The LIC of India Reassignment Form 3857 offers several benefits to policyholders, including:
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The date on which the policy was initially transferred to the bank.
Submit the executed Form 3857 along with the to the servicing LIC branch office where your policy records are maintained. Required Checklist of Documents lic of india reassignment form 3857
To successfully register the assignment, you must submit Form 3857 along with several supporting documents:
Is your policy assigned to or to an outside bank ? Do you already have the original policy document in hand?
To ensure a smooth processing experience with LIC, the form must be filled out accurately without errors or overwriting. Step 1: Obtain the Document The LIC of India Reassignment Form 3857 offers
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."
The current holder of the policy (e.g., the bank manager or the individual assignee) must sign Form 3857. If it is a financial institution, the signature must be accompanied by an official corporate stamp or seal. Step 4: Witness Attestation
: The wording should ideally be copied onto the back of the original policy bond or executed on appropriate stamp paper. Necessary Signatures Can’t copy the link right now
While many know about adding a nominee , assignment is a more powerful legal act. The next section clarifies this crucial difference.
Life Insurance Corporation of India (LIC) policies are flexible financial assets. Policyholders frequently assign their policies to banks, financial institutions, or individuals to secure loans or express care.