Life insurance policy document: what if you lose the original life insurance policy document?

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When the original life insurance policy is lost The insurance company sends a physical insurance policy deposit to the customer after a life insurance policy is purchased. It should be kept safe as it must be submitted (in original) at the time of application or due date. If the original document is lost, the following steps should be followed.

Inform the insurance company

First and foremost, one should notify the insurance company or agent from whom the policy was purchased. An application for issuance of a duplicate insurance policy must be submitted along with a copy of the FIR, advertisement and bond.

File a complaint with the police

Some companies insist on filing a complaint with the police about misplaced insurance policy documents. A copy of the complaint must be submitted with the request to receive a duplicate policy.

Place an ad

A public announcement should be placed in a local newspaper in English and the local language to report the loss of the font, details of the font and a call to notify the advertiser if the font is found by someone. An advertisement in a newspaper proves that every effort is made to find the policy document.

Provide a bond

Along with the application, the company may require the applicant to sign a surety bond on a paper stamp in which the applicant undertakes to indemnify the company if, in the future, someone shows up with the document of original policy and made a claim.

Points to note

  • The applicant should know where the original document is kept in order to avoid the above process.
  • The duplicate policy issued by the company clearly states on the front of the document that it is a duplicate.

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

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