A lost life insurance policy is not only a major inconvenience, but it also raises the possibility that someone could misuse the sensitive data on the document. Despite the fact that many life insurance plans are now available online, there are still some situations when a physical copy of the policy is required. However, if you are not attentive, it could mean that your insurance document is misplaced or lost.
While you keep your policy document safe, remember that a life insurance calculator is a tool to determine the amount of coverage required based on your needs.
How To Recover A Lost Life Insurance Policy In India: 10 Easy Steps
It is crucial to ensure that the document is always safe and secure.
- Lookup All Of Your Files
The majority of people save all significant official invoices, documents, and certificates in one location that is secure. If you follow suit but don’t set up separate folders for your files, it’s possible that your life insurance policy may be buried behind a mountain of outdated certificates and paperwork that you may not have looked at in a while.
- Look Through Bank Records For The Life Insurance Coverage
You may find a record of the premium payments made for the life insurance policy in your bank statements. Contact the bank of the deceased policyholder and ask for the bank statements, or stop by the bank branch to get them. However, make sure you have access to the insured’s legitimate login information in order to access the bank statements online.
- Get In Touch With Your Lawyer Or Financial Counsellor
In the event that a life insurance policy is lost, you can get helpful guidance on what to do by contacting the policyholder’s attorney or financial counsellor. These folks will be able to direct you better because they are accustomed to dealing with situations like these. You might also get in touch with the insurance agent who sold the policy if you want to know more about it.
- Take A Look At The Life Insurance Application
You would want to check the physical folder for the life insurance form that is completed before the life insurance policy was bought, just as the policyholder may have kept a folder of all necessary documents.
- Make Contact With Former Employers
It is usually advisable to inquire with the former employers of the late policyholder to see if they have any record of the life insurance policy with them, regardless of whether the life insurance policy was supplied by those employers.
In the event of an unexpected situation at work, one may typically need to give their employer some basic information about their life insurance plan during the course of their job.
- Search Income Tax Returns And Statements
If there is a life insurance policy, according to the current tax legislation, one can claim life insurance tax benefits on the premiums and the policy proceeds.
To receive the life insurance tax benefits, tax returns must be filed, and this must be declared as an investment.
- Speak With The Appropriate State Authority
Every state has an insurance department that oversees the industry and keeps track of all life insurance contracts. You can request the specifics of the policy by sending a written letter to the department’s administrators.
- Try Searching The Official Database
The online government database would include a record of the lost life insurance policy if it was obtained from one of the reputable life insurance providers in India. You can quickly browse the database’s official website and start your hunt for the missing policy.
- Write The State Department A Letter
Every state has a department that keeps track of all unclaimed property information. The life insurance policy is regarded as an unclaimed property until a claim is submitted because the benefits are intended for the policyholder’s family or nominee.
- Allow The Insurance Company To Contact You
Typically, life insurance companies are up to speed on the particulars and significant occurrences of their clients. In fact, insurers continue to make critical policy-related calls and send emails. As a result, the insurer will contact the family who is protected by the life insurance policy after the policyholder’s passing away. Most insurance companies get in touch with the nominees right away.
While you remember these steps, know that a life insurance calculator is an easy-to-use tool to check the amount of premium you would have to pay.
