Next, the section requires the assignor to declare their intention to assign the policy absolutely. The standard phrasing is printed: “I/We hereby absolutely assign the above policy...” The assignor must then write the Name, Address, and Occupation of the assignee. If the assignee is a bank branch, write the full branch name, address, and its PAN or CIN number. This section must also specify whether the assignment is with or without survivorship . “With survivorship” means if multiple assignees are named and one dies, the policy rights automatically pass to the survivor(s). For a single bank or individual, this clause is typically marked as “Not Applicable.”
: Enter the name of the "Assured" (the original policyholder). Policy Specifics : Sum Assured : The total insurance coverage amount. Policy Number : Re-enter the policy number. DOC Date : The Date of Commencement of the policy. how to fill lic reassignment form 3857
The top section of the form requires the identification of the policy in question. The applicant must accurately enter: Next, the section requires the assignor to declare
Simply filling out Form 3857 is not the final step. The form must be accompanied by the original Policy Bond and a covering letter from the bank requesting the reassignment. If the policy was assigned to a bank, the bank usually initiates this process. However, individual policyholders often receive the filled form from the bank and must submit it to the LIC branch themselves. This section must also specify whether the assignment
This section acts as the absolute release deed where the lender (assignee) states they have received their money and are returning the policy.
: The policyholder (Assignor) signs to acknowledge the reassignment.
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