Duplicate Policy

If the insured person loses the original life insurance policy document, the insurance company document, the insurance company will issue a duplicate policy without making any changes to the contract.

The claim may be ettled on furnishing an indemnity bond with or without surety.

Alterations

Policy holder may seek to effect alteration in policy terms and conditions.

It is subject to the consent of both insurer and insured.

Normally alterations may not be permitted during 1st year of policy Except for some simple ones like change of mode of payment  of premium, change in name, address, request for grant of DAB or PDB etc

Main Types of alterations that are permitted are:

1. Change in certain classes of insurance or term [where risk is not increased]
2. Reduction in the sum assured
3. Change in the mode of payment of premium
4. Change in the date of commencement of the policy
5. Splitting up of the policy into two or more policies
6. Removal of an extra premium or restrictive clause
7. Change from without profits to with profits plan
8. Correction in name
9. Settlement option for payment of claim and grant of double accident benefit.