LIC has ₹10,500 crore in unclaimed money: How policyholders, beneficiaries can find it
1 min read.Updated: 14 Aug 2018, 09:02 AM ISTLivemint
LIC policy number, policyholder's name, date of birth, and PAN card are some of the details required on the LIC website to check for unclaimed insurance money
Over ₹ 15,000 crore of unclaimed insurance money is lying with 23 life insurers, according to latest data from insurance regulator Irdai. India’s biggest life insurer LIC or Life Insurance Corporation of India is sitting on over two-third of that unclaimed money while the other 22 private life insurers account for the rest, according to a PTI report. LIC has ₹ 10,509 crore of unclaimed insurance money while among private insurers, ICICI Prudential Life Insurance Co. Ltd has ₹ 807 crore, followed by Reliance Nippon Life Insurance ( ₹ 696 crore), SBI Life Insurance Co ( ₹ 678 crore) and HDFC Standard Life Insurance ( ₹ 659 crore), says the report.
Insurers are required to update information regarding unclaimed amounts on their websites on half-yearly basis. The regulator has asked insurers to provide a facility on their website to enable policyholders or beneficiaries or dependents to find out whether any unclaimed amounts due to them are lying with these companies.
LIC has provided a facility on its website for checking unclaimed insurance money. To know whether any amount under your LIC policy is lying unclaimed with the insurer, here are some details which the insurer needs: LIC policy number, policy-holder’s name, date of birth, and PAN card.
If insurers’ websites shows any unclaimed insurance money, the insurance policyholder or the beneficiary, can approach the insurer directly. Insurers process the payment only after completing the KYC (know your customer) formalities. Insurers may have more layers of verification to prevent fraud.
In a circular dated 3 August, the insurance regulator has relaxed the rules on pension products and allowed policyholders to completely withdraw smaller amounts accumulated through pension products. This is one of the reasons why insurance companies have unclaimed money, said the circular.