Even though the insurance period has expired, the policyholder has not received the maturity amount. The policyholders have outstanding maturity amounts in crores with LIC, a public sector insurance company.
These days, taking insurance has become a must. Insurance companies are offering various types of policies according to the needs of the people. They are designing schemes that provide more benefits with less premium. However, even after the insurance period ends, the policyholder does not receive the maturity amount. The maturity amount of policyholders is in the crores with the public sector insurance company LIC. It is noteworthy that the Union Independent Finance Minister Pankaj Chaudhary recently revealed in Parliament that the unclaimed maturity amount with LIC is Rs.880.93 crore.
Union Minister Pankaj Chaudhary said in a written reply that the maturity amount of 3,72,282 LIC policyholders for the financial year 2023-24 remained unclaimed. This has raised doubts among many policyholders as to what is meant by unclaimed amount. The Insurance Regulatory and Development Authority of India (IRDAI) has clarified this through a circular.
After the completion of the insurance term of the policyholders, the insurance companies have to provide the maturity amount to the policyholders or beneficiaries within six months from the due date or settlement date. If the maturity amount is not provided within six months, then they are considered as unclaimed amounts. If the amount remains unclaimed for 10 years, then as per the rules, this amount is transferred to the Senior Citizen Welfare Fund.
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