Lic Of India Reassignment: Form 3857

Before touching Form 3857, ensure your lender issues a formal or Loan Closure Letter . This proves the financial obligation is met. Step 2: Download and Fill Form 3857

The executed Form 3857 must be submitted to the servicing branch of LIC (the branch that manages the policy). Along with the form, the policyholder should submit:

Reassigning a policy using Form 3857 involves coordination between the borrower, the lender, and LIC. Here is the typical workflow:

The reassignment is typically endorsed directly on the back of the original policy bond or attached as a valid legal slip. lic of india reassignment form 3857

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Self-attested (PAN Card, Aadhaar Card) of the policyholder. Step 4: Submit to LIC

You took a loan directly from LIC against your policy. Once the principal and interest are cleared, the policy must be reassigned to your name. Before touching Form 3857, ensure your lender issues

Any cancellations or alterations must be authenticated by the signer's full signature; overwriting is generally discouraged. Lic New Delhi Why Reassignment Matters Without completing this form and registering it with your LIC Servicing Branch

The financial institution issues a clearance certificate and must legally sign off on the policy document.

: Both the assignor (current owner) and the assignee (new owner) must sign the form. These signatures must be witnessed Along with the form, the policyholder should submit:

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.

: When a policyholder has repaid a bank loan for which the LIC policy was used as collateral, the bank uses Form 3857 to reassign the policy back to the individual. Estate Planning