LIC Unclaimed Policy Amount: The Life Insurance Corporation of India (LIC), the state-owned insurance giant, reported unclaimed maturity amounts totalling Rs 880.93 crore in the financial year 2023-24 (FY24), as disclosed by the government in Parliament.

Key Statistics: LIC Unclaimed Amount Till Date

According to data shared by Minister of State for Finance, Pankaj Chaudhary, a total of 3.72 lakh policyholders did not claim their maturity benefits during this period. However, LIC has made strides in reducing unclaimed death claims, which dropped sharply from 89 cases (Rs 2.02 crore) in 2019 to just 10 cases in 2023.

The year-wise unclaimed maturity claims data is as follows:

• Rs 652 crore in FY21-22
• Rs 897 crore in FY22-23
• Rs 880.93 crore in FY23-24

What Are Unclaimed and Outstanding Deposits?
 

Unclaimed amounts in LIC policies typically arise when policyholders fail to collect maturity benefits, death claims, or other payouts. If no benefits are claimed for three years or more, the amount is classified as unclaimed. Common reasons include:

Policy maturity or cessation of premium payments without initiating claims.

Missing beneficiary information or delays in the claim process.

If unclaimed funds remain idle for over 10 years, they are transferred to the Senior Citizens Welfare Fund (SCWF), as mandated by the Insurance Regulatory and Development Authority of India (IRDAI). LIC, in compliance with IRDAI regulations, publishes details of unclaimed amounts above Rs 1,000 on its official website.

Why Do Unclaimed Amounts Occur?

Unclaimed deposits can result from litigation, rival claims, blocked policies, or policyholders being out of reach—such as living abroad or delaying claims for pensions or annuities.

LIC Unclaimed Amount Check

Steps to Check Unclaimed LIC Amounts

Policyholders can easily verify any unclaimed maturity amount by following these steps:

• Visit the LIC official website: https://licindia.in/home.
• Click on the “Customer Service" section on the homepage.
• 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 view unclaimed details.

How To Claim Unclaimed Amount In LIC?

If you discover an unclaimed amount, follow these steps to claim it:

• Claim form from a LIC office or download it from the official website.
• Collect necessary documents such as the policy document, premium receipts, and, if applicable, a death certificate (if applicable).
• Submit the completed to the nearest LIC office.
• LIC will process the claim, and if approved, release the unclaimed amount to you.

Proactive Measures by LIC

LIC has been actively working to reduce unclaimed and pending claims through various initiatives, including advertisements in print and digital media, encouraging policyholders to check and claim their entitlements.

Regular Policy Check is Key

To avoid losing out on your hard-earned money, ensure you check your policy status periodically. Unclaimed amounts not only sit idle but may also be transferred to welfare funds after a prolonged period. Claim your rightful benefits today.