Organisation : Life Insurance Corporation of India
Facility : Duplicate Policy
Duplicate Policy : http://licindia.in/Customer-Services/Policy-Condition#8
Home Page : https://www.licindia.in/
Duplicate Policy:
A duplicate policy confers on its owner the same rights and privileges as the original policy.
The following are the requirements for issuing a duplicate policy:
1. 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.
Related : LIC Social Security Scheme : www.statusin.in/5897.html
A copy of the Newspaper in which the advertisement appeared should be sent to the servicing office one month after its appearance. If no objection has been lodged with LIC regarding the policy in question, a duplicate policy will be issued after complying further requirements, i.e., Indemnity Bond and payment of charges for preparing duplicate policy and stamp fee.
2. However, the requirement of advertisement and Indemnity Bond may be dispensed with or modified in certain circumstances as given below :
** loss of policy by theft
** destruction of policy by fire
** loss of policy while in custody of an office of government
** mutilated or damaged policy
** policy in torn and a part of it is missing
** policy partially destroyed by white ants
Age Proof accepted by LIC:
The Proofs of age, which are generally acceptable to the Corporation, are as under:
** Certified extract from Municipal or other records made at the time of birth.
** Certificate of Baptism or certified extract from family Bible if it contains age or date of birth.
** Certified extract from School or College if age or date of birth is stated therein.
** Certified extract from Service Register in case of Govt. employees and employees of Quasi-Govt. institutions including Public Limited Companies and Pass port issued by the Pass port Authorities in India.
Alternative Age Proofs which are accepted:
** Marriage certificate in the case of Roman Catholics issued by Roman Catholic Church.
** Certified extracts from the Service Registers of Commercial Institutions or Industrial Undertakings provided it is specifically mentioned in such extracts that conclusive evidence of age was produced at the time of recruitment of the employee.
** Certificate of Birth granted by Syedna v. Molana Badruddin Sahib of Baroda
** Identity Cards issued by Defence Department.
** A true copy of the University Certificate or of Matriculation/Higher Secondary Education, S.S.L. Certificate issued by a Board set up by a State/Central Government.
** Non- standard age proof like Horoscope, Service Record where age is not verified at the time of entry, E.S.I.S. Card, Marriage Certificate in case of Muslim Proposer, Elder’s Declaration, Self-declaration and Certificate by Village Panchayats are accepted subject to certain rules.
Nomination:
** The nominee is statutorily recognized as a payee who can give a valid discharge to the Corporation for the payment of policy monies.
** Nomination will be incorporated in the text of the policy at the time of its issue.
** After the policy is prepared and issued and if no Nomination has been incorporated the assured can ordinarily affect the nomination only by an endorsement on the policy itself.
** A nomination made in this manner is required to be notified to the Corporation and registered by it in its records.
** A nomination is not required to be stamped.
** Any change or cancellation of nomination should be given in writing only by the Life Assured.
** Nomination under Joint Life Policy can only be a joint nomination.
** Nomination in favour of a stranger cannot be made as there is no insurable interest and moral hazard may be involved.
** Nomination in favour of wife and children as a class is not valid.
** Specific names of the existing wife and children should be mentioned.
** Where nomination is made in favour of successive nominees, i.e., nominee “A” failing him to nominee “B” failing whom nominee “C”, the nomination in favour of one individual in the order mentioned will be considered.
** Where the nominee is a minor, an appointee has to be appointed to receive the monies in the event of the assured’s death during the minority of the nominee.
** No nomination can be made under a policy financed from HUF funds.
** In the case of first endorsement of nomination the date of registration of nomination will be the date of receipt of the policy by the servicing office and in case of any other nomination or cancellation or change thereof, the date of receipt of the policy and/or of notice whichever is later, will be the date of registration.