LIC Unclaimed Deposits: How to Check & Claim LIC Unclaimed Amount?

Life Insurance corporation of India (LIC) issued approximately 21 million individual policies in India, representing 75 per cent market share in new separate policy issuances. While customers stand to gain from these policies, a significant number of policyholders may be unaware that they have unclaimed amounts in their LIC policies.

What is the Unclaimed Amount in LIC Policy?

According to LIC, the unclaimed amount in life insurance is the premium money paid for the policy but not collected by the policyholder. If the policyholder hasn't received any benefits from the insurer for nearly 3 years or more, it's considered unclaimed. This is figured out based on when the policy matures, when premium payments stop, or when the policyholder passes away.

What is the Total Unclaimed Amount in LIC?

The Life Insurance Corporation of India is a public-sector company offering investment and insurance policies to Indian citizens. When it comes to the LIC unclaimed amount, it has around Rs. 21,539 crores as of September 2021. The amount includes the interest earned over the outstanding unclaimed amount. Nevertheless, the LIC enables customers to check and claim their unclaimed deposits.

What Happens to LIC Unclaimed Deposits?

Unclaimed amounts of policyholders for more than 10 years get transferred to the Senior Citizen Welfare Fund. These funds are used for the benefit of senior citizens, as per the rules. Nevertheless, customers can claim the unclaimed deposits of LIC along with the interest amount. 

How to Check LIC Unclaimed Deposit?

If a LIC policyholder wants to check their LIC unclaimed deposits or outstanding policy dues, they can follow these simple steps:

1. Visit the official website of Life Insurance Corporation of India.
2. Navigate the ‘Customer Services’ tab and click the ‘Unclaimed Amounts of Policyholders’
3. Enter your policy number, name, date of birth and PAN card details to check the unclaimed amounts.

If the customer is facing any problem during this process, they can visit the LIC branch office or contact them at their customer care number. 

How to Claim LIC Unclaimed Deposits?

To claim the unclaimed amount, follow these steps:

• Get the required form from any LIC office or download it from the official website.
• Gather necessary documents like the policy document, premium receipts, and death certificate if needed.
• Submit the filled form and documents to the LIC office.

The LIC team will process your claim, and upon approval, release the unclaimed amount to you.

Documents Required to Claim LIC Unclaimed Deposits

The policyholders must submit the following documents to claim the LIC unclaimed deposits:

• Self-attested copy of PAN card
• Updated Client Master List (CML) Report from depository participants
• A scanned copy of a cancelled cheque

Moreover, the payment of LIC unclaimed deposits of policyholders will be routed through their respective bank accounts via electronic mode as permitted by the RBI from time to time. 

Final Word

Therefore, the LIC enables its policyholders to claim unclaimed deposits and earn interest from such deposits. Customers can visit the official website of LIC to check if they have any unclaimed deposits and follow the above steps to claim such deposits. 

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