Learn how to secure a duplicate LIC bond paper in just 5 simple steps.
Your LIC policy bond is undoubtedly your most important and valuable asset meant to be preserved safely. For, it details all the various terms and conditions of your LIC insurance policy that you purchased from the company. This means that you are going to need this document numerous times in the course of your lifetime (we will discuss below where and how your LIC bond paper is going to come into use).
However safely you may be keeping it for record purposes or future use, there is always a minute possibility of loss of any document. How to get a duplicate LIC policy bond in that case? This is what we will be discussing in this blog.
What is an LIC Bond?
When you purchase an insurance policy from LIC, the latter would issue you a document that states all the terms and conditions of your insurance with the company. Of course, this document is only issued after LIC is convinced that all the required documents you submitted are in order and authentic.
The LIC policy bond details all the necessary information pertaining to your insurance plan as well as the benefits entitled to the policyholder under the plan by the insurer. Once the policyholder accepts the terms and conditions laid out in the plan, the cover for the policy is activated.
Why is it Important to Keep Your LIC Bond Safely?
We already discussed above all that your LIC bond paper entails. Considering that it is critical information for the policyholder, it becomes imperative to preserve the LIC bond safely. This is because any loss or damage to the policy document would have a direct impact on the financial coverage provided by the insurer.
You need to furnish your LIC policy bond in a number of instances. These include filing a claim, seeking loan against insurance, and more. In all these cases, your insurer would require you to submit the LIC policy document. Only after submission of the same would you be allowed to avail any of the benefits covered under the plan.
What Happens if Your LIC Policy Document is Lost?
Though it is highly recommended to store all your LIC documents safely, most importantly, the LIC policy bond (for reasons stated above), there is always the slightest chance of error. Any simple mistake made unintentionally may result in the loss of your insurance bond paper.
However, the good part here is that LIC does provide its policyholders the opportunity to obtain a duplicate LIC policy bond in such cases. The procedure however isn’t that simple; the same tedious application process would follow like the one after which you had been issued the LIC policy bond.
This means going through the entire process all over again; however, the relief to look forward to is that you would be able to obtain a duplicate copy for future references and use. It is also recommended to thoroughly check your house, office, or any other areas where you may have kept the LIC policy document in order to avoid going through the entire effort. But if you are still unable to locate it, here we list out 5 easy steps in which you can get your duplicate LIC policy bond issued.
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How to Get a Duplicate Copy of LIC Policy Bond in 5 Easy Steps?
In order to initiate the process of ordering a duplicate LIC policy bond, there are 5 simple steps to follow:
- Place an ad in the newspaper: This is the very first step in the LIC policy bond lost affidavit format. You would be required to place an advertisement in an English/Hindi/regional language newspaper of the particular state where you lost your policy bond. Make sure that the newspaper you choose enjoys a wide audience base in that state. The ad needs to run in that newspaper for a month, after which you would be required to submit a copy of the newspaper ad to LIC. LIC will begin the process to issue a duplicate policy bond if it is convinced that no objections were raised during the full month that the ad was run. Once LIC initiates the process, you would be required to prepare an indemnity bond. You can also file for an indemnity bond online.
- Submit the indemnity bond: An indemnity bond is required for the application process of a duplicate LIC policy bond because the latter is a legal document issued by the insurer to the insured. Its loss would necessitate submission of an indemnity bond which can be prepared by requesting for Form 3756 from LIC. Once the company gives the form, you need to print it on a non-judicial stamp paper. Make sure to check with LIC the stamp paper’s value as it may be different in different states. After printing the form on the stamp paper, you’d need to duly fill out all the details required, such as the name of the policyholder, the number of the insurance policy, and such. This form would then need the signature of two witnesses before submission to LIC.
- Fill out a questionnaire for loss of LIC policy bond: The next step after submitting the indemnity bond is to fill out a questionnaire which LIC would provide you with, citing reasons for the loss of your policy bond. The questionnaire would contain the following type of questions:
- What circumstances triggered loss of the policy?
- What efforts were made by the policyholder to locate the lost policy?
- Did the policyholder submit/assign the policy bond to any other organization for any purpose? Please specify.
These are just a few examples of the type of questions that LIC may ask the policyholder in the questionnaire. Once you are done answering all the questions, you would need to attach the last receipt from LIC regarding your insurance with the questionnaire and sign it. No witnesses are required for this form.
Make sure to submit both the indemnity bond and the questionnaire to LIC for the latter to initiate the proceedings for issuance of duplicate policy bond.
- Submit all the required documents to LIC: You would need to submit the indemnity bond and the filled out questionnaire along with the following documents to LIC:
- A valid photo ID proof, such as PAN card, passport, Driving License, Voters’ ID card, etc.
- A valid proof of address, such as electricity bill, last bank statement, ration card, etc.
Once you have submitted all the required documents along with the indemnity bond and the questionnaire to LIC, the latter would begin the process for issuing a duplicate copy of your policy bond. You would also need to pay some charges and fees towards issuance of duplicate policy, including charges for policy stamp and GST at the LIC branch office.
- Issuance of duplicate policy bond: LIC will now thoroughly go over all the submitted documents and start processing the application for duplicate policy. If the company finds everything in order and authentic, it would now issue a new (duplicate) policy bond to the policyholder in place of the original lost. The company would also seek your consent in the process before issuing you the duplicate one. If you are unable to go to the branch office to collect the policy, LIC would send it to your registered address.
Your LIC policy bond is your most important document which must always be kept safely. However, in case of loss/damage to the policy, LIC would be able to issue a duplicate one. With the procedure being tedious (as explained in this blog), it would be better to take good care of your policy document at all times.
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Can I get duplicate LIC bond online?
No, LIC has no procedure to issue a duplicate policy online. You would physically need to visit the nearest LIC branch and request a duplicate policy bond.
How can I know my LIC bond number?
You can contact your LIC agent in order to seek details regarding the bond number. All you would need to tell the agent is your name and date of birth, as stated in LIC official records, and the agent would then be able to tell you your LIC bond number.
Is LIC bond mandatory?
The LIC policy bond is needed while raising a claim, seeking loan, or when the policyholder needs to assign the policy to another institution.