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Lost your life insurance policy? Do not panic, just follow these simple steps

Lost your life insurance policy? Do not panic, just follow these simple steps
October 22, 2022
  • As a policyholder it’s your right to get a duplicate copy of your policy bond, in case you lose the original one
  • You must inform your insurer at the earliest regarding the loss of original policy bond
  • Submit an application to your insurer asking for a duplicate copy of your policy bond

55-year-old Kamran was in a state of panic when he lost his life insurance policy bond a month before maturity. What added to his anxiety was his daughter's marriage that was to take place a couple of weeks after policy maturity.

"I had planned to use the money from my life insurance policy for bearing the marriage expenses and couldn't figure out what to do. Thankfully, my insurance agent helped me get a duplicate copy by taking care of the formalities," recalls Kamran.

Like Kamran, most of us would press the panic button if we lost our life insurance policy bond. However, as a policyholder you have the right to get a duplicate copy of your policy bond in case you lose the original one.

Here’s what you should do if you lose your original life insurance policy bond

Immediately inform your insurer

When you lose your original life insurance policy bond, you must inform your insurer at the earliest. Visit the nearest branch of your insurer and talk to concerned authorities regarding the loss. You need to submit an application mentioning the following details:

  • Your name in full
  • Policy number
  • Date of issuance
  • Type of cover

You also need t o outline the circumstances under which the policy bond was lost. In case of joint life insurance, you need to submit the application jointly. Some insurers may charge a nominal fee for issuing a duplicate document. This fee is charged while submitting the application.

You can also file a police complaint and submit the acknowledged copy of the same while making your application.

Publish an Advertisement

In some cases, insurers insist on publishing an advertisement in an English or vernacular daily regarding the loss of policy bond. The advertisement needs to be published in the state where you have lost the policy bond. You need to send the copy of the published advertisement to your insurer one month after it has appeared in the newspaper.

Sign an Indemnity Bond

In most cases, you need to sign an indemnity bond on a non-judicial stamp paper. The indemnity bond protects your insurer from any loss, which might be caused due to misuse of the original document. It also states that in case you find the original policy document, you would return it to your insurer.

Once you do so, your insurer, after checking all the documents, would issue a duplicate copy of your policy bond. The word 'Duplicate' would be prominently displayed on the document. Cross-check the details of the duplicate document and bring any discrepancy immediately to the notice of your insurer.

Keeping policy bond safe - An important duty

Life Insurance provides financial support to your family in case something unfortunate was to happen to you. As a policyholder, it’s your duty to keep your policy bond safe. During claim settlement, you, or your nominee, need to present the original policy bond. Always make sure your nominee knows where you have safely kept your policy.

HDFC Life Insurance offers you a host of life insurance policies that protect your dependents from financial contingencies in your absence and aid you in achieving your financial goals. Click here to know more about our products.

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ARN: ED/08/22/28494

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