Lic Of India Reassignment Form 3857 |work| Guide

Download LIC Form 3857 or get it from your local LIC branch. Take this form to your bank. The bank’s branch manager or authorized officer must execute the reassignment by signing the form and applying the bank's official rubber stamp. Step 3: Arrange for a Witness

: This specific form is often titled "Form of Reassignment for Valuable Consideration," acknowledging that the reassignment is happening because a sum (the loan repayment) has been satisfied. Key Components of the Form Description Assignee Details

You transfer your policy rights to another party (e.g., a bank for a housing loan or a family member as a gift). lic of india reassignment form 3857

The bank (Assignee) usually provides Form 3857. In some cases, the policyholder can download the standard form, but it by the Assignee (Bank).

: Deliver the documents to the relevant LIC servicing branch. The assignment is not legally recognized until it is registered in LIC's books. Common Pitfalls to Avoid Download LIC Form 3857 or get it from your local LIC branch

You previously assigned the policy to a family member or third party and now wish to revert the ownership. Key Components of Form 3857

You absolutely assigned the policy to a family member or third party, and both parties now agree to revert the ownership back to you. Step 3: Arrange for a Witness : This

Getting your policy reassigned requires coordination between you, the current assignee, and LIC. Follow these steps: Step 1: Obtain the No Dues Certificate