Today, we talked about the most important topic of your duplicate LIC bond. So, firstly we must understand some basic knowledge about policy bonds. For any reason, any policy holder’s policy bond is destroyed due to many reasons such as fire, natural disasters, and other reasons. In this condition, the remaining portion can be returned to LIC as proof of loss of insurance policy, when you apply for a duplicate policy. The policy bond is a document that is given to you after accepting your proposal for insurance. LIC bond is a critical document as it is given to LIC’s settlement to provide the required cover for the risk. The loss of your LIC bond document will directly influence your policy and also its benefits.LIC policy bond is the document paper that is issued by the company when anyone is ready to buy and also purchasing insurance policy. If we want to purchase any insurance policy we must follow many steps, the policy bond is furnished when LIC gives acceptance.
Aside from the term set out in the bond, it also provides the details of the insurance policy and the benefits.
YOUR POLICY BOND AND ITS SAFETY
Detailed information or reference of your policy – A policy bond affects many services the policyholder is entitled to, many conditions and terms surrounding customer policy, and many others. the policy bond mostly needed to refer to any clauses of policy.
Different Services – To avail of different services or facilities, your policy bond is very important for achieving this facility. it is needed at the time of settlement of claims on the policy. You must require if you getting a loan or want to assign the policy.
Benefits and other rules – LIC bonds carry all the data about your policy. The profit, clauses, terms, conditions, etc. All the particulars connected to your policy within your bond.
For availing of smooth function – This function will be able to offer you satisfactory closure for all the services only the LIC bond is completed whenever required otherwise, you do not avail of facilities offered by the corporation. So your policy bond is a unique part of your policy for this reason you must take care of your document and also keep it safely in its hard copy form. The condition of the policy bond loss or misplacement of it directly impacts your policy, and the services you are receiving on behalf of your policy bond. But for the hard copy, it would be good to preserve one soft copy of your policy bond must-have in your house, So that you can retrieve it whenever necessary. When you want to take a loan against the policy, the corporation retains the policy bond in that case, always consider where and when you have submitted your LIC policy bond and also inform your family about the same for safer handling.
HOW CAN I APPLY FOR A DUPLICATE LIC BOND?
In case of the loss of policy bond, LIC has created a comprehensive procedure to give a duplicate policy. this process will require a lot of time hence before making any other application for a duplicate bond, we must check your house and many important places carefully to find your LIC bond. When you are sure about the regulation is missing, you need to follow the procedure below to initiate the duplicate policy request. There are many processes to obtain a duplicate bond mentioned below –
Place an Advertisement- we must give an ad in the state newspaper and place where the policy was lost. We also send a copy of the advertisement to LIC servicing branch at the month-end, then LIC will start to process to issue a duplicate bond.
Indemnity Bond – We all know that a LIC bond is a legal record, you also apply for a backup copy by submitting an indemnity brand. Use LIC 3756 form for the making of this indemnity bond and print it on stamp paper. Always check the value of stamp paper from LIC because it could differ from state to state. After printing form 3756 fill in all other important details on it like the policyholder’s name, policy number, and many others. The most important thing is you must have 2 witnesses to sign the bond.
Fill Questionnaire – When your bond is completely ready, after this some simple questionnaire given by LIC as to the reasons for the bond loss. answering all questions by you, attach the last receipt given by LIC and fill in the form with all information, and also sign it. For doing this particular work you do not need any witnesses. The duplicate bond note was given to the policyholder without being given a questionnaire.
Documents and Issue of Duplicate Bond – this is the last step to finding a duplicate bond. you must submit all other important documents like as photo identity and valid resident proof along with these documents, and you also pay the important charges such as policy charge, GST, etc. at last when you submitted all these documents correctly and process the application then after this a new LIC bond issued to you. The policy bond is very important for claiming the policy or maturity of the insurance, it is also required by the user for taking a loan against it. Thus it is ideal to come with one soft copy of the policy bond in the case which is used if there is any damage to the bond paper. Now we talk about how we get the duplicate bond copy of the policy in case the original bond is damaged or lost.
Format of Insurance Policy Bond Lost Letter – we also write a letter to LIC, if your policy bond is lost. Here we share a letter, how to write –
To,
The Manager,
LIC Of India,
________________ Branch,
Sir,
Sub : Request for Duplicate Policy Bond
Ref : Policy No. ___________________
Concerning the above, kindly provide me with a duplicate Policy bond at the earliest
and oblige.
Thanking you, in anticipation of quick and favorable action.
Yours sincerely,
*
__________________________
__________________________
__________________________
All the above-mentioned steps are complete and verified by the LIC serving office, the duplicate policy bond will be issued by the LIC office to the police holder. When policyholders lose their bond then the first responsibility is to inform the insurer first we should reach out as soon as the nearest branch and give all information about the loss of bond which must be submitted as a proof with the application form. And we must know about there is no online procedure for getting the duplicate bond copy of the policy. We must understand before you apply for a duplicate policy, must conduct thorough a search of your house for the bond document.
IMPORTANT POINTS TO TAKE INTO YOUR MIND BEFORE APPLYING
Many other important things to recall in mind before applying for a duplicate policy bond from the life insurance corporation of India. These points are –
Special Cases –
Some exceptions are finding duplicate LIC policy bonds. Posting an advertisement and making an indemnity bond is also not required if your policy bond is due to the following reasons –
- Policy destroyed by natural disaster.
- Loss of policy by theft.
- Loss of policy while the document is under government office.
- Damaged policy or mutilated.
- Part of it is missing and the policy is torn.
Information About the change of address – your home address email ID and also phone number are very important to find all about and updated information about your policy. when you change any of these otherwise you may deal with many problems with receiving the duplicate LIC bond.
Age Proof accepted by the corporation – The proof of policyholder age, which is generally important and acceptable to the corporation, is as under –
- A certification by the municipal made at the time of birth is necessary for age proof.
- Certificate of Baptism if it included age or date of birth.
- Certified from school or college if age or date of birth is mentioned.
- Certified from service register in case of govt. employees and employees of Quasi – Govt. institutions including Public Limited Companies and passports issued by the Passport Authority of India.
Before you apply for a duplicate LIC 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. One needs to present the policy bond at the time of claiming the redemption of the insurance, and the policy bond would also be required by the user in case the policyholder wants to take a LIC loan against the policy, thus it is ideal to come one soft copy of the policy bond in case there is any damage or loss to the bound paper your old policy bond is torn apart due to some reason. If and Policy number is visible in torn pieces, then you do not have to submit an indemnity bond. Though, you have to submit the duplicate policy charges along with GST and policy stamp charges. Confirm the value of non-judiciary stamp paper with the LIC branch before preparing an indemnity bond. In other words, if you prepare without consulting the value, you may have to again take the pain to buy additional stamp paper. On the contrary, you might end up taking higher value stamp paper than required. Earlier you have to give an advertisement in a newspaper regarding the loss of a policy bond to get a duplicate policy bond from LIC of India. Now, this has been discontinued by the LIC of India.
CHARGES OF DUPLICATE LIC BOND
To find the duplicate policy bond from LIC, we must have to submit charges. This fee is called duplicate policy charges. The policyholder has to pay a duplicate policy fee of Rs. 75 along with policy stamp charges at the rate of Rs. 0.20 per thousand sums assured. you must have to pay 18 % GST on duplicate policy charges. You also have to deposit the charges on the LIC branch cash counter only along with policy stamp charges.
Conclusion
If the policy has been missing due to unknown factors, the same reason needs to be mentioned to LIC after which a duplicate bond will be issued. Sometimes, an advertisement in an English daily newspaper along with Indemnity Bond is required to obtain a duplicate policy bond from LIC. Now, we understand properly all terms & conditions for applying duplicate policy bond, The policy bond is an important document that contains the privileges and conditions offered to the policyholder. If lost or misplaced, a duplicate policy bond is issued after the above-mentioned procedure is followed.
