LIC has Rs 880 cr unclaimed by policyholders: How to check your status

372,282 policyholders have not claimed their maturity benefits, Parliament is told

State-owned Life Insurance Corporation (LIC) had unclaimed maturity amounts totaling Rs 880.93 crore in Financial Year 2023-24 (FY24), the government has told Parliament.

 

A total of 372,282 policyholders did not claim their maturity benefits, said a minister in a written response to Lok Sabha.

 

What is unclaimed LIC amount

 

An unclaimed amount in an LIC policy refers to premium payments by a policyholder that have not been collected. If the policyholder has not received any benefits from the insurer for three years or more, the amount is considered unclaimed. This situation typically arises when the policy matures, premium payments cease, or the policyholder dies.

 

 

Rules for unclaimed accounts

 

If money remains unclaimed for more than 10 years, the full amount is transferred to the government's Senior Citizen Welfare Fund.

 

What is the process to check unclaimed maturity LIC amounts

 

Visit the LIC website: https://licindia.in/home.

 

On the homepage, click on customer service.

 

Select the unclaimed amounts of policyholders option.

 

Enter the required details: policy number, name, date of birth, and PAN card number.

 

Submit the information to get full details of any unclaimed maturity.

 

How to claim LIC unclaimed deposits

 

Obtain the claim form from any LIC office or download it from the official website.

 

Collect the required documents, such as the policy document, premium receipts, and, if applicable, the death certificate.

 

Submit the completed form along with the documents to the LIC office.

 

LIC will review your claim and if approved, it will release the unclaimed amount to you.

 

LIC has implemented several measures to minimise unclaimed and pending claims, including advertisements in print and digital media, as well as radio jingles, to encourage policyholders to claim their entitled amounts.