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Home / Policy Services / Lost Policies

Lost Policies

Section 1

Introduction:

The Life Insurance Policy is an instrument evidencing a contract which embodies in it the obligations of the insurer on the one hand and the Insured on the other. It is a valuable document. It is a security transferable by the owner.

This document is therefore required to be taken proper care of. The importance of the policy document is particularly felt on a claim arising from the policy when it is required to be delivered to the insurer for settlement of claim. Similarly, when the policyholder desires to raise a loan on the security of the policy, it is required to be lodged with the insurer or a bank from whom he wishes to raise the loan.

Further, if the policyholder proposes to take the surrender value of the policy in cancellation of the policy document, the policy is required to be submitted to the insurer before the payment is made. However, sometimes, the policy gets lost and the policyholder is anxious to have a duplicate policy issued in the place of the lost one.

The loss or destruction of a policy document does not in any way absolve the Corporation of the liability of payment of policy moneys when the claim arises. If the policy is lost or destroyed, claim will be paid to the claimant who furnishes an Indemnity Bond jointly with one Surety.

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