LIC has more than Rs 16,000 crore unclaimed funds: RTI query
This amount was for lakhs of policyholders across the country. Those who have failed to claim after their policy is fully completed or their own family members forgot to claim after the death of the insured.
Nagpur: The Life Corporation of India (LIC) had absolutely no claims of Rs 16,000 crore till last year, an Revealed through RTI query.
This amount was for lakhs of policyholders across the country. Those who have completely failed to claim after their policy is fully completed or their own family members completely forgot to claim after the death of the insured.
The insurance giant is going to come up with 1 IPO very soon. Which is probably the largest in the whole of India. It is reported that the amount of these unclaimed deposits is increasing every financial year.
Life Corporation of India reply came in response to questions raised by Sanjay Thul, national president of Federation of Customs, Central Excise and GST, SC/ST Employees Welfare Association.
The Chief Public Information Officer (CPIO) of this insurance company whose name is Harleen Gauba. According to him, he also had unclaimed deposits amounting to about Rs 6,885 crore in 2015-16. Which increased in the year 2019-20 and has increased to about Rs 16,052 crore. This is an increase of more than two and a half times in 5 years. This total amount included the return on investment made by the corporation as well as the interest thereon. Life Corporation of India invests this amount in various sectors such as government securities, equities, shares, and mutual funds.
Policyholders who failed to claim their amount
However, the behemoth completely fails to answer Sanjay’s other questions. Like how many policyholders who had completely failed to claim this amount and what steps have been taken to reach it to them and their families so that they can get this due benefit.
Sanjay has pointed out that despite the orders of the Chief Election Commissioner (CIC), LIC has completely failed to respond to both these matters in clear violation. They should also try to get the money back to the policyholders or their families instead of sitting on it and securing the interests.
1 Life Corporation of India official has stated that his company had provided a facility to check Unclaimed Sum Assured on its own website. It has also been said that all policyholders will have to submit their policy number, PAN card number, date of birth, and name to make a claim. And even after verification of their details, they will directly deposit the amount in their own bank accounts.
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