How To Get a Duplicate LIC Bond?
For purchasing a policy from the Life Insurance Corporation Of India (LIC) online and offline, you need to go through several steps and submit various required documents. The Corporation evaluates and scrutinizes those documents and after that, the policy is issued to the insured person. At that time, the LIC policy bond is also issued to the policyholder.
This bond is an important document that contains the privileges and conditions offered to the policyholder. It also refers to LIC’s contractual obligation to provide the required financial cover for the risk. The risk coverage commences after acceptance of your proposal by the Corporation and apart from the terms and conditions, benefits and other principles of your policy are also mentioned in the policy bond.
Why Do You Need To Keep LIC Policy Bond Safe?
The LIC policy bond is an important document that will be referred to for various servicing interactions with the insured person. To know more about its importance, have a look at the following mentions.
A detailed reference of your policy – A policy bond basically reflects various services the policyholder is entitled to, terms and conditions surrounding his/her policy, and so on. The policy bond is often needed to refer to any of the clauses of your policy.
Different services – In the case of availing of different services, your policy bond plays a pivotal role. It will be required at the time of settlement of claims on the policy. You will also require it if you are availing of a loan or want to assign the existing policy.
Benefits and other rules – Your LIC policy bond carries all the information about your policy. The benefits, clauses, privileges, terms, and conditions, etc. all the particulars related to your policy are detailed in your policy bond.
For availing of smooth function – The corporation will be able to offer you satisfactory closure for all the services only if the LIC policy bond is furnished whenever required. Otherwise, you may face hindrances to avail of certain facilities offered by the Corporation.
So, your LIC policy bond is an irreplaceable part of your policy. For that, you need to keep it safely in its hardcopy form. The loss of the LIC policy bond or misplacement of it can directly put an impact on your policy and the services you are entitled to receive. Apart from the hardcopy, it would be wise to preserve one softcopy of your policy bond on your cloud, so that you can retrieve it whenever necessary.
In case you are handing over the policy bond to any person or office, make sure that you take a written acknowledgment, and also keep a Photostat copy of the policy for your reference. When you take a loan against the policy, the Corporation retains the policy bond. In such cases, always remember when and where you have submitted the LIC policy bond and inform your family members about the same for safer handling.
What To Do If Your LIC Policy Is Lost?
At first, before coming to the conclusion that your LIC policy bond is lost, search thoroughly the probable places where you can keep the bond and search time again through the other documents if the bond is misplaced there.
If the policy bond is partially destroyed due to natural causes like fire, flood, etc, the remaining portion may be returned as evidence of loss of policy to LIC, and meanwhile, you can for a duplicate policy. On the other hand, if you are sure that the policy bond is untraceable due to unknown reasons, you need to go through a procedure to comply with it, and meanwhile, you can still apply for the duplicate policy at the branch that services your policy.
How To Obtain a Duplicate LIC Policy Bond?
The procedure to obtain a duplicate LIC policy bond is time-consuming and a detailed one. Since it is a bit long and effortful process, you need to ensure at first that you have searched thoroughly everywhere. Once you are sure that your policy bond is lost, you can follow the below steps to obtain a duplicate LIC policy bond.
Posting an advertisement – At first, you need to post an advertisement about the loss of your LIC policy bond in a widely spread national or state English/vernacular newspaper. The insertion of the advertisement should continue for one month. And after that, a copy of the newspaper in which the advertisement appeared should be sent to the servicing office as evidence. If no objection has been lodged with LIC regarding the policy in question during the circulation period of one month, the Corporation will initiate further proceedings for obtaining a duplicate policy bond.
Prepare for the Indemnity Bond – As the LIC policy bond is a legal document, you need to proceed further legally. For this, you need to submit an indemnity bond for applying for a duplicate policy bond. Request LIC Form 3756 for the preparation of this indemnity bond. Form. 3756 content is first generated onto a stamp paper that is non-judicial in nature. Confirm the value of the stamp paper from the Corporation that may vary from one state to another, and pay the stamp paper fee. Once the stamp paper is ready, fill in all the required credentials as directed there, such as name, policy number, etc. This form is then authorized by a notary and is signed by the policyholder and 2 witnesses as well.
Fill out the additional form or questionnaire – once your indemnity bond is ready, you need to fill in the additional questionnaire that is related to the probable reasons for the loss of your LIC policy bond, and if any efforts have been made to recover the same. This is a mandatory part of the procedure. Once you are done with answering the questions, you need to attach the last receipt as provided by the Corporation. Here, again you need to provide certain details as directed in the form and sign it.
Submission of all the documents – In this step, you need to submit all the following documents.
- Indemnity bond
- Valid address proof – bank statement, ration card, telephone bill, electricity bill, etc.
- Valid photo identity proof – passport, voter card, license, etc.
Remember, all the documents carrying the right and authentic information should be submitted to the Corporation. Otherwise, LIC will not furnish any duplicate policy bond. Apart from these, you also need to pay all the related expenses such as duplicate policy charges, policy stamp charges, other fees, along with GST charges at the specific counter of the LIC official branch.
Issuance of duplicate LIC policy bond – Once you have submitted all the documents successfully, the Corporation will evaluate and scrutinize those. If no discrepancy is found, the Corporation will issue the policy bond to you as soon as possible. However, before collecting the duplicate LIC policy bond, you need to give your consent and collect it from the LIC office physically. If you cannot collect it physically, the Corporation will send it to your registered address.
Important Things To Keep in Mind While Taking a Duplicate LIC Policy Bond
There are certain things that you need to keep in mind while applying for a duplicate LIC policy bond. And, they are as follows.
Exceptions – Posting advertisement and preparing an indemnity bond may not be required if your LIC policy bond is lost due to the following reasons:
- Loss of policy by theft
- Destruction of policy by fire
- Loss of policy while in the custody of an office of government
- Mutilated or damaged policy
- The policy is torn and a part of it is missing
- Policy partially destroyed by white ants
Intimation about the change of address – Your residential address, email ID, phone number is very important to get updated information about your policy. So, whenever you change any of these, intimate the Corporation. Otherwise, you may face a problem receiving the duplicate LIC policy bond.
Age proof accepted by the Corporation – The Proofs of age, which are generally acceptable to the Corporation, are as under:
- Certified extract from Municipal or other records made at the time of birth.
- Certificate of Baptism or certified extract from family Bible if it contains age or date of birth.
- Certified extract from School or College if age or date of birth is stated therein.
- Certified extract from Service Register in case of Govt. employees and employees of Quasi-Govt. institutions including Public Limited Companies and Passport issued by the Passport Authorities in India.