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Do you wish to check if there’s any unclaimed amount under your LIC policy? LIC has brought a helpful facility that allows policyholders to check the unclaimed amount online. The status of your claim can easily be obtained through a LIC website. The due amount regarding the maturity claim, survival benefits, premium refunds, and indemnity then be checked. Here’s how you can do it step-by-step by entering some basic details.
When does LIC Policy get termed as Unclaimed?
Policyholders or beneficiaries can claim dues under the policies for a period of twenty-five years from the insurer’s transfer date to Senior Citizen’s Welfare Fund (SCWF)
As per section 216 of the Finance Act, no claim can be made within 25 years of transfer to SCWF. The fund escheat to central govt.
Details Needed to Check Unclaimed Amount in LIC
- Policy-holder’s name
- LIC policy number
- Date of birth
- PAN card
How to Check The Unclaimed Amount In LIC Policy?
If any LIC beneficiary or policyholder wishes to check their outstanding amount under his/her LIC policy, then here’s how to do it,
Step 1: Visit
Step 2: Enter all the important details like LIC Policy Number, Policy-holder’s name, Date of Birth, and PAN card. Hit submit.
Step 3: The outstanding or unclaimed amount will be disclosed. To claim it, follow proper KYC & submission of documents. The payment related to insurance policies will be routed through your respective back account as per RBI.
Is there any rule about the unclaimed amount?
If there’s any money left under the unclaimed amount exceeding 10 years, then the amount is directly transferred to Senior Citizen Welfare Fund.
As per the notification from the government,
‘The government vid notification F.No.13/20/2014/NS-II, dated 11.04.2017, has amended the rules and Life, General and Standalone Health insurance companies have been notified in the list of entities who shall be liable to transfer unclaimed amounts to the SCWF after 10 years. Accordingly, all insurers shall ensure that the unclaimed amounts of policyholders are held in custody and invested as directed by the Authority under this circular for a period of 10 years from the due date. The unclaimed amounts, on completion of ten years, shall be treated in accordance with the provisions of notification F.No. 13/20/2014/NS-II dated 18.03.2016.’
As per the IRDAI circular, ‘every Insurer shall display the information about any unclaimed amount of Rs.1000/- or more on their respective websites. Such display of information of unclaimed amounts shall continue even after completion of ten years.’