| 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 |
: Correct policy number and date of commencement.
Is your policy assigned to a or directly to LIC ? lic of india reassignment form 3857
Are you planning to file for a immediately after this reassignment?
: This is the process that reverses an assignment. It refers to the legal act of transferring the policy rights and benefits back from the assignee to the original assignor (or to another person). For example, after repaying a loan secured by your LIC policy, your bank (the assignee) will reassign the policy back to you. This is when Form 3857 is used. | Aspect | Details | | :--- |
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Yes. If you do not execute a reassignment, the bank remains the nominee/beneficiary. On maturity or death claim, the bank will receive the money, not you or your family. You must reassign to reclaim your rights. Are you planning to file for a immediately
If you take a policy loan directly from LIC, you assign the policy to them. After paying off the final installment of the principal and interest, Form 3857 is required to clear the lien. 2. Loan Repayment to a Bank
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The LIC Reassignment Form 3857 is an official document issued by the Life Insurance Corporation of India designed to facilitate the transfer of rights and benefits of a life insurance policy back to the original policyholder (the assured).
When you take a loan from a bank or LIC, you often "assign" your policy to the lender as collateral. Once the debt is cleared, the lender must "reassign" the policy back to you so that you can once again claim maturity benefits or death claims. Form 3857 serves as the formal legal instrument for this absolute reassignment.