LIC Unclaimed Amount: Many policyholders are unaware that they might have unclaimed amounts in their Life Insurance Corporation (LIC) policies. This unclaimed amount arises when the policyholder has paid the premium, but they or their nominee have not claimed the sum assured. Here’s how you can check if you have an unclaimed amount and how to go about claiming it.
Understanding Unclaimed Amounts:
In LIC life insurance, an unclaimed amount is the sum assured that has not been received by the insurer for approximately three years or more. This calculation is based on factors such as the policy’s maturity date, the date the policyholder stopped paying premiums, or the date of the policyholder’s demise.
Checking for Unclaimed Amounts:
Visit LIC’s official website at https://licindia.in/.
Navigate to the “Online Services” tab and select “Unclaimed Amount.”
Provide your policy number and date of birth.
Log in to your account, and you will be able to view any unclaimed amounts associated with your policies.
If you encounter any difficulties during this process, you can visit an LIC branch office or contact their customer care service for assistance.
How to Claim Your Unclaimed Amount:
To receive the unclaimed amount, policyholders must submit a form along with the necessary documents. Required documents typically include policy documents, premium receipts, and a death certificate (if applicable). You can obtain the necessary form from an LIC office or download it from the official website. It is crucial to submit the form with the correct documents to initiate further actions for the release of the unclaimed amount.
The Consequences of Not Claiming:
If you choose not to claim the unclaimed amount, LIC usually invests these funds in government securities or approved investments, crediting them to the Unclaimed Amounts Account. The amount will remain in this account until the policyholder or their legal heir makes a claim, at which point the amount is disbursed.
Addressing Information and Document Issues:
In some instances, policyholders may forget about their policies or be unaware of their existence. Lack of awareness about the required documents or the absence of necessary documents can also hinder the claim process. Additionally, there are cases where policyholders pass away without naming a nominee. Therefore, it is advisable to regularly visit the official LIC website and keep your policy information up to date to prevent unclaimed amounts from accumulating.
