The policy bond is an important document that contains
the privileges and conditions offered to the policyholder. If lost or misplaced, a duplicate policy bond is issued after a certain procedure is followed.
A policy bond is an important document furnished by LIC when issuing an insurance policy to a customer. Once the policyholder’s proposal is accepted by LIC, a legalised policy bond is provided that predominantly contains the conditions and privileges made available to the policyholder. LIC covers the risk only after the policyholder has accepted the said proposal.
From the perspective of the Corporation, a policy bond is the most important document for a policyholder as it acts as the main evidence for the issued policy.
In case the policy bond is misplaced due to reasons like home renovation or moving to a new location,
a new bond, also known as duplicate bond is issued to the policyholder after a certain period of time.
The following process needs to be adhered to by the policyholder in order to obtain a duplicate policy bond from LIC:
● Form. 3762 content is first generated on to a stamp paper of Rs.100 that is non-judicial in nature.
● This form is then authorised by a notary and is signed by the policyholder as well. An additional form/questionnaire is also required to be filled by the policyholder.
● The questionnaire contains questions on how the policy bond got misplaced, if any efforts have been made to recover the same, and so on. This is a mandate from LIC.
● Along with the forms, identity proof and proof of address (of the policyholder) will also be asked for by LIC.
● The incurred stamp charges are paid by the policyholder to LIC which in turn, varies from one LIC plan to another.
● Once all the above-mentioned steps have been accomplished by the policyholder, LIC sends across a duplicate policy bond to him/her within a period of two days.