Many purchase life insurance policies to ensure their families are financially secure, even in their absence. However, much money remains unclaimed at LIC (Life Insurance Corporation of India).
LIC has a large pool of ‘unclaimed money’—it’s worth checking to see if any of it belongs to you.
Unclaimed Maturity Amount in LIC: LIC is India’s largest life insurance company, with crores of people holding policies.
Traditionally, the heads of families have mainly removed these policies, often without informing other family members.
As a result, when the policyholder passed away unexpectedly, the family was unaware that they were entitled to a substantial payout from LIC. Many were not informed about the existence of these policies, leading to missed claims.
Additionally, some policyholders forget about their policies while still alive. Over the years, this has accumulated considerable unclaimed money at LIC.
What is unclaimed money? Unclaimed money refers to funds that policyholders do not withdraw even after the policy has matured.
According to the rules, if a policyholder does not claim their money for three years or more after maturity, it is classified as unclaimed.
Unclaimed amounts can accumulate when policyholders stop paying premiums midway and forget about their policies or when they pass away without notifying anyone about their policies. Furthermore, some individuals may leave the claim process incomplete even after their policy has matured.
How much unclaimed money does LIC have? As of 2024, LIC has approximately ₹880.93 crore in unclaimed maturity amounts. Minister of State for Finance Pankaj Chaudhary revealed this figure during the last Parliament session.
How do you check LIC unclaimed maturity money?
- To check if you have an unclaimed maturity amount with LIC, visit their official website: https://licindia.in/home.
- Click on the “Customer Service” option on the home page.
- Then select “Unclaimed Amounts of Policyholders.”
- Fill in the required details, such as the LIC policy number, your name, date of birth, and PAN card number.
- Then click the submit button.
You can obtain the relevant form from the LIC office or download it from their website to claim the unclaimed amount. Submit the completed form, the premium receipts related to the policy, and any other necessary documents.
If the policyholder is deceased, you must also provide a death certificate. LIC will then process your claim, and once approved, the unclaimed money will be transferred to your bank account.