: When a policy is used as collateral, its title is shifted to the lender. Once the loan is fully repaid, the lender uses this form to reassign the policy back to the original owner.
You will need to fill out LIC Assignment Reassignment Form 3857 in the following scenarios: lic of india reassignment form 3857
In simpler terms, if you had assigned your policy to a bank as mortgage security, once the loan is repaid, you need to get your policy ownership back. Without this reassignment, the bank remains the beneficiary, and your family may not receive the claim. : When a policy is used as collateral,
The form is designed to capture the legal essence of the transfer. It typically requires: Without this reassignment, the bank remains the beneficiary,
This is rare after loan closure. If it happens, seek a legal notice or approach the Insurance Ombudsman.