To ensure smooth processing at an LIC Branch Office, the following details are typically required: Lic form 3857: Fill out & sign online - DocHub
back to the original policyholder. This process most commonly occurs when a policy that was previously assigned to a bank or financial institution as collateral for a loan is returned to the owner after the loan is fully repaid. licindia.in Key Purpose and Use Cases Loan Security Release:
Regaining ownership of your policy requires coordination between you, your lender, and LIC. Follow these steps: Step 1: Obtain a No Dues Certificate (NDC)
A development authority or government body releases the policy held against a property booking. Key Components of LIC Form 3857 lic of india reassignment form 3857
You will need to fill out and submit Form 3857 under the following specific circumstances:
Has the bank already , or are you using a separate form?
: Absolute assignment cancels any previous nomination. Reassignment does not automatically restore your old nominee. You must submit a fresh Nomination Form (Form 3750) along with the reassignment form to secure your family's financial future. To ensure smooth processing at an LIC Branch
You absolutely assigned a policy to a family member or third party, and they now wish to return the ownership to you voluntarily.
(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
To legally transfer the ownership rights/benefits of your LIC policy to another party (e.g., a bank for a loan). Follow these steps: Step 1: Obtain a No
Once your loan is fully repaid, request a or No Objection Certificate (NOC) from your bank or lending institution. Along with this certificate, the bank will usually provide the endorsed LIC Form 3857. If they do not have the form, you can download it from the official LIC website or collect it from an LIC branch. Step 2: Endorsement by the Assignee
Once your loan is closed, request a "No Dues Certificate" or "Loan Closure Letter" from your bank or lending institution. Step 2: Prepare Form 3857
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LIC will verify the signatures and update their master records. They will endorse the change on the back of your original policy document and return it to you. Once registered, you resume full ownership, and your original nominees are automatically restored (or you can appoint new ones). Documents Required Along with Form 3857