Savvy Senior Looking For A Lost Life Insurance Policy?
Savvy Senior Looking For A Lost Life Insurance Policy?
Jayanthi Rajan (68) was upset and agitated when she realized that her life insurance policy document was missing. She may have lost or misplaced it when she recently moved to a senior living community in another state. She knew that the policy would mature in a few months. in addition and to add to her anxiety, certain large financial commitments were coming up towards the end of the year. A lost Life Insurance Policy is very painful and there are some ways to find it.
Surprisingly, this is a common situation. Every year, across the world, millions of life insurance policies remain unclaimed simply because the original document was lost or the deceased’s family could not locate it.
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However, there are several easy and convenient solutions to this problem.
1. Inform the Insurer: If you know the company you purchased the policy from, inform them immediately in writing. If possible, visit the nearest branch office and fill out an application for a duplicate policy. You will have to provide the full name and address of the policyholder, and if available, the policy number, date of issue, and type of policy. You may have to pay an application fee. Get Quote
Look, if you bought the policy and your original documents are misplaced then you should contact your insurer company just because they always have a history of your policy, and it takes some time but they will find everything related to your document. Well, buying a policy offline is out of trend now, buying a policy through an agent is now out of fashion and no one will suggest buying a policy through an agent. From the information of policy to buying a policy, everything is available on the internet, and buying a policy online means you will get every document on your mail id in PDF format and there is no fear of losing it because you never lose it.
2. Look carefully: Most of us automatically keep documents safely in certain places. Search through old papers for any agent record from whom the policy was purchased, visiting cards, phone numbers, etc., and request them for information. Bank statements may contain details of the premium paid against the policy number and the insurer’s name.
Many times what happens is that the thing we are looking for is under our hands, just we are not able to see and we do not find it due to lack of sight and we think that it is lost. Most of Indian people just put their paper in a safe place and due to not visiting that place frequently, we gradually forget the place and then also forget that something most important paper was there. Therefore, if you have lost the document related to your insurance, then you should find it in every corner and every cupboard of your house. Get Quote
3. Publish a newspaper ad:
Some insurance companies ask you to publish an advertisement in local and national newspapers regarding the loss of the policy. You will have to provide a copy of this to the insurer after one month of publication. Following this, they will initiate the process of issuing a duplicate.
There is no doubt that how forgetful we humans are and it may also happen that we have forgotten or Lost Life Insurance Policy somewhere and there is only one way to get it, is to publish a newspaper advertisement. But, it’s an old way to find documents, nowadays people are just forwarding messages on WhatsApp and different social media. And the good thing about this is it’ll take some time but at the end of the day you will find your documents and sometimes people won’t get their documents.
4. Check emails and other sources:
Nominees can check their emails for relevant information if the policyholder is no longer alive. Insurers usually send soft copies of the policy. They also regularly keep in touch with policyholders regarding new products, status, premium payment reminders, etc. You may find the information you need to apply for a duplicate policy in such emails. You can also talk to previous employers of the deceased person and check if there were group insurance schemes that they were part of.Get Quote
5. Income Tax Documents: They can provide information about the policy, because, under Section 80C, there would be a tax exemption on the premium paid.
If your insurance-related document is missing then you can get the paper from every place where you have used your insurance policy also by going to the income tax department, you can know the policy number because when you are paying tax amounts low with the help of policy If you save, then you have to mention the information related to the policy there.
6. Insurance Company website:
Under the IRDAI rules, all insurers have to provide facilities to track unclaimed amounts via their websites. and You will have to provide the full name and date of birth of the policyholder and the PAN number if available.
7. Wait: If you’re looking for a lost policy held by a deceased person, most often, if the insurer has correctly updated the nominee details, they will contact you themselves As you may know that when a person does not see any way, then waiting is the best option for the person because the taste of waiting is quite pleasant.
8. Indemnity Bond: You will have to sign an indemnity bond that covers the insurer against any loss. This will be on non-judicial stamp paper. The new policy that they provide after verifying your details would contain the word “Duplicate,” and it’s important to check it carefully before you accept it. It would also state that if you locate the original policy, you will return it to the company.
Conclusion
Lost Life Insurance Policy – Finding a lost life insurance policy after the policy period is worst than losing it because there is no use in getting this policy now, but one thing that is worth paying attention to is that we have to take special care of such papers, otherwise buying or not buying the policy will not matter much to you.
