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Duplicate Bond

 


Duplicate Policy:

A duplicate policy confers on its owner the same rights and privileges as the original policy. The following are the requirements for issuing a duplicate policy:

1. Insertion of an advertisement at the policyholder’s cost in one English daily newspaper having wide circulation in the State where the loss is reported to have occurred. A copy of the Newspaper in which the advertisement appeared should be sent to the servicing office one month after its appearance. If no objection has been lodged with LIC regarding the policy in question, a duplicate policy will be issued after complying further requirements, i.e., Indemnity Bond and payment of charges for preparing duplicate policy and stamp fee.
2. However, the requirement of advertisement and Indemnity Bond may be dispensed with or modified in certain circumstances as given below :

  • loss of policy by theft
  • destruction of policy by fire
  • loss of policy while in custody of an office of government
  • mutilated or damaged policy
  • policy in torn and a part of it is missing
  • policy partially destroyed by white ants

LIC POLICY bond is the main evidence for policy taken by the policy holder from LIC OF INDIA, so it is the most important document from LIC point of view.

If due to some reason (like: Shifting of house, white washing) it is misplaced and you are not able to locate it, no need to worry, you can get a new one (Duplicate Policy Bond) from LIC OF INDIA if you follow the below mentioned procedure and deposit the same in your home LIC BRANCH.

The matter of the form no. 3762 is first typed or printed on a non judiciary stamp paper of Rs100 and get it notarized from notary and sign on each page. Another form for policy bond is also to be signed by the policyholder. One photo id and one address proof is also required along with.

There are stamp charges which are to be paid by the policyholder to LIC OF INDIA. The stamp charges differ from plan to plan on per lac of the Sum Assured (Sum Assured is the amount that an insurer agrees to pay on the occurrence of an event) through MR in the branch at the counter (MR: - Miscellaneous receipt, account number may differs from branch to branch).

Once these documents are ready, your new policy bond shall be issued within two days time.

Note: - All this exercise to be done only in your home LIC branch.