Lost my LIC Policy - what is SURETY?

[vsohal]

Hi,

I have lost my LIC Policy. One of the requirements for a lost insurance policy is SURETY. I was told that the SURETY has to be from a non related person and from the same area of residence where I live. I wanted to know if the SURETY for this can be given by a realted person (for eg my Parents) or does it have to be a non related person and also whether it has to be from a person from the same area of residence as mine.

Thanks Vijesh

[Madhura]

Please do what ever is asked by the LIC branch.

Classification of sureties
a) “SREG” (Salary Recovery Enforceable Group)
b) “SRNEG (Salary Recovery Non-Enforceable Group)

Salary Requirement Norms
a) SREG employees:
The SREG surety (s)/guarantor(s) offered should have a minimum/combined salary of 10% of the future liability.
b) SRNEG employees:
The SRNEG surety(s)/guarantor(s) offered should have a minimum/combined salary of 12.5% of the future liability.
c) Combination of Sureties/guarantors
When SREG employee and SRNEG employee are jointly offered as sureties/ guarantors they should have a combined minimum salary of 12.5% of the future liability.

Source - PW (http://www.policywala.com/forum/showthread.php/2754-I-have-lost-my-NSC-certificate-how-to-claim-money?p=8900&viewfull=1#post8900)

[Madhura]

Procedure to obtain duplicate LIC Policy (http://www.policywala.com/content.php/164-What-to-do-if-your-LIC-Policy..)
The policyholder will have to submit following documents -
1- If the Policy is Assigned or Mortgaged, the duplicate policy shall bear the latest Assignment that is in force as on the date of issue,
2- Where the Policy is due for maturity or survival benefit within 3 years and if the sum assured is more than Rs.25,000, an advertisement in a Local Daily newspaper having wide circulation is required,
3- Indemnity Bond in Form No. 3756 duly stamped and executed by the policy holder on a stamp paper of appropriate value is to be submitted,
4- If sum assured exceeds Rs. 50,000, declaration by a Surety having sound financial status acceptable to LIC in Form No. 3807 is required ,
5- Duplicate Policy charges of Rs. 5,
6- Stamp Duty charges at prevailing rates.

[>take]

I have lost my LIC Policy. One of the requirements for a lost insurance policy is SURETY. I was told that the SURETY has to be from a non related person and from the same area of residence where I live. I wanted to know if the SURETY for this can be given by a realted person (for eg my Parents) or does it have to be a non related person and also whether it has to be from a person from the same area of residence as mine. Surety means that someone is giving surety that you are the same person, who’s LIC policy has been lost. The reason they are asking for a same area person because that guy know you and give guarantee to the LIC, so that they will not face another claim on it later on.