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How To Get A Duplicate Policy Bond |
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Policy Bond issued by LIC is a valuable document. Sometimes Policy gets lost, destroyed, for reasons beyond ones control. Thus need of a duplicate Policy arises. |
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The need to possess a duplicate Policy arises on the following occasions: |
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1. |
At the time of receiving maturity/death claims. |
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2. |
To obtain Surrender Value/Loan. |
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3. |
To obtain a Duplicate Policy in other cases. |
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Procedure involved to obtain the duplicate Policy under the above circumstances is as below: |
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1. |
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At the time of receiving Maturity/Death Claim: |
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a. |
Loss of Policy Questionnaire filled by the Policyholder. |
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b. |
Indemnity Letter in Form No. 3815A (unstamped) if the claim amount does not exceed Rs. 5,000 and no Surety is required. |
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c. |
Discharge Form. |
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d. |
Form of Declaration of ‘No Assignment’. |
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e. |
A declaration by Surety having sound financial status, acceptable to LIC in appropriate Form, if the claim amount exceeds Rs. 5,000. |
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2. |
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To obtain Surrender Value: |
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a. |
Indemnity Bond in Form No. 3815 duly stamped and executed by the Policyholder alongwith Surety. |
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b. |
Stamp Duty charges – which depends on the Surrender Value of the Policy. |
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c. |
Discharge Form. |
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d. |
A declaration by the Surety having sound financial status acceptable to LIC. |
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e. |
Form of Declaration of ‘No Assignment’. |
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3. |
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To obtain a Duplicate Policy in other cases: |
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a. |
The Policy document should have really been lost. |
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b. |
If Assigned or Mortgaged the duplicate policy shall bear the latest Assignment. |
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c. |
Whether the Policy is due for maturity or survival benefit with 2 years and if the S.A. is more than Rs. 1 Lakh, an advertisement in the Local Daily Newspaper having wide circulation. |
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d. |
Indemnity Bond in Form No. 3756 duly stamped and executed by the Policyholder on a Stamp Paper of appropriate value. |
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e. |
If S.A. exceeds 1 Lakh, declaration by Surety having sound financial status acceptable to LIC in Form 3807. |
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f. |
Duplicate Policy Charges of Rs. 75 |
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g. |
Stamp Duty Charges at prevailing rates. |
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NOTE: |
‘SURETY’ having sound financial status and acceptable to LIC means ‘SURETY’ holding movable or immovable assets worth twice the amount claimed from LIC or a ‘SURETY’ having annual income not less than 1.5 times the claim amount. |
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Dev. Officer with min. of 5 yrs of service only is permitted to attest the Surety’s Declaration. |
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RushatiINDIA & Associates 60(24/16) Vivekananda Road, Sukantapally PO: Sheoraphuli, Dist: Hooghly, Pin: 712 223 Phone: +91- 9433235073 Email: [email protected] |