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When a policy is assigned, the original nomination is cancelled by law. Reassignment does not automatically reinstate the old nominee. Once Form 3857 is registered, you must fill out a fresh Nomination Form (Form 3750) to appoint a nominee. Failure to do so means the policy will have no nominee, causing severe claim settlement delays for your family in the future.
Life Insurance Corporation of India (LIC) policies are flexible financial assets. Policyholders frequently assign their policies to banks, financial institutions, or individuals to secure loans or express care. lic of india reassignment form 3857