The unclaimed amount under life insurance is the amount of premium that is paid for the policy but has not been claimed by the policyholder.
Life Insurance Corporation (LIC) is an Indian state-owned insurance group and investment company that provides a wide range of policies. Customers can avail themselves of several policies available and gain some benefits.
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In India, the unclaimed amount under life insurance is the amount of premium that is paid for the policy but has not been claimed by the policyholder. If the policyholder does not receive any benefits from the insurer for almost 3 years or more, then it is called an unclaimed amount. It is calculated on the basis of the policy’s maturity date, the date from which the policyholder has stopped paying the premiums, or the date of the policyholder’s death.
How to Check Unclaimed Amount
Visit the official website https://licindia.in/
Visit 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 view your unclaimed amount
If any problem persists, visit the LIC branch office or contact the customer care service.
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How to Claim the Amount
The policyholder is required to submit a form along with the necessary documents. The documents you will require are the policy document, the premium receipt and the death certificate (if applicable). The form is available at the LIC office, or you can download it from the official website. The policyholder is required to submit the form with the proper documents. This will be further processed and the company will release the unclaimed amount.
In certain situations, the nominee is not aware of this kind of policy or the documents required. The nominee should be aware of the policies, and the policyholder should always keep the nomination policy updated.
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If you choose not to claim the amount, then the company usually invests these unclaimed amounts in government securities or other approved investments and credits them to your unclaimed amount account. The account will remain in the account until the policyholder or his or her legal heir submits a claim and the amount is paid.
In certain cases, the policyholder might have forgotten about the policy or be unaware of its existence. It might also happen that they are not aware of the documents needed or, in rare cases, don’t have the required documents. There are cases when the policyholder has died without making the claim or selecting a nominee. It is always suggested that you visit the official website and always update your policy.
