LIC Duplicate Police Bond: Indian Life Insurance Corporation (LIC) is the largest government insurance company in the country. Millions of people have taken a LIC policy. The investment of money in this insurance company is considered to be safe in a way, as it is the government's responsibility to maintain it. When anyone buys a policy from LIC, he gets a policy bond. This policy bond is very important. Once the policyholder's proposal is accepted by the LIC, a valid policy bond is provided, which mainly includes the terms and privileges provided to the policyholder. The LIC covers the risk only if the policyholder accepts the offer. Now suppose what if this LIC policy bond is lost somewhere?
Why is policy important?
Policy Bond is basically a document giving details of the Terms and Conditions associated with the various services and policy available to the policyholder. Policy bonds are mentioned by LIC during some services. Therefore it is mandatory for a bond to be physically protected. In addition, policy bonds are also needed when the policyholder claims and resolves it later.
Policy bonds will also be needed if a policyholder is taking a loan or assigning an existing policy. It is also important that the policyholder holds a soft copy of the policy bond, so that if it is lost, some evidence is available.
Have to work for a duplicate
- If the bond of your policy is lost, you can get it duplicate. If the policy bond is lost for some reason, the policyholder is issued after a certain period of new bonds, also called duplicate bonds.
- According to the bank market, the content of Form 3756 is the first to Rs. The stamp of 100 is prepared on paper, which is non -judicial.
- This form is then authorized by the notary. The policy holder also signs it.
- The policyholder will also have to fill out the additional form/questionnaire.
- The questionnaire includes questions like how the policy bond was lost and whether any efforts have been made to regain it.
- Along with the form, LIC also wants proof of identity and proof of address (policeman).
- The policyholder pays the cost of stamp duty to LIC.
- When the policyholder completes all the work, the LIC sends a duplicate policy bond.
The cost of stamp paper should be checked with LIC, as it can vary in each state. You have to enter the necessary information like your name and policy number and also sign two witnesses.
The advertisement must be printed
You have to publish an advertisement in an English or local newspaper read in the state where your insurance policy is lost. You will then have to submit a newspaper copy and advertisement to the LIC Service Branch. If no complaint is made during the month of advertising, the LIC will begin the process of issuing a duplicate policy.
Have to answer these questions
Under what circumstances the policy was lost?
What steps were taken to find a policy?
Was the policy given to a particular organization?
These documents are definitely there
- Photo Identity: PAN Card, Passport, Driving License, Voter ID, etc.
- Proof of address: ration card, utility bill, bank statement etc.
- Aside from these documents, pay the required duplicate policy fees, policy stamp duty and GST LIC branch.
- Duplicate policy bonds will be issued
- After receiving all the required documents, the LIC will review it and proceed with the application. On your application, duplicate you
- Policy bonds will be provided. You can take a duplicate policy from the office. You can also deliver it to your address.
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