LIC of India Reassignment Form 3857 is a critical legal document used by policyholders to transfer the ownership of a life insurance policy back to the original assured person, typically after a loan has been repaid or a conditional assignment has ended. Core Purpose and Use Cases Loan Security Release
: Both the assignor (current owner) and the assignee (new owner) must sign the form. These signatures must be witnessed
Purpose of LIC of India Reassignment 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.
In most states, reassignment for loan repayment is exempt from stamp duty. For other cases, nominal stamp duty of ₹10-₹100 may apply. Check your state’s Stamp Act. LIC of India Reassignment Form 3857 is a
If you are the original owner, never sign a blank Form 3857. Fill in the name of the Assignee, the purpose, and the date clearly.
Think of your LIC policy as a property deed. Form 3857 is the "deed transfer" paper. Once you fill it out and submit it, the new person (the Assignee) legally owns the policy's benefits—including the right to nominate someone else or even take a loan against it. By filling out this form, policyholders can ensure
: Ensure any corrections or overwriting are authenticated by a full signature. Further Exploration Learn how to legally transfer policy ownership with the LIC Reassignment Form 3857 Guide from Scribd. View a comprehensive list of LIC Servicing Forms
The name and address of the institution or individual currently holding the policy rights. Consideration Amount The specific sum of money (Rupees) repaid to the assignee. Policy Details