In the fiscal year 2023-24, the Life Insurance Corporation (LIC) reported a total of ₹880.93 crore in unclaimed maturity amounts, affecting 3,72,282 policyholders. This figure highlights the growing need for policyholders to stay informed and claim their rightful benefits promptly.
LIC has implemented various measures, including print and digital media campaigns, to reduce unclaimed claims and raise awareness among policyholders.
How to Check Your Unclaimed LIC Maturity Amount
Policyholders can easily check if they have an unclaimed maturity amount using the LIC website.
Step-by-Step Process
- Visit the official LIC website: LIC India.
- Navigate to the Customer Service section.
- Select the option Unclaimed Amounts of Policy Holders.
- Enter the required details:
- Policy Number
- Policyholder’s Name (mandatory)
- Date of Birth (mandatory)
- PAN Card Number
- Click Submit to retrieve the details of your unclaimed amount.
How to Claim Your LIC Maturity Amount Online
When your LIC policy reaches its maturity date, you must file a claim to receive the maturity amount. LIC has streamlined this process through online submissions, making it convenient for policyholders.
Steps to File an Online Claim
- Log in to the LIC website.
- Access the claim settlement section.
- Submit the required documentation, including:
- Completed discharge form
- Policy document
- NEFT mandate form with bank account details
- KYC documents (proof of identity, address, and PAN)
Once verified, the maturity amount will be credited directly to the policyholder’s bank account on the specified due date.
Claims in Case of Death
If the policyholder has passed away, the claim settlement process requires specific documents to ensure smooth disbursement.
Documents Required
- Basic Documents:
- Claim Form A (details of the deceased and claimant)
- Certified death register extract
- Proof of age (if not previously submitted)
- Original policy document
- Additional Documents for Death Within Three Years:
- Claim Form B (Medical Attendant’s Certificate)
- Claim Form B1 (Hospital Treatment Certificate, if applicable)
- Claim Form B2 (Medical Certificate for illness before death)
- Claim Form C (Certificate of Identity and burial/cremation)
- Claim Form E (Employer Certificate, if employed)
- For Accidental or Unnatural Death:
- Certified copies of the FIR, Post-mortem Report, and Police Investigation Report
These additional forms and documents help LIC verify the authenticity of the claim and ensure compliance with its policies.
Key Measures by LIC to Reduce Unclaimed Amounts
To address the rising volume of unclaimed maturity benefits, LIC has adopted proactive strategies:
- Advertising Campaigns: Regularly informing policyholders through print, digital, and radio channels.
- Enhanced Digital Services: Allowing policyholders to check and claim unclaimed amounts online.
- Notification Letters: Sending reminders to policyholders before the maturity date.
FAQs
1. How do I check my unclaimed LIC maturity amount?
Visit the LIC website, go to the Customer Service section, and select Unclaimed Amounts of Policy Holders. Enter your policy details to retrieve the information.
2. What documents are required to claim the maturity amount?
You need the discharge form, original policy document, NEFT mandate form, KYC documents, and any other specified details.
3. Can I claim my LIC maturity amount online?
Yes, LIC allows policyholders to file claims online, eliminating the need for physical submission.
4. What happens if the policyholder has passed away?
In case of the policyholder’s death, the nominee or legal heir must submit additional documents such as Claim Forms, death certificate, and proof of identity.
5. What is the role of the NEFT mandate form?
The NEFT mandate form ensures the maturity amount is directly credited to the policyholder’s bank account.
6. What should I do if I lose the original policy document?
Contact your LIC branch for assistance. They may require additional documents for verification.
7. How does LIC notify policyholders about maturity claims?
LIC sends a notification letter to the policyholder’s registered address two months before the maturity date.
8. Are unclaimed amounts subject to interest?
Yes, LIC may provide interest on unclaimed amounts depending on the terms of the policy.
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