Have you lost your policy bond? Or has your policy bond torn by mistake? Or got lost in the water? So nothing to worry about. Life Insurance Corporation of India (LIC) gives the facility to its policyholders to get a duplicate copy made in case their policy bond is lost, torn, misplaced or destroyed in any natural calamity. Before knowing each and every step of Duplicate Policy Bond, let us understand what kind of document is the policy bond of LIC.
What is LIC’s policy bond?
Your policy bond is an important legal document. This document is given after accepting the offer of insurance from LIC. You can consider this as the main proof of the insurance agreement between you and the Life Insurance Corporation of India. This document is required to claim the policy. That is, if you or your nominee goes to LIC for any claim, then you cannot make a claim without showing the policy bond. A bond is required to take a loan against the policy. LIC recommends that you inform your spouse/guardian/nominee about the bond where the policy is kept. If you have given the policy bond to any person or office, take written approval from them. Keep a photocopy of the policy with you.
LIC’s suggestion on losing policy bond
LIC says, the policy bond is lost, do everything possible before reaching this conclusion. Find it at home and in the office. Please check with the agent. If you are convinced that the Policy Bond cannot be traced now, apply to your branch for a duplicate copy of the Policy Bond.
Which documents will be required?
Photo Identity Proof – Passport, PAN Card, Voter ID Card, Driving License, Personal Identity Card issued by Govt. (any one of these)
Residence Proof – Telephone Bill, Bank Statement, Electricity Bill, Ration Card, Rent Agreement which is not more than three months old. (any one of these)
Necessary fee for preparation of policy has to be deposited at the cash counter of the branch.
How to apply?
Firstly, an advertisement has to be printed in the news paper regarding the loss of the policy bond. Then you have to wait for at least a month. If your policy is not received even after one month of advertisement, then you can apply for a duplicate policy bond. Before giving advertisement, definitely check the LIC’s guideline, because this whole process depends on the rules of LIC. According to LIC, a duplicate policy provides the same rights and privileges to its owner as the original policy. So don’t have any doubts about duplicate policy bonds.
For duplicate policy bond, one has to apply by visiting the branch as the online facility is not available for this as of now. In the application, you have to give detailed information related to your policy, such as your name, nominee’s name, address, date of birth etc. Apart from this, a stamp paper is also required. Also a duplicate policy fee has to be deposited.
After this LIC verifies all the information given by you. If the information provided is found to be correct, a duplicate policy bond will be generated and given to you. Duplicate is written on this policy bond. But this does not change any of the terms and conditions of the policy.