Life Insurance Corporation of India is the leading state-owned insurance company of the country. The policy bond issued by the corporation is a vital document that contains all the privileges and conditions offered to you as a policyholder. In case, of maturity or sudden death, you benefit from a lump sum amount. So, it’s essential to keep the LIC bonds safe and secure. However, if you happen to misplace or lose the LIC policy bond then you can get a duplicate policy bond after following specific procedure.icy Bond- an Introduction
Policy Bond- an Introduction
A policy bond is a vital document provided by the Life Insurance Corporation of India at the time of the issuance of the insurance policy to the policy holder. On acceptance of the policyholder’s proposal to buy a policy, the LIC provides a legalised policy bond that chiefly encompasses the conditions and privileges offered to the policyholder. At the time of maturity or premature death, the policy holder or the nominee benefits only when he or she submits the physical policy bond to the LIC.
Importance of Policy Bond
A policy bond is a very important document as it is a proof of your ownership over a particular policy. A policy bond is reflective of all the amenities that you as a policyholder is entitled to. Besides, you can also find other information listed on your bond such as terms and conditions, nominee details, etc. You need to keep the bond safe as it is required during specific servicing interactions. Moreover, the bond is also needed to be physically presented at the time of making a claim. A policy holder could use the bond for a number of purposes like procurement of loan or to get a paid-up value on it. So, it’s a good idea to make a soft copy of the bond and keep the original under lock and key. You must also intimidate your immediate kith and kin about the policy’s physical location so that they could retrieve it in case of emergency.
Method to Get a Duplicate LIC Policy Bond
From above statements, it must be clear to you that keeping the policy bond safe is of utmost importance because your LIC policy acts as the primary proof of the issuance of bond. Still, if by chance, you happen to lose or misplace the policy, then there is no need to lose hope. You can get a duplicate LIC policy bond by following specific steps in accordance to the Life Insurance Corporation of India. The policy would be issued after a specific interval of time. Read the steps below to know the process to get a duplicate policy bond from LIC.
Step 1: Get Form 3762 from the LIC Office. The Form 3762 is a non-judicial document that is generated on a Rs. 100 stamp paper.
Step 2: The form is signed by the policy holder and authorised by a notary.
Step 3: Another form in the manner of a questionnaire is given to the policyholder to be filled at the earliest. The questionnaire is a mandate from the LIC, India and comprises of questions related to the misplacement of policy bond and asks the policy holder whether he or she made any effort to recover the original bond.
Step 4: You are asked to submit your identity proof and your address proof.
Step 5: Pay the charges for incurred stamp duty. Different LIC plan requires different amounts to be paid as stamp duty charges.
Step 6: After following all the above-mentioned steps, the LIC delivers a duplicate policy bond within a two-day period.
Things to Remember
In case, your original policy bond is destroyed owing to natural disasters such as earthquake or flood, then to get the LIC duplicate bond you need to salvage a part of the bond’s physical copy as evidence. LIC would then issue a duplicate bond on the basis of the physical evidence.
In case, your policy is lost due to some unknown factor then you need to mention that reason to LIC in written to get the duplicate bond.
Occasionally, LIC requires you to put up an advertisement in an English language newspaper to get a duplicate policy bond.