Loss of Policy
The Policy document is the evidence of policy contract. Hence the policyholder must take all possible care to preserve his or her policy. If the original policy document is lost, then the policy holder can apply for a ‘special’ policy document in lieu of the lost policy. The policyholder may be required to pay a standard fee to LICI and wait for a minimum stipulated period of 6 weeks (in order that the loss of the document is notified in the gazette as per section 146 of Insurance Act 1998).

Policy services such as assignment, policy loans, survival benefits, etc. will not be available to the policyholder until the special policy is issued.

If any time after the special policy is issued, if the original policy is traced by the policyholder, he or she is required to return the same to LICI for cancellation.

Requirements:
1. Form of Indemnity Bond for the issue of special policy
2. Form of Surety where the sum assured is over $10,000
3. Policy preparation charges - $22.00
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