How To Fill Lic Reassignment Form 3857 -

The signature section is the most legally binding part. The assignor must sign in the presence of . The witnesses must be adults (not family members of the assignor, preferably neutral third parties like colleagues or neighbors). Each witness must sign, print their name, and provide their full address and occupation. The assignor does not need to sign in front of a Notary Public for LIC purposes, but the witnesses’ signatures are mandatory.

The Life Insurance Corporation (LIC) of India’s Form 3857, known as the “Assignment Form,” is a critical document for policyholders who wish to transfer their rights, title, and interest in a life insurance policy to another person or entity. This process, known as assignment, is commonly used when taking a loan against a policy (assigning to a bank) or gifting the policy to a family member. While the form appears legalistic and daunting, filling it out correctly is straightforward if one follows a systematic, clause-by-clause approach. Accuracy is paramount, as errors can lead to rejection or significant delays in claim settlement. This essay provides a clear, step-by-step guide to completing Form 3857 correctly. how to fill lic reassignment form 3857

After the assignor and witnesses have signed, the form must be submitted to the LIC branch that services the policy. Along with the completed Form 3857, the assignor must submit the for endorsement. LIC will then stamp the assignment on the back of the policy bond and return it. Until this endorsement is done, the assignment is not valid against LIC. Finally, it is wise for the assignor to keep a photocopy of the signed and submitted Form 3857 for their records. The signature section is the most legally binding part

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