LIC Has Over ₹880 Crore in Unclaimed Funds, In the financial year 2023-24, Life Insurance Corporation (LIC) had ₹880.93 crore in unclaimed maturity amounts. This was revealed by Minister of State for Finance, Pankaj Chaudhary, in a written response to the Lok Sabha in December 2024. According to the report, around 3,72,282 policyholders didn’t collect their maturity benefits during this period.
What Happens to Unclaimed Money?
If money remains unclaimed for more than 10 years, it is transferred to the Senior Citizen Welfare Fund. This fund is used to support senior citizens.
The Insurance Regulatory and Development Authority of India (IRDAI) defines “Unclaimed Amounts” as money held by insurers but not collected by policyholders or beneficiaries for more than six months after the due or settlement date.
How to Check if You Have Unclaimed Amounts in LIC
You can check if you have any unclaimed money in your LIC policy by providing the following details:
- LIC policy number
- Policyholder’s name
- Date of birth
- PAN card
Steps to Check Unclaimed Amounts on LIC’s Website
- Visit the LIC website: https://licindia.in/home
- Click on Customer Service and select Unclaimed Amounts of Policy Holders.
- Enter your policy number, name (mandatory), date of birth (mandatory), and PAN card details.
- Click on Submit to view the details.
Why Are Unclaimed Funds Increasing?
Unclaimed deposits are on the rise due to several reasons, as explained in an IRDAI circular from February 15, 2024:
- Ongoing legal disputes under insurance policies.
- Rival claims or unclear ownership of policies.
- Policies frozen or blocked by government agencies.
- Policyholders failing to claim annuity or maturity benefits from pension or insurance products.
- Policyholders being out of the country, causing delays in claim settlements.
Documents Needed to Claim LIC Unclaimed Deposits
To claim unclaimed deposits from LIC, policyholders must provide the following documents:
- A self-attested copy of their PAN card.
- An Updated Client Master List (CML) report from their depository participant.
- A scanned copy of a cancelled cheque.
Payments for unclaimed deposits will be transferred directly to the policyholder’s registered bank account through electronic modes approved by the Reserve Bank of India (RBI).
To address this, the IRDAI requires every insurer to display information about unclaimed amounts of ₹1,000 or more on their websites. This information must remain accessible even after 10 years.
Hi there, I am Deepam Mishra full time Blogger & Local SEO Expert. I would love to create websites and different niches blogs. With over 3+ Years of experience in Web Development and Local SEO i helped & Support so many Business.