Note: If a policy is assigned in favor of a relative (non-monetary assignment) and needs to be canceled, a different form (Notice of Cancellation of Assignment) is generally used. Form 3857 is specifically designed for reassignment from institutions.
: Once you receive a "No Dues Certificate" from a bank, they will use Form 3857 to return the policy title to you. lic of india reassignment form 3857
📌 that Form 3857 is not for the initial assignment; that is done using a different document, such as the "Assignment Form 3855" or a separate assignment deed. Form 3857 is specifically for the reassignment process. Note: If a policy is assigned in favor
Reassignment by endorsement on the policy bond itself generally does not attract heavy stamp duty, but local state laws and nominal LIC administrative charges may apply. 📌 that Form 3857 is not for the
When a policy is assigned, the original nomination is cancelled by law. Reassignment does not automatically reinstate the old nominee. Once Form 3857 is registered, you must fill out a fresh Nomination Form (Form 3750) to appoint a nominee. Failure to do so means the policy will have no nominee, causing severe claim settlement delays for your family in the future.
The conditions of a previous private assignment have been met, and the policy needs to return to the original owner. Key Components of Form 3857
Download LIC Form 3857 or get it from your nearest LIC branch. The bank’s authorized signatory must fill out the form, sign it, and affix the bank's official rubber stamp. In many cases, banks write the reassignment text directly on the back of the original LIC policy document, but Form 3857 serves as the official standalone format if space is unavailable. Step 3: Gather Required Documents Prepare a submission packet containing: Filled and signed . Original LIC Policy Document (the bond). Copy of the No Dues Certificate from the bank.