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

What is the Unclaimed Amount in LIC Plans?

The unclaimed funds in an LIC policy is the amount of premium that a policyholder pays but fails to collect the sum insured or the payout. The amount is categorized as unclaimed when the policyholder has not claimed any benefits from the policy for a period of three years or more. The unclaimed amount surfaces at the trime of policy maturity or when policyholders discontinue paying premiums after initially paying them, or passes away without making a claim. The unclaimed amount is accumulated over time, which leads to a huge corpus for the insurer.

What is the Total Unclaimed Amount in LIC in FY2023-24?

LIC India is a government-owned company providing insurance and investment services to Indians. the total unclaimed money in LIC policies is around Rs. 880 crores. This sum also accounts the interest accumulated on the unclaimed amounts, and the corporation allows its customers to check and then claim their deposits, ensuring they are not lost.

How to Check LIC Unclaimed Deposit?

Follow the given steps to check your LIC unclaimed money:

Step 1: Go to the LIC official website.

Step 2: Go to the "Customer Services" section and select "Unclaimed Amounts of Policyholders."

Step 3: Enter your basic details such as name, DOB, policy number, and PAN card details.

If you face any issues in the process, you can visit your nearest LIC branch or call the customer care number for assistance.

How to Claim LIC Unclaimed Deposits?

Here are the steps to claim the LIC unclaimed funds:

Step 1: Update bank account details in the demat account with the respective depository participants. 

Step 2: After updating, send the following documents from the registered email address to the RTA (Kfin Technologies Limited) at einward.ris@kfintech.com or to the Corporation at investors@licindia.com:

• Updated CML (Client Master List) report from the Depository Participants

• Self-attested copy of the PAN

• Cancelled cheque (Scanned copy)

The payment will be made directly to the policyholder’s bank account via electronic transfer.

What Happens to LIC Unclaimed Deposits?

If the unclaimed amount in an LIC policy remains unclaimed for over 10 years, it is eventually transferred to the Senior Citizens Welfare Fund. This fund is specifically designed to provide financial assistance and benefits to senior citizens in India. The funds are utilized for various welfare initiatives and schemes to improve the quality of life for elderly citizens who need financial support.

However, this does not mean the life insurance policyholder has no right to claim the unclaimed amount. Policyholders can still claim these unclaimed deposits. The LIC ensures that the unclaimed amount and any interest accrued during the period it remained unclaimed are available for claim. The process for claiming such deposits is simple (as discussed above), and policyholders can contact LIC and follow the necessary steps to receive the funds. 

To Sum Up

LIC allows its policyholders to claim any unclaimed deposits, which include interest. You can check whether you have any unclaimed LIC funds on the LIC website and follow the steps to claim them. Ensure you provide the necessary documents for a smooth and successful claim process.

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