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Write the correct 9-digit LIC policy number. Double-check this number against your original policy document. Step 5: Execute the Signatures
Submit the filled and executed Form 3857, the original LIC policy document, and supporting identity proofs to the where the policy is serviced. Step 6: Registration and Endorsement
The authorized signature of the Assignee (e.g., the bank manager) along with witnesses. Step-by-Step Guide to Filling LIC Form 3857
Step 1: Obtain the No Objection Certificate (NOC) and Form 3857
The form acts as a legal endorsement. When filled, signed, and stamped by the authorized officer of the lending institution, it declares that the loan has been fully satisfied and that the bank is relinquishing all claims over the policy. Key Components of LIC Form 3857 lic of india reassignment form 3857
The primary purpose of the LIC of India Reassignment Form 3857 is to facilitate the transfer of ownership of a life insurance policy from one person to another. By filling out this form, policyholders can ensure that their policy is reassigned to the new owner, who will be responsible for paying premiums and receiving benefits.
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For any specific queries or if you need a copy of the form, always contact your branch directly, as policies and procedures can be updated from time to time.
You will specifically require LIC Form 3857 in the following scenarios: Write the correct 9-digit LIC policy number
After submitting the documents, always request a revised Policy Status Report from LIC. Ensure that the "Status of Policy" section changes from "Assigned" back to "In-Force" or "Reassigned to Self."
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
The 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
. To the uninitiated, it was a "Form of Reassignment," a bureaucratic necessity. To Arjun, it was the final bridge he needed to build for his daughter, Meera. Key Components of LIC Form 3857 The primary
: Without this form, the "title" or legal right to the policy money remains with the previous assignee (like the bank), even if you have finished paying your debt.
The next morning, Arjun walked into the bustling LIC branch office. The smell of old paper and tea was familiar. He handed the completed Form 3857, the original policy bond, and the notice of assignment to the officer behind the counter.
Do you have the in your possession?