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Life Insurance Corporation of India has presented a shocking figure of the unclaimed amount for the financial year 2023-24, in which LIC has said that it has about Rs 880.93 crore of maturity benefit for FY 2023-24.

After this figure, the question is being raised who owns such a huge amount, and if no one claims it, then what will Life Insurance Corporation of India do with this money? If you have not yet claimed your LIC maturity amount, then we are telling you how you can claim it.

This money belongs to 3.72 lakh policyholders.

According to the information given in Parliament by Minister of State for Finance Pankaj Chaudhary, the Rs 880.93 crore lying with LIC belongs to 3.72 lakh policyholders in FY 2023-24, who have not yet claimed it. Let us tell you that if no one claims this amount for 10 years, then it will be very difficult to get it back.

How to claim in LIC?

Policyholders or beneficiaries can check their unclaimed amount by visiting the LIC website (https://licindia.in/home). For this, follow the steps given below:

Go to the Customer Service section and select Unclaimed Amounts of Policy Holders.

Enter the requested information like policy number, name, date of birth, and PAN card details.

Click on Submit, after which the details related to your policy will appear on the screen.

LIC has taken several measures to simplify the claim process, including media campaigns and regular follow-up through agents.

What happens if you do not claim for 10 years?

If the amount is not claimed for 10 years, then this amount is transferred to the Senior Citizen Welfare Fund. This fund is used for the welfare of senior citizens. The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for all insurance companies to display unclaimed amounts of ₹1,000 or more on their website.