Services

1. Lost bond - Issuing duplicate bond

Indemnity bond

For the duplicate bond issue, we need to submit an indemnity bond. For preparing this indemnity bond, request for a form 3756 from LIC and print it on a non-judicial stamp paper. Once the form 3756 is printed on the stamp paper, fill in all the details accurately on it and get it signed by two witnesses.

Lost policy bond questionnaire

Once your indemnity bond is prepared, fill up a simple questionnaire provided by LIC regarding the reasons for your loss of policy bond.

Documents

• Valid photo identity.
• Valid residential proof.
• Request letter from policyholder.

Once all documents are submitted, if everything is in order, a new policy bond will be issued to you at the earliest. The policy will be sent to your registered address.

2. Policy File Transfer

Policy holder can transfer or change LIC policy branch from one location to another. If you are currently not residing in your servicing branch city/area, you do not need to go in person to get the LIC branch transfer done.

Documents

• Valid id proof.
• Policy number, branch name, branch code.
• It should not be transferred within a period of one year from commencement.

Policy which are to mature within one year following the date of receipt of request, should not be transferred to another divisional office.

3. Change of nomination.

There are multiple reasons why you may need to change the nomination in your LIC policy. Few such reasons are listed below:

• Due to the death of present nominee.
• Due to divorce.
• Change from spouse to son or daughter.
• Change from father or mother or vice versa.
• Change from mother to wife or father to husband.
• Change from son to grandson or granddaughter.

Most importantly, to change the nominee in your policy, you must apply to your servicing branch. The nomination change can be done any number of times by you.

Documents

• Form 3750.
• Policy bond for endorsement.
• ID proof and relation between the policy holder and the person nominated.

4. Assignment and reassignment of policy

In case you are raising a loan against your policy from LIC or any other financial institution, your policy would have to be assigned to LIC or the financial institution. When you are assigning the policy the title of the policy is shifted from your name to that of the institution. The policy would be reassigned to you on the repayment of the loan.

The insured needs to either endorse the policy documents or make a deed of assignment and register the same with the insurer. A form prescribed by the insurers must be filled and signed. In case of conditional assignment, your reason needs to be mentioned well.

Documents

• Proof of income.
• Self-attested copy of photo ID and address proof.
• Self-attested copy of pan card.

5. Policy Revival

The revival of a life insurance policy is required when the insured failed to pay the premium within the grace period and the coverage of the policy lapses. The inclusion of revival of policy is necessary to have as it provides an option to the insured person to renew the policy and continue with the coverage of the plan.

Documents

• Discharge form.
• Valid photo identity.
• In few cases medical report and income proof.

6. Policy Loan

LIC offers loan against their insurance policy, which individuals can use their own personal or commercial needs. Any outstanding loan amount would be deducted from the maturity benefit if the policy matures, and the loan is not repaid.

Documents

• Loan form.
• Original policy bond.
• ID proof, Address proof, Income proof and bank details.

Upon verification the loan amount shall be sanctioned in your account within 5-6 days.

7.Registration of mobile number and email

You must provide your mobile number and email id to us. Soon after that will be updated to your policy within a day.

Documents

• Policy number

8. Change of Address

For the change in address, submit a request in writing and with the reason for the change of address. Submit a copy of the new address proof along with your policy details.

Documents

• Address proof.
• Policy number.
• Request letter.

9. Maturity Settlement

In case of endowment type of policies, amount is payable at the end of the policy period. The branch office which services the policy sends out a letter informing the date on which the policy monies are payable to the policy holder at least two months before the due date of payment.

Documents

• Discharge form.
• Original policy bond.
• NEFT form/Bank details.
• ID proof.
• Address proof.

10. Claim settlement

Life insurance claim settlement is a process where the claimant/ beneficiary can make a request to the policy holder's insurance company to avail the death benefits under the life insurance of the insured in case of the policy holder's death.

Documents

• Death certificate.
• Original policy bond.
• Discharge form.
• Proof of age such as Aadhar card, pan card, both the claimant and the deceased.
• Request letter from the claimant.
• Bank details/ NEFT of the claimant.