LIC IPO documents: Insurers' unclaimed amount crosses Rs 20,000 crore

Total was in excess of Rs 20,000 crore as of September, shows offer document data

The amount of money lying unclaimed with the Life Insurance Corporation of India dwarfs the budgets of many ministries.

There was Rs 21,539.5 crore which lay unclaimed with India’s largest insurance company, according to details in the initial public offer (IPO) document it filed over the weekend. The regulatory documentation is ahead of LIC selling shares to the public through the stock exchange for the first time this financial year. This will be India’s largest ever public listing.

Unclaimed amounts include settled claims which haven’t been paid out, sums which become due when policies mature as well as excess amounts