Life Insurance - Do I need to obtain a duplicate copy of my lost policy in case I wish to surrender my LIC policy?
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.
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: