The policy issued by the insurer is a valuable document and should be stored in a safe place till its maturity. In case the policy gets lost, destroyed or mutilated, then the policy holder must immediately procure a duplicate policy

The need to possess a duplicate policy arises on the following occasions:
» At the time of receiving Maturity Amount or Death claim.
»To obtain Surrender Value/Loan.
» To obtain a Duplicate Policy in other cases.

In case of LIC, the procedure involved to obtain the duplicate Policy under the above circumstances is as follows:

At the time of receiving Maturity Amount or Death claim :
Loss of Policy questionnaire must be duly filled by the policyholder.
» Indemnity Letter in Form No. 3815 A (unstamped) if the claim amount does not exceed Rs. 5,000 and no surety is required.
» Discharge Form is to be submitted.
» Form of Declaration of 'No Assignment' is to be submitted.
» A declaration by Surety having sound financial status, acceptable to LIC in appropriate Form is required, if the claim amount exceeds Rs. 5,000. To Obtain Surrender Value: Indemnity Bond in
» Form No. 3815 duly stamped and executed by the Policyholder along with Surety is to be submitted.
» Stamp Duty charges - which depends on the Surrender Value of the Policy are to be paid.
A declaration by the Surety having sound financial status acceptable to LIC is required.
Discharge form is to be submitted.

Form of Declaration of 'No Assignment' is to be submitted.

To Obtain a Duplicate Policy in other cases :
» The Policy Document should have been really lost.
» If Assigned or Mortgaged the duplicate policy shall bear the latest Assignment that is in force as on the date of issue.
» Where the Policy is due for maturity or survival benefit within 3 years and if the sum assured is more than Rs. 25,000, on advertisement in a Local Daily /newspaper having wide calculation is to be given.
» Indemnity Bond in Form No. 3756 duly stamped and executed by the policy holder on a stamp paper of appropriate value is to be submitted.
» If sum assured exceeds Rs. 50,000, declaration by Surety having sound financial status acceptable to LIC in Form No. 3807 is required.
» Duplicate Policy charges of Rs. 5 are to be paid.
» Stamp Duty charges at prevailing rates are to be paid.