LIC: How to know the unclaimed amount, how will the policyholder get the amount?
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Unclaimed amount under life insurance is the amount in which the premium for the policy has been paid by the policyholder but the sum assured has not been claimed by the policyholder or his nominee.
Under life insurance of Life Insurance Corporation (LIC), if the insurer does not receive the sum assured for about 3 years or more, then it is called unclaimed sum. It is calculated on the basis of the maturity date of the policy, the date from which the policyholder has stopped paying premiums, or the date of death of the policyholder.
How to check unclaimed amount
Go to the official website of LIC.
Go to the Online Services tab and select the Unclaimed Amount option.
Provide your policy number and date of birth.
Login to your account, and you will be able to see your unclaimed amount.
If any issue persists, visit LIC branch office or contact customer care.
How to claim amount
To get the unclaimed amount, the policyholder has to submit a form along with the required documents. The documents you will need are the policy document, premium receipt and death certificate (if applicable). You can get the form from LIC office or can also download it from the official website. It is necessary to submit the form along with proper documents. Only after this further action will be taken and the insurance company will release the unclaimed amount.
In some cases, the nominee is not aware of such a policy or the documents required. The nominee must be aware of the policy, and the policyholder must always keep the nomination policy up to date.
What if you don’t claim?
If you choose not to claim the amount, the company usually invests these unclaimed amounts in government securities or other approved investments and credits the same to the Unclaimed Amounts Account. The amount will remain in the account until the policyholder or his legal heir makes a claim and the amount is paid.
There are also cases of lack of information or documents.
In some cases, the policyholder has forgotten about the policy or is unaware of the existence of the insurance policy. It may also happen that they are not aware of the required documents or, in some cases, they may not have the required documents at all. There are also cases where the policyholder dies without making a claim or choosing a nominee. So, it is always suggested that you keep visiting the official website and keep updating your policy always.
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