LIC Unclaimed Deposits: How To Track? Step-By-Step Guide To Claim Old Policies Amount

LIC Unclaimed Deposits: Several Life Insurance Corporation of India (LIC) policyholders often lose track of their insurance policies, leading to unclaimed deposits. According to government data, a significant amount of money remains unclaimed with LIC, with many policyholders unaware that these dues can still be recovered along with applicable interest.

LIC holds nearly 75 per cent share of fresh individual policy issuances in the country. With such a wide reach, even a small share of inactive or forgotten accounts leads to a large pool of LIC unclaimed deposits. Regulators therefore track these balances and expect policyholders to claim their rightful money.

What Happens When LIC Policy Is Left Unclaimed?

LIC defines the unclaimed amount in life insurance as money already payable by the insurer but not yet taken by the policyholder or nominee. If no benefit is received for about three years, LIC labels it unclaimed. The calculation depends on the policy's maturity date, the date premiums stopped, or the date of the policyholder's death.

LIC reported around Rs 880.3 crore in unclaimed maturity proceeds for the financial year 2023-24. These unclaimed deposits are in the name of more than 3.5 lakh policyholders who did not collect maturity payouts during that year. The number excludes other pending dues such as unclaimed death claims, survival benefits or annuity instalments.

How To Check LIC Unclaimed Deposits?

Policyholders can verify any LIC unclaimed deposits or unpaid dues through the insurer's official website. They must open the Life Insurance Corporation of India portal, choose the "Customer Services" section, then select "Unclaimed Amounts of Policyholders". After entering the policy number, name, date of birth and PAN, the system displays any outstanding amount.

If a customer faces issues with the online search, LIC allows offline help. Policyholders can visit the nearest branch and request staff to check LIC unclaimed deposits linked to their policies. LIC customer care numbers also provide assistance, guiding users on information needed and steps to follow.

How To Claim LIC Unclaimed Deposits?

To recover LIC unclaimed deposits, customers first obtain the relevant claim form from any branch or download it through the LIC website. They then collect supporting records, such as original policy documents, premium payment receipts and, where applicable, the death certificate of the life assured.

The completed form, together with the required documents, must be submitted to the LIC office for verification. LIC reviews the request and, once approved, releases LIC unclaimed deposits to the registered bank account. Payments are routed only through electronic channels allowed by the Reserve Bank of India, using details like the cancelled cheque and account information.

Applicants must also provide a self-attested copy of the PAN card, an updated Client Master List report from the depository participant, and a scanned image of a cancelled cheque. These records help LIC confirm identity and bank particulars so that settlement of LIC unclaimed deposits happens in a secure and traceable manner.

LIC's system ensures that unclaimed deposits remain accessible, even if transferred to the Senior Citizen Welfare Fund after ten years. With clear online tools, defined documentation and electronic payments, policyholders and nominees in India have structured options to trace and claim LIC unclaimed deposits that may have gone unnoticed for years.