What to do if you lose original life insurance policy document

When the original life insurance policy is lost The insurance company sends a physical insurance policy bond to the customer after the purchase of a life insurance policy. It needs to be kept safely as it is required to be submitted (in original) at the time of claim or maturity. In case the original document is lost one should take the following steps.

Inform insurance company

First and foremost, one should intimate the insurance company or the agent from whom the policy was purchased. An application for the issue of a duplicate insurance policy needs to be submitted along with FIR copy, advertisement and indemnity bond.

Lodge a police complaint

Some companies insist on filing a police complaint about misplaced insurance policy documents. A copy of the complaint needs to be submitted with the application for receiving a duplicate policy.

Place an advertisement

A public advertisement needs to be placed in a local daily newspaper in English and local language reporting about the loss of the policy, policy particulars and an appeal to inform the advertiser if the policy is found by anyone. A newspaper advertisement proves that all efforts are being made to find the policy document.

Provide an indemnity bond

Along with the application, the company may require the applicant to sign an indemnity bond on a stamp paper wherein the applicant agrees to indemnify the company if, in the future, someone turns up with the original policy document and makes a claim.

Points to note

  • The nominee should know where the original document is kept so as to avoid the above process.
  • The duplicate policy issued by the company mentions clearly on the face of the document that it is a duplicate copy.

Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.

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