Life Insurance - Do I need to obtain a duplicate copy of my lost policy in case I wish to surrender my LIC policy?
tPara"> It is not necessary to have a duplicate policy made in case the policy that you wish to surrender is lost. However these requirements must be fulfilled:

  • No advertisement is needed for surrender values up to Rs.1000/-, inclusive of the vested bonus. LIC also holds the discretion to waive off the advertisement requirement depending on the merits of the case where the surrender value stands between Rs.1000/- and Rs.2000/-. However in cases where the surrender value exceeds Rs.2000/- or the sum assured exceeds Rs.25000/-, advertisement in one newspaper is insisted upon.
  • Declaration of surety is necessary as in the case of the issue of a duplicate policy.
  • An indemnity bond duly stamped and completed by the life assured along with a surety. The stamp duty on the indemnity bond will depend on the amount of the surrender value of the policy.
  • Discharge form and form of declaration of no assignment duly completed by the policyholder.