Life Insurance Corporation of India (LIC) scheme’s easy installment option allows for payments to be made with ease, thus meaning long-term savings for lakhs of policyholders. However many a time, account holders are unable to deposit the premium due to several reasons and do not even surrender the policy. In such a situation, their money remains with LIC. This money is deemed unclaimed if no claim is filed for a certain period. Apart from this, unclaimed claims can include death claims, maturity claims, survival benefits, or indemnity claims.
Similar to the banks, LIC has amount worth crores that is listed as unclaimed. Should you feel you also have some unclaimed money with LIC then you are free to claim it. LIC provides the facility to policyholders and their dependents to conveniently check online for any form of unclaimed amount and claim the amount.
How to check the unclaimed LIC amount?
Any LIC policyholder or beneficiary can check on the status of any amounts under their policy that are unclaimed with the insurer by going to the LIC official website. The policyholder has to then click on the option labeled ‘Unclaimed Amounts of Policyholders’. A window will open where they will be prompted to enter details such as the policy number, policyholder name, date of birth, and PAN card number. After giving this information, they will have to click the submit button. If the policyholders have any money in LIC, it will be visible.
How to claim the unclaimed LIC amount?
To claim any outstanding amount, you must get in touch with the LIC office. You must apply for this, together with the required documents and KYC. Following submission, LIC will start the process of paying the unpaid balance. In a few days, your funds will be transferred to the bank account linked to the insurance.
What do the rules state about unclaimed LIC accounts?
IRDAI regulations provide that any money left unclaimed for more than 10 years is transferred to the Senior Citizen Welfare Fund, which is used for the benefit of senior citizens. If no claims are made for 25 years after the transfer to the Senior Citizens Welfare Fund, the money will be transferred to the central government.
