LIC news: Here's what to do if you have lost your Life Insurance Corporation policy document

To get insurance benefits and its claim, one of the biggest preconditions is the original policy document. What if you have lost the original Life Insurance Corporation of India's (LIC) original policy document? If the insured dies or the policy is matured, to present valid KYC documents and policy papers is necessary. However, if a person has lost the insurance papers, he/she needs to take the following steps. These steps are valid for other insurance companies like HDFC Life and ICICI prudential as well. Here are some steps that must be taken.

The first step is to inform LIC, HDFC or ICICI -- whichever company you have invested in. You can also contact the policy agent with whom you had purchased the policy.

The second step you must take is to get a newspaper advertisement published. The ad should elaborate that you have lost the policy document. It should also have your personal details like name and address. The advertisement should be published in the state where the policy document is lost.

The third step is to lodge a police complaint saying you have lost your policy document. You should always take the receipt of the complaint.

The fourth step is the filing of the Indemnity bond. For this, you will have to sign on a non-judicial stamp paper. Both the insurer and the policyholder sign on these bonds. These bonds ensure that the original document is not misused. This also secures the insurance company's interests.

Then you will have to fill an application and furnish these documents to the insurance company.

The insurance company will issue a duplicate policy document. The company will clearly mention in the policy document that it is duplicate.