LIC will return the policy bond with a stamp or endorsement stating that the reassignment has been registered. The policy rights are now fully back with the original policyholder.
If you have ever taken a loan against your LIC policy, transferred the policy to a family member, or settled a debt, you have likely encountered the concept of reassignment. This article explains what the reassignment form is, why you need it, and how to file it. reassignment form of lic
LIC uses specific forms depending on the nature of the reassignment: LIC will return the policy bond with a