This section serves as a formal notification to LIC that the policy is being handed back to the original owner.
: An assignment or reassignment is only legally valid once it is registered in LIC's books.
: The actual bond must be submitted to record the reassignment. how to fill lic reassignment form 3857
This is the most critical financial section of the form. In legal terms, "consideration" refers to the price or value exchanged.
The form consists of two primary sections: the and the Form of Reassignment . 1. Notice of Reassignment (Top Section) This section serves as a formal notification to
: Enter the name of the "Assured" (the original policyholder). Policy Specifics : Sum Assured : The total insurance coverage amount. Policy Number : Re-enter the policy number. DOC Date : The Date of Commencement of the policy.
Before putting pen to paper, it is essential to understand the two parties involved: the (the original policyholder who is transferring the rights) and the Assignee (the person, bank, or institution receiving the rights). Crucially, the original policy document must be available, as the assignment is endorsed directly on it. Form 3857 itself is the instrument of transfer, and it must be filled in neatly, without any overwriting or corrections. Using black or blue ink is mandatory. This is the most critical financial section of the form
: The Assignee (bank/institution) enters their name and the total sum of money (consideration) they received to release the policy.