Steps to Obtaining a Duplicate Bond from the Life Insurance Corporation of India (LIC)

Introduction

When you lose your Life Insurance Corporation of India (LIC) policy bond, it is important to follow a structured process to obtain a duplicate bond. This guide will walk you through each step, ensuring that you can replace your lost policy bond effectively and efficiently.

Notifying LIC

The first step is to inform your LIC branch about the loss of your original bond. You can do this in person or through a written application. Make sure to provide accurate and detailed information about the loss to avoid any delays.

Application Form

Once you have notified your LIC branch, you will need to fill out the application form for a duplicate bond. This form is usually available at the LIC branch or can be downloaded from the official LIC website. Completing this form accurately and thoroughly is crucial for the smooth processing of your application.

Required Documents

Along with the application form, you will need to provide certain documents to support your application. These may include:

A copy of your identity proof (such as Aadhaar card, passport, etc.). A copy of the policy document, if available. In some cases, you may need to submit a notarized affidavit stating the loss of the bond.

Ensure that all documents are in order and accompanied by valid copies to avoid any complications in the application process.

Paid Fees

There is usually a fee associated with issuing a duplicate bond. This amount varies based on your specific policy and the branch you are dealing with. It is advisable to inquire with your local LIC branch or check the official website for the exact fee.

Submitting the Application

Once you have filled out the application form, collected all the required documents, and paid the applicable fees, you must submit your application to the LIC branch where your policy is registered. Ensure that you retain the receipt for reference and future communications.

Follow-Up and Processing

After submitting your application, it is important to follow up with the LIC branch regularly to check the status of your application. Keep in touch with the branch to avoid any delays in receiving your duplicate bond.

Receiving Your Duplicate Bond

Once your application is processed, you will receive your duplicate bond. This may take a few working days, typically between 8 to 10 working days.

In the event that your policy bond is lost, there are a few other important steps to consider:

Search for the Bond

Begin by thoroughly searching within your residence, office, and any agent with whom you might have entrusted the document. Additionally, check with financial institutions where the bond might have been pledged for a loan.

Document Status

Ensure that the lost document is not one that has already been assigned to LIC or another financial institution. If the bond is partially destroyed, submit the remaining portion as evidence of the loss.

Replacement Procedure

If you are certain that the policy bond is untraceable due to unknown causes, carefully follow the process for obtaining a duplicate policy at your local LIC branch.

Conclusion

Obtaining a duplicate bond from LIC is a straightforward process with a few key steps to follow. By carefully adhering to these guidelines, you can ensure a smooth and quick replacement of your lost policy bond. If you need further assistance, do not hesitate to contact your local LIC branch or visit the official LIC website for more detailed instructions.