LIC's unclaimed maturity amounts reach ₹881 crore in FY24

Life Insurance Corporation (LIC) reported unclaimed maturity amounts totaling ₹880.93 crore for the fiscal year 2023-24, according to a statement in Parliament on Monday. A total of 3,72,282 policyholders failed to claim their maturity benefits during the period, as stated by Minister of State for Finance, Pankaj Chaudhary.

In comparison, the previous year saw unclaimed amounts of ₹815.04 crore, belonging to 3,73,329 policyholders. Additionally, 10 death claims, amounting to ₹14 lakh, went unclaimed in FY24.

To address these unclaimed and outstanding claims, LIC has introduced several initiatives, including print and digital media advertisements, as well as radio jingles, urging policyholders to claim their dues. Reminder letters are sent via ordinary and speed post, emails where available, and SMS to those with registered mobile numbers.

The process for claiming outstanding amounts has been simplified, requiring only valid NEFT details to settle the claims. LIC also ensures continuous follow-up with policyholders through agents and development officers to facilitate the claim process.