Form 3857 is typically a two-page document. Here are the key sections:
Section B – Assignee Details (Current Owner):
Section C – Assignor Details (Original Policyholder): lic of india reassignment form 3857
Section D – Reassignment Declaration:
It is easy to confuse these three forms. Here is a quick comparison table: Form 3857 is typically a two-page document
| Feature | Form 3855 (Assignment) | Form 3857 (Reassignment) | Form 3818 (Nomination) | | :--- | :--- | :--- | :--- | | Purpose | Transfer ownership rights to another person. | Transfer rights back to original owner. | Appoint a person to receive claim amount. | | Direction | Policyholder → Assignee. | Assignee → Original Policyholder. | Policyholder → Nominee. | | When to use | Taking a loan, gifting a policy. | After loan repayment, canceling assignment. | At policy start or after life changes. | | Who signs | Assignor (Policyholder). | Assignee (Bank or person). | Policyholder. |
Remember: You cannot use Form 3857 for nomination changes. For nominee updates, use Form 3818. Section B – Assignee Details (Current Owner):
To ensure smooth processing, attach the following documents: