Winning Bizness Desk

Mumbai. The Reserve Bank of India has announced the creation of a new centralized portal to find heirs of about Rs 35,000 crore lying 'unclaimed' in 12 public sector banks of the country. Probably in two to four months this portal will also go live. But the government insurance company 'Life Insurance Corporation of India' (LIC) is also not lagging behind in this matter. LIC also has about Rs 21,500 crore, which has no claimant. There is no clear information available regarding the current unclaimed amount of LIC. But when the company launched its IPO, it had informed in the documents that it has an unclaimed fund of Rs 21,539 crore till September 2021. However, if you want to know whether your own policy is unclaimed, then here we are telling you the complete process.

How to know the unclaimed amount of LIC

LIC has given a special tool on its portal itself to find out the unclaimed amount. Here you can find out the unclaimed amount by telling your policy details. For this, first of all you have to go to LIC's site. After this you have to go to the customer service section. Then in the Customer Service section, you have to click on 'Unclaimed Amount of Policyholders'. On clicking this link, a separate window will appear, where you will have to give some information related to the policy. You will have to provide the policy number of LIC, the name of the policy holder, his date of birth and PAN card number. After this, as soon as you click on Submit, you will have the details of the unclaimed amount in front of you.

Can claim by giving KYC document

You can claim the unclaimed amount in LIC by following the KYC rule. For this, you have to get your proper KYC done, as well as the KYC of the policy holder should also be updated. Apart from this, you will also have to submit documents related to the policy. This amount issued from LIC will be credited to the policy holder's account. As per the rules of the Insurance Regulatory and Development Authority of India (IRDAI), insurance companies have to keep the information about the unclaimed amount of Rs 1,000 or more updated. Any amount which remains unutilized with the insurance company even after a period of 10 years without any change is termed as unclaimed amount.