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Settle a claim in case the original policy
is lost
For settlement of claims, either through maturity or death of the
policyholder, this procedure must be followed
- Lost policy questionnaire form duly completed by the policyholder
is called only in case of maturity claims. This can be obtained
from the local Divisional office of LIC.
- No advertisement is necessary for the loss of the policy.
- No surety is required either for settlement of claim up to
Rs.5000/-. For settling claims above Rs.5000/- but below Rs.10000/-,
a surety is accepted by LIC without any verification. And in case
of claims exceeding Rs.10000/-, the concerned Branch manager must
verify the financial status of the surety. Procuring this report
takes some time so the income tax returns for the last three years
in respect of the person agreeable to stand as surety are called
for. However, where one surety is not available for the requisite
amount, two different sureties of sound financial standing are
also acceptable. The surety should be completely unrelated to
the life assured or the claimant.
- Indemnity bond is waived in the case of claims up to Rs.1000/-.
And for payment of claims exceeding Rs.1000/-, a stamped Indemnity
bond is also required.
- Discharge form and form of declaration of no assignment duly
completed by the policyholder or the claimant are also required.
As long as these requirements are fulfilled and submitted promptly,
the branch office can settle the death claim without delays. Early
death claims however involve investigation and careful scrutiny
before they are settled.
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