: It can be used for transferring policies within family members as part of inheritance or succession planning. Key Components of the Form
To understand Form 3857, it is essential to first grasp the concept of assignment itself.
| Feature | Form 3855 (Assignment) | Form 3857 (Reassignment) | Form 3818 (Nomination) | | :--- | :--- | :--- | :--- | | | Transfer ownership rights to another person. | Transfer rights back to original owner. | Appoint a person to receive claim amount. | | Direction | Policyholder → Assignee. | Assignee → Original Policyholder. | Policyholder → Nominee. | | When to use | Taking a loan, gifting a policy. | After loan repayment, canceling assignment. | At policy start or after life changes. | | Who signs | Assignor (Policyholder). | Assignee (Bank or person). | Policyholder. |
To ensure smooth processing, attach the following documents: lic of india reassignment form 3857
: Space for the signatures of the assignor, assignee, and at least one witness, along with the date and place of execution. Essential Requirements for Submission
To understand reassignment, you must first understand assignment .
The form must be filled out accurately. The primary details required include: The specific 9-digit LIC policy identifier. : It can be used for transferring policies
: Crucially, any previous nomination is cancelled upon assignment. After reassignment is registered, you must file a fresh nomination to ensure your beneficiaries are protected. Common Use Cases
: Transferring policies between family members for inheritance purposes.
The assignee’s signature on Form 3857 must match the signature on the original assignment (Form 3855). Banks often have signatory changes – ensure the same authorized person signs or provide a board resolution for change in signatory. | Transfer rights back to original owner
Submit the documents to the LIC branch that handles your policy servicing.
: Full names and addresses of the original owner and the new owner.