The form is essentially a legal deed. Here is how to fill the key sections:

The LIC Reassignment Form is required in the following situations:

Q: Can I reassign my LIC policy to anyone? A: No, you can only reassign your LIC policy to a person who is eligible to receive the policy benefits.

Once the form is filled and signed:

The processing time for the LIC of India Reassignment Form typically takes 15-30 days. There are no fees for submitting the reassignment form, but policyholders may need to pay a nominal fee for changes to the policy documents.