Unclaimed amount in LIC

LIC Unclaimed Deposits: How to Check and Claim Your Unclaimed Amount

The Life Insurance Corporation of India (LIC) issues approximately 21 million individual policies annually, capturing 70% of the market share in new policy issuances. While these policies offer benefits to policyholders, many may be unaware of unclaimed amounts that remain in their LIC policies.

What is the Unclaimed Amount in a LIC Policy?

The unclaimed amount refers to the premiums paid for a LIC policy that have not been collected by the policyholder. If the policyholder hasn’t received any benefits from the insurer for a period of three years or more, the amount is considered unclaimed. This typically happens when the policy matures, the policyholder stops making premium payments, or if the policyholder has passed away.

What is the Total Unclaimed Amount in LIC?

As of September 2021, LIC has accumulated approximately ₹21,539 crores in unclaimed amounts, which includes the interest earned on the outstanding balance. LIC allows its policyholders to check and claim these unclaimed amounts, The current figures are expected to be even higher.

What Happens to Unclaimed LIC Deposits?

If the unclaimed amount remains untouched for over 10 years, it is transferred to the Senior Citizens Welfare Fund, which is used for the benefit of senior citizens, as per the regulations. However, policyholders can still claim their unclaimed LIC deposits along with the interest, as long as the claim is made before the transfer to the welfare fund.

How to Check Your LIC Unclaimed Deposit

To check if you have any unclaimed deposits or outstanding policy dues, follow these simple steps:

1. Visit the official website of LIC.
2. Go to the ‘Customer Services’ section and select ‘Unclaimed Amounts of Policyholders’.
3. Enter your policy number, name, date of birth, and PAN card details to check for any unclaimed amounts.

If you encounter any issues during this process, you can either visit your nearest LIC branch or contact their customer care for assistance.

How to Claim Your LIC Unclaimed Deposits

Follow these steps to claim the unclaimed amount from LIC:

1. Obtain the claim form from any LIC office or download it from the official website.
2. Gather the required documents such as the policy document, premium receipts, and, if applicable, the death certificate.
3. Submit the completed form and documents at the LIC office.
4. LIC will process your claim, and upon approval, the unclaimed amount will be disbursed to you.

Documents Required to Claim LIC Unclaimed Deposits

To successfully claim your LIC unclaimed deposits, you will need to submit the following documents:

• Self-attested copy of your PAN card.
• Updated Client Master List (CML) report from your depository participants.
• A scanned copy of a canceled cheque.

The LIC will process your payment through electronic transfer to your bank account, as per RBI guidelines.

Conclusion

It's important to choose at least one nominee when getting an insurance or investment plan and ensure to share the plan details with them.

Thanks,

Honvest Team.