Lic [top] | Form No 3857

While LIC uses standardized industry forms (where "3857" is not a standard public-facing proposal or claim form number), is a documented standard form in the Indian insurance industry used for Assignments (transferring rights of a policy).

If the name on the death certificate slightly differs from the name in the LIC records. Essential Details to Fill Out form no 3857 lic

. While an "Assignment" transfers your policy rights to a lender (like a bank), a "Reassignment" via Form 3857 cancels that transfer, restoring all rights, titles, and interests to you—the assured. Why is this Form Important? Legal Ownership Transfer: It ensures the new owner (usually the bank/assignee) legally returns the policy rights to you once their financial interest is satisfied. Estate Planning: It allows for the policy to be reassigned back to family members or beneficiaries as part of inheritance planning. Financial Freedom: Once the reassignment is registered, you regain the power to make nominations, take new loans, or surrender the policy if needed. Key Steps to Fill Form No. 3857 Filling out this form requires precision to avoid delays in processing at the LIC branch: Policy Details: Clearly state the policy number and the sum assured. Assignor & Assignee Info: Enter the details of the party returning the policy (the bank/lender) and your own details as the original policyholder. Statement of Consideration: The form includes a section acknowledging that the sum (the loan amount) has been repaid. Execution & Witnessing: Both the assignee (lender) and a witness must sign the form. The witness must be a person competent to contract and should provide their full address and occupation. Important Filing Tips Do Not Fill Directly: LIC often advises that the wording of the form should be copied onto the back of the policy document itself or onto proper stamp paper, rather than just filling out a loose sheet. Submission: Once executed, the completed form or the policy with the reassignment wording must be sent to the While LIC uses standardized industry forms (where "3857"

For policies that result in a claim within three years of inception, LIC performs extra due diligence. While an "Assignment" transfers your policy rights to