Lic Of India Reassignment Form 3857

The "Safety Net" You Didn't Know You Needed: A Review of LIC Form 3857

Rating: ★★★★☆ (4/5) – Essential, but legally dense.

Most people view insurance paperwork as a necessary evil—boring, repetitive, and something to be signed without reading. However, LIC Form 3857 (the Reassignment Form) stands out because it deals with a high-stakes game: ownership of your life insurance policy.

Here is an interesting look at why this specific form is the unsung hero of financial documentation.

Q1: Can I submit LIC Form 3857 online?

Currently, LIC does not offer fully online submission for reassignment because it requires original signatures and the physical policy document. However, you can download the form online but must submit it offline at a branch.

Q4: Can partial reassignment be done?

No. Form 3857 transfers all rights, title, and interest. There is no concept of partial reassignment in LIC policies.

Step 1: Obtain the Correct Form

• Offline: Visit your nearest LIC branch or the bank where the policy was assigned. Ask for “Form 3857 – Reassignment.”
• Online: Download the PDF from the official LIC India website (licindia.in) under “Downloads” → “Forms” → “Assignment/Reassignment.”

A Word of Caution

Don't treat assignment lightly. Once you assign a policy via Form 3857, the Assignee gets the right to: lic of india reassignment form 3857

• Receive the maturity amount.
• Receive the death claim.
• Surrender the policy for cash.
• Change the nominee (unless you restrict this in the form).

If you are the original owner, never sign a blank Form 3857. Fill in the name of the Assignee, the purpose, and the date clearly.

Why "3857" Might Appear

• It could be an internal tracking number used by a specific LIC zonal or divisional office.
• It might be a typographical error (e.g., 3157 or 3857 is sometimes a claim-related or nomination form).
• Some older LIC internal administrative forms (e.g., for agency or commission reassignments) use 4-digit numbers.

Option 1: Instructions / Checklist (For the Policyholder)

Subject: How to fill LIC Form 3857 – Assignment of Policy

Purpose: To legally transfer the ownership rights/benefits of your LIC policy to another party (e.g., a bank for a loan).

Documents Required:

• Original policy bond.
• Identity proof (policyholder & assignee).
• Loan sanction letter (if assigning to a bank).

How to fill Form 3857:

1. Part A – Details of the Policy:

   • Write your LIC Policy Number.
   • Sum Assured & Plan (e.g., Jeevan Anand, Table No. 149).
   • Date of commencement & maturity date.

2. Part B – Details of the Assignor (You):

   • Your full name (as per policy).
   • Your complete address.
   • Relationship with the Life Assured (Self/Spouse/Child etc.).

3. Part C – Details of the Assignee (Bank/Lender/Person):

   • Name of the bank branch or individual.
   • Complete registered office address.
   • PAN/GST (if applicable).

4. Part D – Type of Assignment:

   • Tick "Absolute" (full transfer) or "Conditional" (usually for loan – rights revert after loan repayment).
   • Write the consideration amount (loan amount sanctioned).

5. Part E – Signatures:

   • Sign exactly as per the proposal form (first name, middle name, last name – no missing initials).
   • Witnesses required: Two witnesses with name, address, and signature.

Submission:

• Submit the filled form + original policy to your nearest LIC Branch Office or the lending bank (many banks handle it for you).

LIC Form 3857 vs. Form 3855 vs. Form 3818: Key Differences

It is easy to confuse these three forms. Here is a quick comparison table:

| Feature | Form 3855 (Assignment) | Form 3857 (Reassignment) | Form 3818 (Nomination) | | :--- | :--- | :--- | :--- | | Purpose | Transfer ownership rights to another person. | Transfer rights back to original owner. | Appoint a person to receive claim amount. | | Direction | Policyholder → Assignee. | Assignee → Original Policyholder. | Policyholder → Nominee. | | When to use | Taking a loan, gifting a policy. | After loan repayment, canceling assignment. | At policy start or after life changes. | | Who signs | Assignor (Policyholder). | Assignee (Bank or person). | Policyholder. |

Remember: You cannot use Form 3857 for nomination changes. For nominee updates, use Form 3818.

1. The Premise: The "Plot Twist" in Your Policy

To understand Form 3857, you have to understand the drama of "Assignment." The "Safety Net" You Didn't Know You Needed:

• The Setup: When you take a loan against your LIC policy, you assign (transfer) the rights of the policy to the bank or lender. For that period, the bank technically owns your policy. If you pass away, they get the money to recover the loan.
• The Climax: You repay the loan.
• The Problem: The policy doesn't automatically switch back to you. The bank still holds the title.
• The Resolution (Form 3857): This is the "Reassignment" form. It is the legal document that transfers the title of the policy back to you from the lender.

Review: Without this form, you could repay a ₹20 lakh loan, pass away a month later, and your family might struggle to claim the sum assured because the bank is still the official "assignee." Form 3857 is the document that restores your rights. It is the difference between a settled debt and a legal nightmare.