How to Get Duplicate LIC Policy Bond?

A policy bond fundamentally reflects various services the policyholder is entitled to, terms and conditions surrounding his/her policy, and so on. During certain servicing interactions, the policy bond is referred to by LIC, therefore, it is imperative for the bond to be physically safe. Additionally, the policy bond is also required when the policyholder makes a claim and LIC subsequently settles the same. The policy bond will also be required when the policyholder is availing a loan or is assigning the existing policy. It is also important that the policyholder saves a soft copy of the policy bond in case it gets misplaced. Keeping one's immediate family members informed about the location of the policy bond is always a good idea.

How to apply for a duplicate policy bond from LIC

From the perspective of the Corporation, a policy bond is the most important document for a policyholder as it acts as the main evidence for the issued policy.

In case the policy bond is misplaced due to reasons like home renovation or moving to a new location, a new bond, also known as duplicate bond is issued to the policyholder after a certain period of time. The following process needs to be adhered to by the policyholder in order to obtain a duplicate policy bond from LIC:

1. Form. 3756 content is first generated on to a stamp paper of Rs.100 that is non-judicial in nature.
2. This form is then authorised by a notary and is signed by the policyholder as well. An additional form/questionnaire is also required to be filled in by the policyholder.
3. The questionnaire contains questions on how the policy bond got misplaced, if any efforts have been made to recover the same, and so on. This is a mandate from LIC.
4. Along with the forms, identity proof and proof of address (of the policyholder) will also be asked for by LIC.
5. The incurred stamp charges are paid by the policyholder to LIC which in turn, varies from one LIC plan to another.
6. Once all the above-mentioned steps have been accomplished by the policyholder, LIC sends across a duplicate policy bond to him/her within a period of two days.

Publish an advertisement in the newspaper: 

You have to publish an advertisement in a widely read English or local newspaper in the state where your insurance policy was lost. This advertisement will run for one month and by the month’s end, you must submit a copy of the newspaper and the advertisement to the LIC servicing branch. LIC will start the process of issuing the duplicate policy in case no complaints were made during the month the advertisement was running. The indemnity bond needs to be prepared immediately.

Submit the indemnity bond:

You must submit an indemnity bond in order to request a duplicate copy of the LIC policy. You will have to request form 3756 from LIC and take its printout on non-judicial stamp paper. The cost of the stamp paper should be verified with LIC as it may differ from one state to another. Enter the requested information such as your name and policy number and obtain the signatures of two witnesses.

Complete the questionnaire for the loss of the policy bond:

After your indemnity bond is ready, you need to answer LIC's brief questionnaire about the circumstances surrounding the loss of your policy bond. The following are some of the policy's questions:

1. What conditions led to the policy's loss?
2. Which steps were taken to find the policy?
3. Was a particular institution given the policy?

Once you answer the questions, attach the most recent LIC receipt, fill out the required data and sign it. The duplicate bond cannot be issued without both the questionnaire and the indemnity bond.

Submit all the documents:

The documents that must be submitted are as follows:

1. Photo identity: PAN card, passport, driving licence, voter ID, etc.
2. Proof of address: Ration card, utility bills, bank statement, etc.

In addition to these documents, pay the required duplicate policy fees, policy stamp fees, and GST at the LIC branch.

Duplicate policy bond will be issued:

After receiving all the required paperwork, LIC will review it and proceed with the application. Upon approval of your request, a duplicate policy bond will be issued to you. You must give authorisation and pick up the duplicate policy from the office. You can also choose to receive it at your registered address. If you lost the policy, submitting an advertisement and indemnity bond might not be necessary for the following causes:

1. Damage of the policy due to fire
2. Policy is stolen
3. Policy is destroyed/torn/mutilated/damaged
4. Loss of policy in the custody of a government office
5. Damage of the policy due to white ants

In the event that the policy has been partially damaged or lost as a result of fire or other natural disasters, the remaining part of the policy must be provided as proof of the loss.

Important Things to Keep in Mind:

1. If the policy bond has been destroyed by natural disasters like flood or fire LIC issues a duplicate bond in such cases. However, if the policyholder has managed to salvage a part of the physical copy of the bond, then the same has to be provided as evidence to LIC.
2. 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.

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