Unclaimed amount under life insurance is the amount in which the premium for the policy has been paid by the policyholder, but the policyholder or his nominee has not claimed the sum assured.
Under life insurance of Life Insurance Corporation (LIC), if the sum assured is not received by the insurer for about 3 years or more, then it is called unclaimed amount. Its calculation is done on the basis of the maturity date of the policy, the date from which the policyholder has stopped paying premiums, or the date of death of the policyholder.
How to check unclaimed amount
Go to the official website of LIC https://licindia.in/.
Go to the Online Services tab and select the Unclaimed Amount option.
Provide your policy number and date of birth.
Login to your account, and you will be able to see your unclaimed amount.
If any problem persists, visit LIC branch office or contact customer care service.
How to claim amount
To receive the unclaimed amount, the policyholder has to submit a form along with the required documents. The documents you will need are policy documents, premium receipt and death certificate (if applicable). You can get the form from LIC office or you can also download it from the official website. It is necessary to submit the form with proper documents. Only after this will further action be taken and the insurance company will release the unclaimed amount.
In some situations, the nominee is not aware of this type of policy or the required documents. The nominee should be aware of the policy, and the policyholder should always keep the nomination policy updated.
What happens if you don’t claim?
If you choose not to claim the amount, the company usually invests these unclaimed amounts in government securities or other approved investments and credits the same to the Unclaimed Amounts Account. The amount will remain in the account until the policyholder or his legal heir makes a claim and the amount is paid.
There are also cases of lack of information or documents
In some cases, the policyholder has forgotten about the policy or is unaware of the existence of an insurance policy. It may also happen that they are not aware of the required documents or, in some cases, they may not have the required documents at all. There are also cases where the policyholder dies without making a claim or without selecting a nominee. Therefore, it is always suggested that you keep visiting the official website and always update your policy.
