LIFE
• Claim Settlement
  
• Hints on proposal Forms
  
• Nomination
  
• Revival of Policies
  
• Loan on Policies
  
• Lost Policies
  
• Tax Benefits
  
• Surrender Value
  
• Assignment
  
• Delayed Payment of Premiums
  
  
  NON-LIFE
• Claim Settlements
  
• Hints on Proposal Forms
  
• Legal Aspects
  
• Guide
  

Lost Policies in case of LIC

Though the life policy is only an evidence to contract, the policy being a valuable document, should be stored in a safe place till its maturity. In case the policy gets lost, destroyed or mutilated, then the policyholder must immediately procure a duplicate policy.

The need to have a duplicate policy also arises on the following occasions :

• At the time of receiving Maturity Amount or Death claim,

• To obtain Surrender Value/Loan,

• To obtain a Duplicate Policy in other cases.

The procedure involved to obtain the duplicate Policy is as follows :    

At the time of receiving Maturity Amount or Death claim, the policyholder must duly fill in,

• Loss of Policy questionnaire,

• Indemnity Letter in Form No. 3815 A (unstamped) if the claim amount does not exceed Rs. 5,000 and a no Surety, must be submitted,

• Discharge Form,

• Form of Declaration of 'No Assignment',

• A declaration by Surety having sound financial status, acceptable to LIC in appropriate Form, if the claim amount exceeds Rs. 5,000.

To Obtain Surrender Value

• Indemnity Bond in Form No. 3815 duly stamped and executed by the Policyholder along with Surety,

• Stamp Duty charges - which depends on the Surrender Value of the Policy,

• A declaration by the Surety having sound financial status acceptable to LIC,

• Discharge form,

• Form of Declaration of 'No Assignment'.

To Obtain a Duplicate Policy in other cases

• The Policy Document should have been really lost,

• If Assigned or Mortgaged, the duplicate policy shall bear the latest Assignment that is in force as on the date of issue,

• Where the Policy is due for maturity or survival benefit within 3 years and if the sum assured is more than Rs.25,000, an advertisement in a Local Daily newspaper having wide circulation is required,

• Indemnity Bond in Form No. 3756 duly stamped and executed by the policy holder on a stamp paper of appropriate value is to be submitted,

• If sum assured exceeds Rs. 50,000, declaration by a Surety having sound financial status acceptable to LIC in Form No. 3807 is required ,

• Duplicate Policy charges of Rs. 5,

• Stamp Duty charges at prevailing rates.