Many times, people forget about their LIC policies after buying them. Because of this, they do not collect their maturity amount or claim money on time.
If you are in such a situation, there is no need to worry. LIC provides a way to claim these unclaimed amounts. Let us understand how you can claim money from an old or forgotten LIC policy.
What Is an LIC Unclaimed Amount?
The Life Insurance Corporation of India (LIC) is the largest and most trusted insurance company in India. It offers various policies that provide insurance protection along with investment benefits.
According to IRDAI, an unclaimed insurance amount is the money that LIC has to pay to the policyholder or nominee, but it remains unpaid because LIC could not contact them.
If the amount is not claimed within 12 months from the due date, it is treated as an unclaimed amount.
If the sum assured remains unclaimed for more than 10 years, LIC transfers the money to the Senior Citizen Welfare Fund (SCWF).
This fund is managed by the Government of India and is used for the welfare of senior citizens. Even after the amount is transferred to SCWF, the policyholder or nominee can still claim it.
How to Check LIC Unclaimed Amount
To check whether you have any unclaimed amount with LIC, you will need the following details:
LIC policy number
Policyholder’s name
Date of birth
PAN card details
With this information, you can check your unclaimed amount on the official LIC website or by visiting your nearest LIC branch.
How to Claim LIC Unclaimed Amount
To claim your LIC unclaimed balance, first visit or contact your nearest LIC branch. You can apply for the claim either through LIC’s online portal or by sending an email to LIC.
You will be required to submit some important documents. After verification, the claim amount will be transferred directly to your bank account.
Documents Required for LIC Unclaimed Claim
To claim the unclaimed LIC amount, you will need:
Surrender or claim request form
Written request letter
KYC documents (Aadhaar card, PAN card, etc.)
NEFT details or a cancelled cheque
Original policy bond
Once all documents are submitted and verified, LIC will process your claim and credit the amount to your account.
