Lic Of India Reassignment Form — 3857

Overview — LIC Form 3857 (Reassignment Form)

Why "3857" Might Appear

It could be an internal tracking number used by a specific LIC zonal or divisional office.
It might be a typographical error (e.g., 3157 or 3857 is sometimes a claim-related or nomination form).
Some older LIC internal administrative forms (e.g., for agency or commission reassignments) use 4-digit numbers.

Q1: Can I submit LIC Form 3857 online?

Currently, LIC does not offer fully online submission for reassignment because it requires original signatures and the physical policy document. However, you can download the form online but must submit it offline at a branch.

Most Relevant LIC Form for Reassignment

The primary form used for transferring rights (reassigning) a life insurance policy to another person (e.g., a creditor, bank, or family member) is: lic of india reassignment form 3857

Form No. 3155 – Assignment of Life Insurance Policy (under Section 38 of the Insurance Act, 1938)

If you are reassigning the policy back to yourself after a loan is repaid, you would use: Overview — LIC Form 3857 (Reassignment Form) Why

Form No. 3156 – Reassignment / Revocation of Assignment

These are the standard forms for reassigning policy ownership rights. It could be an internal tracking number used

2. The User Experience: Old School Charm vs. Modern Frustration

If you download Form 3857, you aren't getting a sleek, digital-friendly PDF. You are getting a classic piece of Indian bureaucratic history.

The Layout: It asks for the standard details—Policy Number, Name of Assignor (you), Name of Assignee (bank), and the Declaration.
The "Stamp" Drama: The most interesting part of this form isn't the text; it’s the requirement for revenue stamps. In an age of digital signatures and UPI payments, Form 3857 demands physical revenue stamps to be affixed and canceled. It feels tactile and final. It forces you to acknowledge that a significant legal transfer of property is happening.

Critique: The form assumes you have a physical copy of the policy bond handy. In an era where dematerialized (Demat) policies are becoming common, the reliance on physical documentation feels dated. It loses one star for not having a fully digital integration path yet.

Common supporting documents

Original policy bond (or surrender if required temporarily).
Proof of identity and address of new assignee (Aadhaar, PAN, passport, voter ID).
PAN card copy for consideration-related transfers (for tax reporting).
No-objection certificate (NOC) if needed from any third party (e.g., loan/charge holder).
If legal heir/nominee transfer: death certificate, succession certificate or court order, probate as applicable.
For minors: birth certificate and guardian ID/proof of guardianship.
Power of Attorney or court orders if signatures made by an attorney/guardian.

Step 5: Pay the Fee (If Applicable)

As per LIC rules, there is no fee for registering a reassignment if the original assignment was registered for consideration (like a loan). However, if the reassignment is voluntary and for no consideration, a nominal fee of ₹50 or as per LIC’s prevailing circular may apply. Always check with your branch.

Sample step-by-step checklist to complete and submit

Obtain Form 3857 from the LIC branch or download official copy.
Fill policy details accurately (policy number, plan name).
Enter assignor and assignee details; state nature of reassignment clearly.
Attach copies of ID/address, PAN, original policy bond, and any NOC or legal docs.
Get required signatures and witnesses; notarize if required.
Submit at servicing LIC branch; get acknowledgement with receipt number.
Follow up after 2–3 weeks; furnish any additional documents promptly if asked.

Tax and legal implications

Reassignment may affect tax treatment of future payouts; consideration amounts could have tax reporting obligations.
If the policy is security for a loan, lender consent may be required.
For significant assignments or disputes, consult a legal/tax advisor.