Think of your LIC policy as a property deed. Form 3857 is the "deed transfer" paper. Once you fill it out and submit it, the new person (the Assignee ) legally owns the policy's benefits—including the right to nominate someone else or even take a loan against it.
The reassignment of a policy can be done for various reasons, such as:
To understand reassignment , it is necessary to first understand assignment . Under Section 38 of the Insurance Act, 1938, a policyholder (the Assignor) can transfer the rights, title, and interest of their insurance policy to another person or institution (the Assignee).
Ensure you have the following documents ready before visiting the LIC branch: Completed (signed and stamped by the lender)
"Everything is in order, sir," the officer said, noting the 'Absolute Assignment' box was checked. "We will register the reassignment in our records. Your daughter will be the sole owner of the policy benefits now."
Lic Of India Reassignment Form 3857
Think of your LIC policy as a property deed. Form 3857 is the "deed transfer" paper. Once you fill it out and submit it, the new person (the Assignee ) legally owns the policy's benefits—including the right to nominate someone else or even take a loan against it.
The reassignment of a policy can be done for various reasons, such as: lic of india reassignment form 3857
To understand reassignment , it is necessary to first understand assignment . Under Section 38 of the Insurance Act, 1938, a policyholder (the Assignor) can transfer the rights, title, and interest of their insurance policy to another person or institution (the Assignee). Think of your LIC policy as a property deed
Ensure you have the following documents ready before visiting the LIC branch: Completed (signed and stamped by the lender) The reassignment of a policy can be done
"Everything is in order, sir," the officer said, noting the 'Absolute Assignment' box was checked. "We will register the reassignment in our records. Your daughter will be the sole owner of the policy benefits now."