In LIC terminology, means transferring your policy rights to another person (the assignee). Reassignment is the reverse process—the assignee transfers those rights back to you, the original policyholder.
✅ Ask for it. ✅ Fill it out completely. ✅ Submit it immediately.
Think of it like a temporary handover.
Whenever you repay a loan or settle an assignment, make reassignment a .
It does not.
How to transfer rights, secure loans, or correct policy ownership without losing your benefits. If you’ve ever taken a loan against your LIC policy or transferred its ownership, you’ve likely encountered the term “LIC Reassignment Form.”
Don’t Ignore the LIC Reassignment Form: What It Is, Why It Matters & How to File It lic reassignment form
Without proper reassignment, the bank remains the policy’s rightful claimant—even after you’ve paid off the debt. You will need this form in three common situations: 1. Loan Repayment (Most Common) After repaying a loan against your policy—whether from LIC itself or from a bank/NBFC—the lender must reassign the policy to you. 2. Ownership Correction If you had previously assigned the policy to someone else (e.g., a family member or business partner) and now want ownership back. 3. Discharge of Trust or Legal Obligation If the policy was assigned under a trust or court order, reassignment is required once the obligation is fulfilled. Why Is Reassignment So Important? Here’s where policyholders often make a costly mistake: assuming reassignment happens automatically.