6 min read
Updated on Nov 28, 2022
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.
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.
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.
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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In order to initiate the process of ordering a duplicate LIC policy bond, there are 5 simple steps to follow:
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.
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.
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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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. 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. The LIC policy bond is needed while raising a claim, seeking loan, or when the policyholder needs to assign the policy to another institution.
Can I get duplicate LIC bond online?
How can I know my LIC bond number?
Is LIC bond mandatory?
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.
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.
The LIC policy bond is needed while raising a claim, seeking loan, or when the policyholder needs to assign the policy to another institution.
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