LIC : Life Insurance Corporation (LIC) has reported an astonishing number for the financial year 2023-24, indicating that maturity benefits amounting to ₹ 880.93 crore remain unclaimed. Approximately 3.72 lakh policyholders failed to claim their maturity benefits in this timeframe. This information was provided by Minister of State for Finance Pankaj Chaudhary in Parliament. If you believe you have also overlooked the advantages of your LIC policy, here’s how to verify and request it. The policyholder or beneficiary can verify their unclaimed amount by going to the LIC website (https://licindia.in/home). To accomplish this, adhere to the instructions provided below:
LIC has implemented various strategies to simplify the claim process
Navigate to the ‘Customer Service’ area and choose ‘Unclaimed Amounts of Policy Holders’. Provide the necessary information such as policy number, name, date of birth, and PAN card details. Press ‘Submit’, and then the information pertaining to your policy will be displayed on the screen. LIC has implemented various strategies to simplify the claim process, such as media promotions and consistent follow-ups via agents.
If the sum remains unclaimed for 10 years, it will then be allocated to the Senior Citizen Welfare Fund (SCWF). This fund is designated for the well-being of elderly individuals. The Insurance Regulatory and Development Authority (IRDAI) has mandated that all insurance firms must show any unclaimed amounts of ₹ 1,000 or greater on their websites.
LIC consistently works to connect with its policyholders and resolve unclaimed funds. To achieve this, it is utilizing awareness campaigns and digital platforms. Insurance professionals think that unclaimed funds represent not just a monetary loss, but also a lost chance for financial stability. Regularly reviewing your policy status can help you avoid issues. If you’ve purchased a LIC policy, ensure that you periodically check its status. This will not only assist in safeguarding your hard-earned money but will also enable you to utilize it when necessary. This LIC initiative aids policyholders in obtaining their financial benefits and streamlines the procedure.
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