What if LIC policy is lost?

Asked by: Mrs. Beaulah Cruickshank  |  Last update: February 11, 2022
Score: 4.7/5 (46 votes)

However, if you have misplaced or lost your LIC policy, there is no need to worry. You can get a duplicate policy bond from the Life Insurance Corporation (LIC) of India. ... There is no option to apply online, one has to visit the LIC branch to get a duplicate LIC policy bond.

What happens if LIC policy is lost?

If Your Policy Is Lost

Look for the same within your residence, among your investment papers, at your office and even with your agent to whom you might have entrusted the document for some reason. It could have been even pledged with LIC/any other financial institution for availing a loan by you.

How can I claim maturity amount if LIC policy is lost?

A. Duplicate Policy for Maturity Amount or Death claim
  1. Loss of Policy questionnaire (Form No. ...
  2. Indemnity Letter in Form No. ...
  3. Discharge Form,
  4. Form of Declaration of 'No Assignment',
  5. A declaration by Surety having sound financial status, acceptable to LIC in appropriate Form, if the claim amount exceeds Rs.

How can I get duplicate LIC policy?

There is no option to apply online, one has to visit the LIC branch to get a duplicate LIC policy bond. According to LIC website," Insertion of an advertisement at the policyholder's cost in one English daily newspaper having wide circulation in the State where the loss is reported to have occurred.

How can I get copy of my LIC policy?

Once you have ensured that the policy has been lost, you need to follow the below procedure to initiate the application for a duplicate policy:
  1. Placement of advertisement. ...
  2. Submit the Indemnity Bond. ...
  3. Fill the loss of policy bond questionnaire. ...
  4. Submission of Bond, Questionnaire, and Documents. ...
  5. Issue of duplicate bond.

What if LIC policy is lost? How to Submit Maturity claim, Surrender || How to get Payment from LIC

31 related questions found

What happens if I stop paying LIC premium after 1 year?

For single premium policies, the surrender value gets acquired after the first year itself. In case you haven't paid even 2 or 3 years' premium (as per the case above) and want to discontinue, the insurer will not pay you back anything and will not convert it into a paid-up policy either. The money is all but lost.

How many days will it take to get LIC surrender?

This process usually takes 3 to 4 business days.

How can I know my LIC policy no?

Contact Home Branch

While visiting the LIC branch, make sure to bring your PAN card and other ID cards. LIC officials validate the details of the policyholder. Once the verification has been completed, the LIC staff provides you the policy number.

How can I revive my LIC policy online?

The revival of lapsed LIC policy is not an extensive process. Policyholders can quickly revive the policy online by visiting the official website of LIC or visit the nearest branch of the company. Naval Goel is the CEO & founder of PolicyX.com.

How can I know my LIC policy number by SMS?

You just need to send SMS on 56677 to know status of your LIC policy. If you want to know premium of your LIC policy, you need to type 'ASKLIC PREMIUM' and send the SMS on 56677. If your policy has lapsed, you can type 'ASKLIC REVIVAL' and send it on 56677.

How can I know my LIC policy date?

# Contact your Agent

The best and easiest way is to contact your agent. Provide him your name and date of birth (as per LIC records). Using his business details or by login to agent portal, he will easily find out the policy number and can share you.

Can I withdraw LIC before maturity?

When you opt-out of a policy before its maturity, then it is called surrendering of the policy and the amount that you receive at the time, is LIC policy surrender value. ... However, surrender of policy is not recommended since the LIC surrender value will always be subsequently low.

Can we change LIC policy plan?

After the policy is issued, the policyholder in a number of cases finds the terms not suitable to him and desires to change them. LIC allows certain types of alterations during the lifetime of the policy. However, no alteration is permitted within one year of the commencement of the policy with some exceptions.

What happens if I stop paying LIC premium after 3 years?

So if you have already paid 3 years' premium, not paying any future premiums will convert the policy into a paid-up policy. You won't get any money back in the year you turn it into a paid-up policy but will have to wait till the policy's original maturity.

Do I get money back if I cancel my life insurance?

Do I get my money back if I cancel my life insurance policy? You don't get money back after canceling term life insurance unless you cancel during the free look period or mid-billing cycle. You may receive some money from your cash value if you cancel a whole life policy, but any gains are taxed as income.

Can I surrender LIC policy after 2 years?

The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

What happens if policy premium is not paid?

Generally, you will be provided a grace period which is typically up to 30 days after your due date. If you fail to pay your premium in the grace period as well, then your insurance policy will get terminated.

How can I get my money back from LIC policy?

The revival of LIC Insurance policy can be done in 5 ways:
  1. Ordinary Revival. The policyholder can revive their lapsed life insurance policy by paying all the unpaid premiums including the interests altogether. ...
  2. Special Revival. ...
  3. Installment Revival. ...
  4. Survival Benefits Cum-Revival Scheme. ...
  5. Loan Cum Revival Scheme.

How can I activate reduced LIC policy?

Answer: You cannot revive a LIC policy reduced paid-up plan. However, insurers keep coming up with revival offers from time to time. If that is the case, you may still be able to revive the policy back to its original nature.

Can I surrender LIC policy in any branch?

The LIC policy can only be surrendered at the branch, where it's currently being served (i.e. Servicing Branch). So you need to change the policy servicing branch first, before surrendering it. This will add time for the surrender process.

How can I know my LIC policy number without registration?

The Life Insurance Corporation of India provides an SMS number. It can be used to verify the status of a policy without having to register. You need to SMS ASKLIC<policy number>STAT to 56767877 from your registered phone number.

How can I know my LIC policy number?

To know LIC policy status through Phone just dial to L.I.C. Helpline Number 1251. If you are making a local call from any MTNL or BSNL simply dial 1251. For other than local users just dial your city STD code of the IVRS center followed by 1251.

How can I get LIC premium receipt without login?

There are two ways through which we can get the LIC policy receipt-offline and online. In case of offline, you have to visit the office. However, by using the online medium you will get the receipt of the payment instantly to your registered email id.

What happens if I stop paying LIC premium after 4 years?

Life Insurance

Term: If you stop paying premiums, your coverage lapses. Permanent: If you have this type of policy, you will have the following choices: Cash out the policy. This means that you can stop paying the premium and collect the available cash savings.