Life Insurance Corporation (LIC), a trusted Indian government-owned insurance and investment company, offers various policies catering to diverse needs. Among these policies, there's a crucial aspect known as the unclaimed amount.
Unclaimed amount in life insurance refers to the premium paid by the policyholder but not yet claimed. If a policyholder hasn't received any benefits from their insurer for approximately three years or more, it's categorized as an unclaimed amount. The calculation depends on factors like the policy's maturity date, when premium payments ceased, or the date of the policyholder's demise.
Here's how you can check and claim an unclaimed amount:
Checking your unclaimed amount:
1. Visit LIC's official website at [https://licindia.in/](https://licindia.in/).
2. Navigate to the Online Services tab and select the Unclaimed Amount option.
3. Provide your policy number and date of birth.
4. Log in to your account, and you'll be able to view details about your unclaimed amount.
In case you encounter any difficulties, you can either visit an LIC branch office or reach out to their customer care service.
Claiming the unclaimed amount:
To claim the unclaimed amount, you'll need to follow these steps:
1. Obtain the required form, which is available at any LIC office or downloadable from the official website.
2. Collect the necessary documents, including the policy document, premium receipts, and the death certificate (if applicable).
3. Submit the completed form along with the supporting documents to the LIC office.
The LIC team will process your claim, and once approved, the unclaimed amount will be released to you.
It's important to note that in certain situations, nominees may not be aware of such policies or the required documentation. To avoid such scenarios, both policyholders and nominees should stay informed about their policies and keep nomination details up to date.
If you choose not to claim the amount, LIC typically invests these unclaimed sums in government securities or approved investments. The funds remain in your unclaimed amount account until you or your legal heirs initiate a claim.
Sometimes, policyholders may forget about their policies or lack awareness about necessary documents. In rare cases, they might pass away without making a claim or designating a nominee. To prevent such situations, it's advisable to regularly visit the official website and keep your policy details updated.
Remember, staying informed and proactive ensures that your insurance policies remain a valuable asset for you and your loved ones.
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