LIC) of India’s Form 3857, known as the “Assignment Form,” is a critical document for policyholders who wish to transfer their rights, title, and interest in a life insurance policy to another person or entity. This process, known as assignment, is commonly used when taking a loan against a policy (assigning to a bank) or gifting the policy to a family member. While the form appears legalistic and daunting, filling it out correctly is straightforward if one follows a systematic, clause-by-clause approach. Accuracy is paramount, as errors can lead to rejection or significant delays in claim settlement. This essay provides a clear, step-by-step guide to completing Form 3857 correctly.

Do you need help finding the for your specific servicing branch or a fresh nomination form ?

To complete the process, submit the following at your Servicing LIC Branch Office : how to fill lic reassignment form 3857

In the field in consideration of the sum of Rs. , write the exact loan repayment or closure amount in figures and words.

This section acts as the absolute release deed where the lender (assignee) states they have received their money and are returning the policy.

: A copy of the policyholder's PAN card or Aadhaar card. : This must be signed by the Assignee

The top section of the form requires the identification of the policy in question. The applicant must accurately enter:

: Ensure all seals and signatures are present.

The entire form must be filled in English using BLOCK LETTERS . The Life Insurance Corporation (LIC) of India’s Form

: An assignment or reassignment is only legally valid once it is registered in LIC's books.

The form is generally divided into specific sections that require precise details regarding the policy and the parties involved.

The core of the form is the (Clause 1). This states what the assignee is giving in return for the policy rights. In most cases for a loan, the consideration is the loan amount sanctioned by the bank. The assignor must write the exact amount in words and figures (e.g., “Rupees Five Lakhs Only” and “₹5,00,000”). For a gift or a non-commercial transfer, the word “Love and Affection” or “Natural Love and Affection” is written, and the monetary consideration is stated as “Nil.” Do not leave this field blank.

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: Fill in the name of the original policyholder (the person receiving the policy back).