In 2023-24, the Life Insurance Corporation (LIC) reported unclaimed maturity amounts totaling ₹880.93 crore, as disclosed to Parliament on Monday. According to Minister of State for Finance Pankaj Chaudhary’s written response to the Lok Sabha, a total of 3,72,282 policyholders failed to claim their maturity benefits during the fiscal year 2024. In the previous year, an amount of Rs 815.04 crore belonging to 3,73,329 policyholders remained unclaimed.
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To diminish the number of Unclaimed and Outstanding Claims, LIC has implemented various strategies such as utilizing print and digital media advertisements, in addition to radio jingles, to inform policyholders about how to claim their rightful amounts.
To inquire about any unclaimed amount in your LIC policy, you will need to provide the following details:
LIC policy number
Policy-holder’s name
Date of birth
PAN card number
How can check the unclaimed maturity amount?
If any LIC policyholder or a beneficiary wants to know whether any amount under his/her LIC policy is lying unclaimed with the insurer, he/she can do so by entering following details.
1: Visit LIC website- https://licindia.in/home
2: Click on Customer Service and select ‘Unclaimed Amounts of Policy Holders’
3: Enter details such as policy number, name (mandatory), date of birth (mandatory), and PAN card details.
4: Click on ‘Submit’ to get details.
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How to claim your unclaimed maturity amount online
When your LIC policy reaches its maturity date, the insurer will provide you with the final maturity amount. To receive this payment, LIC customers must file a claim. You have the option to submit your LIC maturity claim online through the LIC website. This electronic submission process eliminates the need to physically submit your documentation.
Claims settlement is a crucial component of providing service to policyholders. As a result, the LIC has placed a high priority on the timely settlement of both maturity and death claims.
Steps to claim settlement
Endowment policies issued by LIC require payment at the end of the policy period. A notification letter is sent out by the branch office serving the policy at least two months before the due date for payment, informing the policyholder of the date on which the insurance amounts are payable. Upon receipt of the necessary documentation, payment is processed in advance to ensure that the maturity amount is credited to the policyholder’s bank account on the specified due date.
To facilitate the payment process, LIC policyholders are required to submit the completed discharge form, along with the policy document, NEFT mandate form (containing bank account details and supporting documentation), KYC criteria, and any other relevant information as specified on the LIC website.
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Death of policyholder
In the event of the death of the policyholder, the death claim amount will be paid out if the premiums are up-to-date or if the death occurs within the days of grace. Upon notification of the policyholder’s death, the branch office will request the following documents:
> Claim form A – Providing details of the deceased and the claimant
> Certified extract from the death register
> Documentary proof of age, if not previously admitted
> Evidence of title to the deceased’s estate if the policy is not nominated, assigned, or issued under M.W.P Act
> Original policy document
If death occurs within three years from the date of risk or date of revival/reinstatement, the following additional forms are required:
Claim Form B – Medical Attendant’s Certificate must be completed by the Medical Attendant who treated the deceased during their last illness.
Claim Form B1 – To be filled out if the life assured received treatment in a hospital.
Claim Form B2 – Medical Attendant Certificate for the deceased life assured prior to their last illness.
Claim Form C – Certificate of Identity and burial/cremation to be completed and signed by a reputable person.
Claim Form E – Employer Certificate if the assured was employed.
As per LIC guidelines: “Certified copies of the First Information Report, the Post-mortem report and Police Investigation Report if death was due to accident or unnatural cause. These additional forms are required to satisfy ourselves on the genuineness of the claim, i.e., no material information that would have affected our acceptance of the proposal has been withheld by the deceased at the time of the proposal. Further, these forms also help us at the time of investigation by the officials of the Corporation.”
