Details required to check unclaimed amount in LIC
How to look for your unclaimed and outstanding amount
If any LIC policyholder or a beneficiary wants to know whether any amount under his/her LIC policy is lying unclaimed with the insurer, can do so by entering following details.
Step 1: Visit the link https://customer.onlinelic.in/LICEPS/portlets/visitor/unclaimedPolicyDues/UnclaimedPolicyDuesController.jpf
Step 2: Enter all the details required and click submit.
The total amount if any will be disclosed and you can claim the same following proper KYC and submission of documents. Note that all payments due to the policyholders relating to insurance policies shall be routed through the respective bank accounts through any electronic mode as may be permitted by the Reserve Bank of India (RBI) from time to time.
What the rules state about unclaimed accounts
If any money is left unclaimed for more than 10 years, all the amount is transferred to the Senior Citizen Welfare Fund, such funds are used for the benefit of senior citizens, as per rules.
According to a government notification, “The government vide notification F.No. 13/20/2014/NS-II, dated 11.04.2017, has amended the rules and Life, General and Standalone Health Insurance companies have been notified in the list of entities who shall be liable to transfer unclaimed amounts to the SCWF after 10 years. Accordingly, all insurers shall ensure that the unclaimed amounts of policyholders are held in custody and invested as directed by the Authority under this circular for a period of 10 years from the due date. The unclaimed amounts, on completion of ten years, shall be treated in accordance with the provisions of notification F.No. 13/20/2014/NS-II Dated 18.03.2016.”
According to IRDAI circular on unclaimed amount, “Unclaimed Amounts” shall include any amount held by insurers but payable to policyholders or beneficiaries, including income accrued thereon, remaining unclaimed beyond six months from the due date or settlement date of such amount, whichever is earlier.
According to IRDAI circular, “Every Insurer shall display the information about any unclaimed amount of Rs. 1000/-or more on their respective web-sites. Such display of information of unclaimed amounts shall continue even after completion of ten years.”
When does a policy get termed as unclaimed?
Policyholders or beneficiaries will be able to claim dues under their policies for a period of 25 years from the date of the insurer’s transfer to the Senior Citizen’s Welfare Fund (SCWF). Section 126 of the Finance Act, 2015 states that if no claim is made within 25 years of the transfer to the SCWF, the funds will escheat to the Central Government, according to IRDAI master circular.