It is quite understandable that one gets into panic mode in case his/her insurance policy documents are lost or misplaced. However, you can put your worries to rest by applying for a duplicate copy in a prescribed form depending from which insurer you purchased the policy in the first place. Usually, a nominal fee is charged by insurers to issue a duplicate copy of the policy. Also, you are required to furnish proofs of your identity, the premium receipt, the policy number, and a photocopy of the original policy and an indemnity bond. It should also be noted that in case the policy document is torn or partially destroyed due to certain reason, the rest of the document should be returned to the insurer as a form of evidence. The following are the steps to be taken if you lose your original life insurance policy bond:
1. Inform your insurer at the earliest: You can visit the nearest branch of your insurer and talk to concerned authorities about the loss. You also have to submit an application mentioning a number of details that include- your full name, policy number, date of issuance, type of cover, etc. Also, outline the circumstances under which the insurance policy document was lost. If it was a joint life insurance, make sure you submit the application jointly. You may be charged a nominal fee for issuing a duplicate document, depending on your insurer. This fee will be charged while submitting the application. You can also file a police complaint and submit the acknowledged copy of the same while making your application.
2. Publish an advertisement: in some cases, insurers insist on publishing an advertisement in an English or vernacular daily with regard to the loss of policy bond. Following this, the advertisement is published in the state where you have lost the policy bond. You simply need to send the copy of the published advertisement to your insurer a month after it has made an appearance in the newspaper.
3. Sign an indemnity bond: in most cases, you are required to sign an indemnity bond on a non-judicial stamp paper. It protects your insurer from any loss, which might be brought about by the misuse of the original document. According to this indemnity bond, if you find the original policy document, you will have to return it to the insurer. Once you do so, your insurer will check all the documents, and issue a duplicate copy of the policy bond. The word “Duplicate” would be prominently displayed on the document. Make sure you cross check the details of the duplicate document so that no discrepancy escapes your notice. In case you notice any, you should immediately inform the insurer.