Once submitted, LIC usually processes Form 3857 within , provided all documents are in order.
Thank you.
: It serves as a formal legal instrument to ensure the new owner (usually the original policyholder) holds all rights to the policy's maturity or death benefits.
I/We, , in consideration of the repayment of the loan, do hereby reassign to [Policyholder Name] (the Assignee) the Policy Number [Policy Number] dated [Date] for a Sum Assured of ₹ [Amount] , issued by the Life Insurance Corporation of India . Date: [Date] | Place: [Location] Signature of Assignee: _____________________ Signature of Witness: ______________________ Absolute Reassignment - Lic New Delhi
. To the uninitiated, it was a "Form of Reassignment," a bureaucratic necessity. To Arjun, it was the final bridge he needed to build for his daughter, Meera.
: Its most common use is to reassign the policy's rights and benefits back to the assured person once a financial obligation, like a bank loan, has been settled.
