In most states, reassignment for loan repayment is exempt from stamp duty. For other cases, nominal stamp duty of ₹10-₹100 may apply. Check your state’s Stamp Act.
Most policyholders ignore Form 3857 because they don't plan to give their policy away. But understanding this form opens up three powerful opportunities: lic of india reassignment form 3857
LIC Form 3857, officially known as the “Reassignment Form,” is used to transfer the rights, title, and interest of a life insurance policy from one person (the assignee) back to the original policyholder (the assignor) or to another eligible person. In most states, reassignment for loan repayment is
To understand reassignment, you must first understand assignment. Think of it as a legal handover
Think of it as a legal handover. The assignee hands back the policy to the original owner. Without this form, the assignee remains the beneficiary, which can prevent the original policyholder from taking a loan, surrendering the policy, or receiving the maturity amount.