What to do if you lose the life insurance policy's original policy document

If you have all the necessary documents and paperwork, receiving a life insurance claim is simple. You only need to get in touch with the company and provide the required paperwork in order to file a claim. If you don't have any of the necessary documentation, it gets tedious. When the insurance policy matures or when making a claim for money in the event that the nominee dies, the buyer of the policy must produce the original copy together with the other supporting documentation.

The original document and a valid form of identification must be provided by the nominee. Therefore, the document must be preserved in its entirety and sent by the buyer to the business. Policyholders occasionally lose or misplace the paperwork needed to submit a claim. If the original policy paper is lost or missing, follow these instructions.

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The insurance provider should be contacted as soon as possible if the buyer misplaces the document

• Contact the agent from whom you purchased the policy
• If the agent cannot be reached immediately, the buyer should contact the nearest insurer and explain the situation
• An application for the issuance of a duplicate insurance policy must be submitted, along with a copy of the FIR, an advertisement and an indemnity bond

Process of issuance of duplicate insurance policy

Place an advertisement

• Insurance companies frequently request that if a policy document is lost, an advertisement be placed in a daily newspaper.
• The advertisement needs to be published in the state where the policy bond was misplaced.
• Advertisement should be published in both English and Vernacular language
• You must provide a copy of the advertisement to your Insurance Company one month after it runs in the newspaper.

File a police complaint

• Register a police complaint, which verifies the loss of the policy document as it speeds up the process of requesting a duplicate copy of the claim.
• The request for a duplicate policy must be accompanied by a copy of the complaint.

Sign an indemnity bond

• You must sign an indemnity bond on non-judicial stamp paper in the event that you lose the original insurance bond.
• An indemnity bond is typically signed on stamp paper by the insurer and the owner of the lost document.
• Indemnity Bond ensures that no misappropriation of the original document occurs during the process of issuing a duplicate policy document.
• The indemnity bond protects your insurer against any loss caused by the misuse of the original document.

After evaluating all of the paperwork, the insurance provider will provide a duplicate copy of your policy using the preceding procedure. On the document, the word "Duplicate" would be clearly visible. Verify the information on the duplicate paperwork, and then let your insurance know.

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