If you can share the exact sentence or heading from the document where you saw “3857,” I can help identify it more precisely.
The LIC Reassignment Form 3857 is the official document used to transfer the ownership of a Life Insurance Corporation of India (LIC) policy from an assignee (such as a bank or financial institution) back to the original policyholder. This typically occurs after a loan secured against the policy has been fully repaid, allowing the policyholder to regain all rights, benefits, and advantages of the insurance. Purpose of Form 3857
When you take a loan from a bank or LIC, you often "assign" your policy to the lender as collateral. Once the debt is cleared, the lender must "reassign" the policy back to you so that you can once again claim maturity benefits or death claims. Form 3857 serves as the formal legal instrument for this absolute reassignment. Key Components of the Form lic of india reassignment form 3857
The form requires specific details to be legally binding and recognized by LIC: Absolute Reassignment - Lic New Delhi
Unlike modern digital forms, LIC Form 3857 has a specific old-school ritual. Here is the cheat sheet: If you can share the exact sentence or
As per LIC rules, there is no fee for registering a reassignment if the original assignment was registered for consideration (like a loan). However, if the reassignment is voluntary and for no consideration, a nominal fee of ₹50 or as per LIC’s prevailing circular may apply. Always check with your branch.
LIC Form 3857, officially known as the “Reassignment Form,” is used to transfer the rights, title, and interest of a life insurance policy from one person (the assignee) back to the original policyholder (the assignor) or to another eligible person. Think of it as a legal handover
To understand reassignment, you must first understand assignment.
Think of it as a legal handover. The assignee hands back the policy to the original owner. Without this form, the assignee remains the beneficiary, which can prevent the original policyholder from taking a loan, surrendering the policy, or receiving the maturity amount.