: Reassigning a policy that was previously gifted or transferred within a family.
: Self-attested ID and address proof for the assignee and witness.
The witness must be a competent individual. LIC highly prefers signatures witnessed by: LIC Agents or Development Officers Branch Managers of any scheduled bank Gazetted Officers An LIC Class-I Officer Step 5: Submission to LIC Branch
Once submitted to the correct home branch with all valid documents, LIC typically processes the reassignment and returns the endorsed policy bond within 7 to 15 working days. lic of india reassignment form 3857
This is the most common use case. You took a loan from a bank or financial institution by assigning your LIC policy as collateral. Once you repay the loan in full, the bank (assignee) must execute a reassignment using Form 3857 to return the policy’s rights to you.
The signatures on the form must be attested by a competent witness. Eligible witnesses include: LIC Branch Managers or Development Officers Gazetted Officers Bank Managers Notary Publics Step 5: Submission to LIC
You initially assigned your LIC policy to a bank, NBFC, or LIC itself to secure a loan. You have now fully paid off the loan, and the lenders need to release their claim on your policy. : Reassigning a policy that was previously gifted
Provide these details so I can guide you on the exact next steps for your specific situation.
: 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
LIC Reassignment Form 3857 is the official document used to transfer ownership of a life insurance policy back to the original policyholder after a loan has been repaid or a previous assignment has ended Key Features and Purpose Reversion of Rights LIC highly prefers signatures witnessed by: LIC Agents
Do you have the in your possession?
(Note: If you took a loan directly from LIC, the reassignment process is often handled internally by the LIC branch upon final payment, but Form 3857 may still be requested to clear the records manually.) Structure and Components of LIC Form 3857
LIC will verify the bank's signatures against their records. Once satisfied, LIC will register the reassignment in their systems, endorse the back of your original policy bond, and return the bond to you. Important Tips and Precautions
Download the official LIC Reassignment Form 3857. Fill in the policy details accurately. The text must explicitly state that the assignee is reassigning all rights, titles, and interests back to the original life assured. Step 3: Execution by the Assignee