Lic Of India Reassignment Form 3857 |work|

: 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

Once LIC verifies the documents, they will register the reassignment in their records. An endorsement is made on the policy bond stating: "Reassigned to [Policyholder Name] vide Deed of Reassignment dated [Date]" . This restores the policyholder’s absolute rights to the policy. lic of india reassignment form 3857

LIC Form 3857 is a crucial legal document that bridges the gap between loan closure and the restoration of ownership rights. Many policyholders mistakenly believe that simply repaying the loan is enough to reclaim their policy. However, without the execution of Form 3857 and the subsequent endorsement by LIC, the bank remains the legal owner of the policy proceeds. Ensuring this form is properly filed protects the policyholder’s investment and ensures that the benefits of the policy return to the intended beneficiary. : Crucially, any previous nomination is cancelled upon

Reclaiming a policy from a bank (the assignee) once a loan is settled, thereby restoring full rights and benefits to the original policyholder. An endorsement is made on the policy bond

: Full names and addresses of the original owner and the new owner.