duplicate lic policy: How to apply for duplicate LIC policy bond

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Before you apply for a duplicate LIC policy bond, make sure you have done a thorough search for your original LIC policy bond as it is the most important proof of your policy. However, if you have misplaced or lost your LIC policy, there is no need to worry. You can get a duplicate policy bond from the Life Insurance Corporation (LIC) of India.

LIC policy document is needed to apply for a loan against it, when you want to surrender the policy, to make a death claim and to claim policy proceeds on maturity.

Check to see if the document you are looking for has already been assigned to LIC when applying for a loan from LIC or another financial institution.

If a policy bond is partially destroyed due to natural disasters such as fire or flood, the remaining portion can be returned to LIC as proof of loss of insurance policy when filing for a duplicate policy document.

If you are certain that the policy bond is untraceable, there is a straightforward method to file for a duplicate policy at the branch where your policy is serviced. There is no option to apply online, one has to visit the LIC branch to get a duplicate LIC policy bond.

According to LIC website,” Insertion of an advertisement at the policyholder’s cost in one English daily newspaper having wide circulation in the State where the loss is reported to have occurred. A copy of the Newspaper in which the advertisement appeared should be sent to the servicing office one month after its appearance. If no objection has been lodged with LIC regarding the policy in question, a duplicate policy will be issued after complying with further requirements, i.e., Indemnity Bond and payment of charges for preparing duplicate policy and stamp fee.”

Note that LIC may charge for Indemnity Bond and for preparing duplicate policy and also the stamp fee.

However, in some cases, such as those listed below, the advertisement and Indemnity Bond requirements may be waived or amended.

1. Loss of policy due to theft

2. Destruction of policy by fire

3. Loss of policy while in custody of an office of government

4. If the policy is mutilated or damaged

5. If the policy in torn and a part of it is missing

6. Policy partially destroyed by white ants

One has to fill the questionnaire form and Form 3756 along with a written application and indemnity bond. The questionnaire form includes questions on details of your policy, how you lost/misplaced it and efforts to find it.

Depending on the insurance company, the insured may be required to furnish an indemnity bond on non-judicial stamp paper. Please confirm with the LIC office whether stamp paper is required and the precise value of the stamp paper.

Make sure to keep your valid ID and address proof handy when visiting your LIC home branch to request for a duplicate policy bond.

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