"It’s your safety net, Meera," he smiled. "I’ve signed it over. It’s officially yours now."
This section identifies the contract being altered. You must accurately input: The unique . The Name of the Insured/Life Assured . The Name of the Assignor (the original policyholder). 2. The Declaration of Release
: LIC guidelines strictly state that the wording of Form 3857 should not just be filled into a blank template but copied onto the back of the original policy bond or onto a stamp paper of requisite value. lic of india reassignment form 3857
: Reassigning a policy that was previously gifted or transferred within a family.
The bank's authorized signatory must sign the form across the revenue stamp (if applicable) and place the bank’s official rubber stamp. "It’s your safety net, Meera," he smiled
: To ensure that maturity proceeds or death benefits go to you or your nominees, rather than the bank. Key Components of LIC Form 3857
While many know about adding a nominee , assignment is a more powerful legal act. The next section clarifies this crucial difference. You must accurately input: The unique
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: Authorized signatures from the lending institution along with their official seal. Step-by-Step Process to Reassign Your LIC Policy
Generally, reassignment by a bank back to the original owner upon loan closure does not attract additional stamp duty, but check with your branch for local updates.