Reassignment is the reverse of an "Assignment." While an assignment transfers policy rights to another person (for love/affection) or an organisation (for a loan), restores those rights to the original owner.

Without proper reassignment, the bank remains the policy’s rightful claimant—even after you’ve paid off the debt.

form of re- assignment of policy for conditional ... - Lic New Delhi

This feature breaks down the "NOC Route"—the most efficient way to execute reassignment—and helps you navigate the paperwork with ease.

It does not.

If the assignee is a bank, their authorized officer must sign with the official stamp.