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.