Thread by @myfinology

LIC has unclaimed funds of Rs. 21,539 Cr.😲

But, who are the real "Maaliks" of these funds and what LIC does with this fund?

Read the interesting 🧵

(1/8)

#LICIPO #investing

What are unclaimed amounts?

The amount of money that remains due to the beneficiaries or policyholders like :

▶️Maturity claim
▶️Death claim
▶️Survival benefits
▶️Indemnity claims
▶️Premiums refunds

(2/8)

But why does the situation happen?

📌The nominees had lost the original documents
📌 Nominees are unaware of the policyholder having a policy.
📌 Changes in the contract was not notified to the insurance company

(3/8)

From the Last 6 months, an amount of Rs 1,527.6 crore was paid out as claims, while Rs 4,346.5 crore was transferred as unclaimed amounts.

Source ~ Business Standard

(4/8)

What happens to the unclaimed amt?

Insurance comp. hold d money on behalf of the beneficiaries but If d amt remains unclaimed for more than 10 yrs, it gets transferred to d Senior Citizens’ Welfare Fund.

But beneficiaries can claim d dues up to 25 yrs frm the SCWF.

(5/8)

How to look for ur unclaimed amount?

The information is disclosed on d website of insurance company if d claim amount is > Rs. 1k.

U need to Visit the ‘unclaimed policy’ section of d website & enter relevant details like - Policy no., policy holder's name, DOB, PAN

(6/8)

If you find your unclaimed amount, you can approach the insurer to get the money.

Insurers will remit the proceeds of all claims, maturity payments or any amount due to policyholders or their beneficiaries through an online medium.

(7/8)

Important checklist for all policyholders :

✅Add nominee
✅Update your Address & contact details, whenever needed
✅Make sure that your family members are aware of your policies

Visit Recipe.finology.in and find out your perfect match for the insurance needs! ♥️

(8/8)