Unclaimed LIC Maturity Benefits: A Guide to Reclaiming Your Money

Ever forget about an old bank account or a forgotten investment? Believe it or not, millions of rupees in LIC maturity benefits go unclaimed every year. For the financial year 2023-24 alone, a staggering ₹880.93 crore remained unclaimed by policyholders! That’s roughly 3.72 lakh policies where the maturity benefits haven’t been collected. But don’t lose hope, there is still an opportunity to recover your just dues! This article is going to guide you on how to check if you have any unclaimed LIC maturity benefits and how to claim it. Let’s get started!

How to Check for Unclaimed LIC Maturity Benefits

Checking for unclaimed LIC benefits is easy. Here is what you need to do: Go to the LIC website: You can check the official LIC website at https://licindia.in/. Move to “Customer Service”: Go through the website to find the section that states “Customer Service.”
Look for “Unclaimed Amounts”: From within the “Customer Service” section, try and find the link labeled as “Unclaimed Amounts of Policy Holders” or an equivalent. Provide details: You will need to input some basic information about you including your policy number, your name as mentioned in the policy, your date of birth, and details regarding your PAN card.

Submit and verify

Now, once you have filled all details, click on “Submit”. In case there are any unclaimed amounts on your policy, the system will throw it on the screen. Claims for Unclaimed LIC Maturity Benefits If you notice an unclaimed amount on your LIC policy, then filing a claim is easy and simple.

Here’s what to do next

Contact your LIC agent: Now, contact your LIC agent or the branch where your policy is serviced. They shall guide you through the entire claim process and provide all the necessary forms. Collect required documents: Depending upon the nature of the policy and the sum involved, you may require submitting documents such as a photocopy of your PAN card, address proof, and even a cancelled cheque from your bank account.

Submit the claim form and documents

Now that you have all these documents, fill up your claim form given by the LIC agent and submit it along with the mentioned documents in the LIC branch or with your agent. Process and disbursement: The LIC will further process the claim and return the amount within a reasonable timeframe. It may take some weeks or more depending upon the complexity involved in the claim.

Importance of claiming your Unclaimed LIC benefits

Benefits of maturity received from the LIC are just not missed financial opportunities but, in many ways, a security risk, too. Here’s why you need to claim your unclaimed benefits. Get what you deserve : You’ve paid premiums on your LIC policy, so, in the first place, that maturity benefit is yours. Financial security : Unclaimed amount can turn out to be of great help in securing you financially when you are in old age or in dire situations. Prevent misuse: Leaving funds unclaimed increases the risk of unauthorized access or misuse. Peace of mind: Knowing your finances are in order and your investments are accounted for provides peace of mind.

LIC’s Initiatives to Reduce Unclaimed Benefits

LIC is constantly working to reduce unclaimed benefits and improve communication with policyholders. Here are some of their initiatives: Awareness campaign: LIC undertakes routine awareness campaigns to make its policyholders aware of their unclaimed benefits and the benefits of claiming them in time. Digital outreach: LIC makes use of digital modes of communication, such as email and SMS, to communicate to policyholders about their status and unclaimed benefits. Follow-up by agents: The LIC agents are motivated to regularly get in touch with the policyholders to make them aware of their benefits and claim it on time.

Conclusion

Ensure that you get whatever you deserve. Be vigilant and proactive. Regularly check for unclaimed LIC benefits, so you receive what you’re rightly due. A little vigilance might just be enough to secure your financial future. Disclaimer: This article is meant to be purely informative and is not meant to be any sort of financial advice. You should always consult a qualified financial advisor before making investment decisions.

Unveiling the Risks: A Deep Dive into Mutual Fund Investments

PM Kisan Samman Nidhi Yojana A Boon for India Small and Marginal Farmers

Cracking the Code: Your Guide to Getting an Ayushman Bharat Card in 2024