Unclaimed LIC amount: You bought a policy, paid premiums for years, and then totally forgot about it—this is a common story for many families. Over time, you might have changed your address, your bank details weren’t updated, or maybe the nominee wasn’t informed. Because of this, LIC has a lot of cases where the cash is just sitting there, waiting for someone to claim it. The good news? This money doesn’t expire; it just stays unclaimed. So, can you withdraw this money? And if yes, how do you go about it? Let’s dive in.
Is this an unclaimed amount?
When an LIC policy matures or a claim is made after the policyholder passes away, but the cash isn’t collected within the required time, that amount is referred to as the “unclaimed amount.” According to the insurance regulator IRDAI rules, if payment is left unpaid for 12 months, LIC categorizes it as unclaimed. During this period, the money is kept safe and continues to earn interest.
Why does the money get stuck?
Most of the time, the reasons are pretty simple. Sometimes the policyholder moves to a new address, or maybe the bank account is closed or hasn’t been updated. Occasionally, family members might not even know that the policy existed in the first place. Years can go by because of this oversight, and the money just stays with LIC.
If the money stays unclaimed for 10 years, LIC might transfer it to the government’s Senior Citizens Welfare Fund. But don’t worry, that doesn’t mean the money is lost forever. You can still make claims later with the right documents and ID, though the process will take a bit longer.
If there is no nominee, will I get the money or not?
Even if the nominee listed in the policy is no longer around, the money is still there, untouched. In these situations, the legal heirs of the policyholder can file a claim with the necessary paperwork. They’ll need to provide a succession certificate to ensure that the funds go to the rightful person.
How can you find out if you have money in LIC?
You don’t have to go to an LIC office anymore. Just hop onto the official LIC website to see if you or someone in your family has any unclaimed funds. You can also check for any outstanding balance there. Here’s what you’ll need:
– Policy number (if you have one)
– Your name and date of birth
– PAN card number
In no time, all the details will pop up on your screen.
How do you get your money back?
If your check shows an outstanding balance, the next step is to head to your nearest LIC branch. Make sure to bring these documents:
– A request letter (to claim your money)
– KYC documents (like Aadhaar and a photocopy of your PAN)
– Your bank details (a cancelled cheque or a photocopy of your passbook)
– The original Bond or an Indemnity Bond
Once everything is sorted, the money will be transferred straight to your bank account.