- Date : 16/03/2023
- Read: 4 mins
An 'unclaimed amount' is the money under any LIC policy that the policyholder has not claimed within the given period of time. The unclaimed money is transferred to a fund maintained by the LIC to pay the policyholder’s premiums or provide other benefits in the case of death or maturity. One can always check the LIC India official website to enquire about unclaimed money, if any.
Know about your unclaimed money under the LIC policy!
What is meant by an unclaimed amount?
The unclaimed amount under a life insurance policy in India is the amount of premium that has been paid towards the policy but has not been claimed by the policyholder. This amount is usually accumulated when the policy expires or the policyholder fails to pay the necessary premiums for a certain period. The Insurance Regulatory and Development Authority of India (IRDAI) requires that insurers transfer all unclaimed amounts to a designated account.
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When does one’s LIC policy money become unclaimed?
In India, an insurance policy is said to be unclaimed when the policyholder does not receive any benefits or intimations from the insurer for a period of 3 years or more. This period is calculated after the policy’s maturity date, the date when the policyholder stops paying the premiums, or the date of the policyholder's death. When an insurance policy is unclaimed, it means that the policyholder has not made any claims against the policy. This could be due to any of the following reasons:
- The policyholder has forgotten about the policy, or he or she is unaware of its existence.
- The policyholder does not have the necessary documents to make a claim.
- The policyholder has failed to make the required payments for the policy.
- The policyholder has died without making a claim or nominating a beneficiary.
- The policyholder has moved to a different location and has failed to inform the insurer about the change in address.
How do you check if you have any unclaimed amount?
In order to check if there is any unclaimed amount under your LIC policy in India, you will need to follow the below steps:
- Visit LIC India's official website.
- Click on the "Online Services" tab and select the "Unclaimed Amount" option.
- Enter your policy number and date of birth to log in.
- Once you have logged in, you will be able to view the details of your unclaimed amount.
- If you are unable to locate your policy, you can call the customer service helpline or write to them for assistance.
- You can also visit the LIC branch office in your area and enquire about the amount.
- You can also submit a request to the branch office for the payment of the amount.
- The branch office will then process your request and issue a cheque or transfer the unclaimed amount to your bank account, as per your convenience.
How do I claim the unclaimed amount?
In order to claim the unclaimed amount under any LIC policy in India, the policyholder must submit a duly filled-out claim form along with the necessary documents. The following documents include: the policy document, the premium receipt, and the death certificate (if applicable). The claim form is available at the LIC office or can be downloaded from the LIC's official website. The policyholder must submit the claim form and the necessary documents to the LIC office. The LIC then processes the claim and releases the unclaimed amount to the policyholder.
What happens to the unclaimed money?
Under the LIC policy, the insurer holds any unclaimed amount in trust. The unclaimed amount is invested in government securities or other approved investments and credited to the unclaimed amount account. The unclaimed amount will remain in the account until the policyholder or his or her legal heir submits a claim and the amount is paid out.
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An unclaimed amount under any LIC policy is the amount that is due to the policyholder or nominee but has not been claimed by the policyholder or nominee. To check if you have any unclaimed amounts, you can visit the LIC website and search for the "Unclaimed Amounts" section, or visit your nearest LIC branch to enquire about it.