Life Insurance Corporation of India (LIC) offers various schemes that provide policyholders with long-term savings through easy installment options.
However, sometimes policyholders fail to pay their premiums or do not surrender their policies, leaving money with LIC unclaimed.
These unclaimed amounts can include death claims, maturity claims, survival benefits, or indemnity claims.
Just like banks, LIC holds a significant amount of unclaimed money.
If you believe you might have unclaimed funds with LIC, there is a simple process to check and claim it.
How to Check for Unclaimed LIC Amounts
To find out if you have any unclaimed money with LIC, follow these steps:
1) Visit the LIC Official Website: Go to the official LIC website.
2) Select ‘Unclaimed Amounts of Policyholders’: Look for and click on the option labeled ‘Unclaimed Amounts of Policyholders’.
3) Enter Required Details: A new window will open, prompting you to enter details such as your policy number, name, date of birth, and PAN card number.
4) Submit the Information: After filling in the details, click the submit button.
5) Check for Unclaimed Money: If there is any unclaimed amount associated with your policy, it will be displayed on the screen.
How to Claim the Unclaimed LIC Amount
To claim any unclaimed money, you need to contact your nearest LIC office. Here’s what you should do:
1) Submit an Application: Prepare and submit an application to claim the unclaimed amount, along with necessary documents and KYC details.
2) Processing: Once your documents are verified, LIC will begin processing the payment of the unclaimed amount.
3) Receive Your Funds: The funds will be transferred to the bank account linked to your insurance policy within a few days.
Rules for Unclaimed LIC Accounts
According to the Insurance Regulatory and Development Authority of India (IRDAI), any money that remains unclaimed for more than 10 years is transferred to the Senior Citizen Welfare Fund, which supports senior citizens.
If no claims are made within 25 years after the transfer to this fund, the money will be transferred to the central government.
If you suspect you have unclaimed money with LIC, it is important to check and claim it promptly to avoid losing your funds permanently.
