LIC Logs Jump In Unclaimed Maturity Amounts To Rs 881 Crore In FY24
A total of 3.72 lakh LIC policyholders failed to claim their maturity benefits during the fiscal.
Life Insurance Corporation of India reported unclaimed maturity amounts of Rs 880.93 crore for fiscal 2024, Minister of State for Finance, Pankaj Chaudhary told the Parliament on Monday in a written reply.
The minister further added that 3.72 lakh policyholders failed to claim their maturity benefits during the fiscal. In comparison, the previous year saw Rs 815.04 crore in unclaimed amounts from 3.73 lakh policyholders, he added.
Additionally, 10 death claims totaling Rs 14 lakh remained unclaimed during fiscal 2024.
To address this issue and reduce unclaimed and outstanding claims, LIC has implemented various initiatives, including advertisements in print and digital media, as well as radio jingles, urging policyholders to claim their due amounts.
The outstanding amounts in unclaimed accounts are settled in favour of the respective policyholders or claimants upon receipt of a claim request, the minister said.
Reminder letters are sent through ordinary/speed post as well as through email where available, and also SMS are sent where mobile numbers are available, he said.
The claim settlement process is simplified and only valid NEFT is required to settle the claim, Chaudhary said. He added that continuous follow-up is made with the policyholders through agents and development officers to comply with the requirement and claim the amounts.
In the quarter ended Sept. 30, LIC saw its consolidated net profit decline 3.7% year-on-year to Rs 7,729 crore from Rs 8,030 crore in the year-ago period.
The country's largest insurer reported a net premium income growth of 12%, reaching Rs 1.2 lakh crore for the period as compared to Rs 1.1 lakh crore in the same period last year. The company's solvency ratio improved to 1.98 from 1.9 in the year-ago period.
