LIC has an amount of more than Rs 880 crore lying unclaimed, which is the maturity benefit of 3.72 lakh policyholders. You can go to the LIC website and enter your policy details to find out if this amount is yours.
New Delhi. Life Insurance Corporation (LIC) has presented a shocking figure for the financial year 2023-24, stating that maturity benefits worth a total of ₹ 880.93 crore have not been taken yet. During this period, about 3.72 lakh policyholders did not claim their maturity benefits. This information was shared by Minister of State for Finance Pankaj Chaudhary in Parliament. If you feel that you too have missed the benefit of your LIC policy, then here is how to check and claim it.
- Policyholders or beneficiaries can check their unclaimed amount by visiting the LIC website (https://licindia.in/home). For this, follow the steps given below:
- Go to the ‘Customer Service’ section and select ‘Unclaimed Amounts of Policy Holders’.
- Enter the requested information like policy number, name, date of birth and PAN card details.
- Click on ‘Submit’, after which the details related to your policy will appear on the screen.
- LIC has taken several measures to ease the claim process, including media campaigns and regular follow-ups through agents.
What happens if there is no claim for 10 years?
If the amount is not claimed for 10 years, then this amount is transferred to the Senior Citizen Welfare Fund (SCWF). This fund is used for the welfare of senior citizens. The Insurance Regulatory and Development Authority (IRDAI) has made it mandatory for all insurance companies to display the unclaimed amount of ₹ 1,000 or more on their website.
Why does the amount remain unclaimed?
There can be many reasons behind the unclaimed amount, such as litigation, rival claims, policyholders not being in contact, residing abroad or delay in pension or annuity claims.
LIC’s initiatives and awareness campaigns
LIC is constantly making efforts to reach out to its policyholders and settle the unclaimed amounts. For this, it is resorting to awareness campaigns and digital means. Insurance experts believe that unclaimed amount not only signifies financial loss but also a missed opportunity for financial security. Checking your policy status regularly can save you from such problems.
