The physical policy bond is mandatory for endorsing the reassignment.
The official signature and stamp of the Assignee (e.g., Bank Manager's signature and bank seal).
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The LIC Reassignment Form No. 3857 is a standardised document used to legally transfer the rights, title, and benefits of a life insurance policy from one person (the assignor ) to another person or entity (the assignee ).
Needed to update or verify your bank details for future survival or maturity benefits. Crucial Tips for a Error-Free Submission The physical policy bond is mandatory for endorsing
Currently, LIC does not offer fully online submission for reassignment because it requires original signatures and the physical policy document. However, you can download the form online but must submit it offline at a branch.
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Form 3857 is the official document issued by the Life Insurance Corporation (LIC) of India to execute a reassignment. When you assign a policy to a bank or LIC as collateral, they become the owners of the policy benefits. Once your debt is cleared, the assignee uses Form 3857 to officially return those ownership rights back to you. When Do You Need Form 3857?