: Transfer rights to a creditor to satisfy a financial obligation. 3. Key Steps for Execution
LIC Form 3855 is primarily used as a "Form of Assignment" or a specific declaration document depending on the regional office's requirements. It is most commonly associated with the absolute assignment of a policy, where the policyholder (assignor) transfers the rights, title, and interest of the policy to another person or entity (assignee). This is often required when: Using a policy as collateral for a loan. Transferring policy ownership to a family member. Gifting a policy for estate planning purposes. How to Download LIC Form 3855 lic form 3855 download
Thus, before downloading Form 3855, confirm with your LIC branch that this is indeed the correct document for your request. : Transfer rights to a creditor to satisfy
Finally, the endorsed policy document or certificate is sent to the bank. The bank will hold this document until you fully repay the loan. It is most commonly associated with the absolute