The Life Insurance Corporation (LIC) of India has revealed that there are unclaimed maturity amounts of Rs 880.93 crore for the fiscal year 2023-2024. The total number of policyholders who failed to collect maturity benefits is 372,282. To check if there is an unclaimed amount in an LIC policy, policyholders need to enter their policy number, name, date of birth, and PAN card on the LIC website. The claim settlement procedure is streamlined, and agents and development officers follow up with policyholders to ensure they meet the requirements and submit their claims. If any money remains unclaimed for more than 10 years, the entire amount is transferred to the Senior Citizen Welfare Fund. According to the IRDAI circular, the increase in unclaimed amounts is due to various reasons, including litigation, rival claims, and the inability of insurers to pay claims. The circular also directs insurers to display information about unclaimed amounts of Rs 1000 or more on their websites. This information will be displayed even after 10 years have passed.
