Insurance policy bond needs to be preserved till maturity. Losing this document can be distressing, but there are steps that a policyholder can take to mitigate the impact of such an incident.
Place advertisement
The policyholder should place an advertisement, stating the loss of policy document, in a widely circulated English and regional newspaper. At the end of a month, he should submit the copy of the same to the insurance company.Contact the insurer
The policyholder needs to inform the insurance firm about the loss. Reach out to customer service, designated contact person or insurance agent. Policy information, such as policy number and sum assured, should be kept handy.
File an application
An application needs to be filed with the insurer, requesting the issuance of a duplicate policy bond document. The company may also mandate filling up of loss of policy bond questionnaire.Affidavit
Some insurers may ask the policyholder to submit an affidavit stating the circumstances of loss. An indemnity bond may also be needed to indemnify the insurer against any future claims arising from the lost document.
Verification
The company will initiate a verification process to confirm the details provided by the policyholder. After this, the policyholder can get the duplicate copy, issued with a stamp indicating ‘duplicate’ on it.
Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.