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| Rs 7,318 crore lie unclaimed with LIC | | |  Early Times Report
Jammu, July 20: Despite sustained awareness campaigns and outreach initiatives, a staggering Rs 7,318.50 crore remains unclaimed with the Life Insurance Corporation of India (LIC) as of March 31, 2026, according to information shared by the Government.
The data tabled in the Lok Sabha revealed that thousands of policyholders or their beneficiaries have yet to claim insurance proceeds, even as LIC continues to undertake extensive efforts to trace them and facilitate settlements.
As per the Insurance Regulatory and Development Authority of India (IRDAI) Master Circular on Operations and Allied Matters of Insurers dated June 19, 2024, any unclaimed amount lying with insurers for more than 10 years must be transferred to the Senior Citizens' Welfare Fund (SCWF), managed by the Ministry of Social Justice and Empowerment. LIC transfers eligible funds to the SCWF annually on or before March 1.
The government further clarified that there is currently no proposal to utilise these funds for any purpose other than those prescribed under the existing rules.
To ensure that policyholders receive their dues, LIC has launched a multi-pronged strategy to identify beneficiaries and settle pending claims.
Policyholders can check whether any amount is due to them by visiting LIC's official website and searching with their name, date of birth and PAN details.
LIC branches and divisional offices are also contacting policyholders through letters sent to their last known addresses and regular SMS reminders on registered mobile numbers, requesting them to complete the necessary claim formalities.
Since much of the unclaimed amount pertains to outstanding claims over the past decade, LIC officials are actively pursuing policyholders to obtain claim documents and bank account details for electronic transfers through NEFT.
The corporation has also enlisted the support of its field network. Pin code-wise lists of policyholders are shared with LIC agents, who personally visit addresses to locate beneficiaries. In cases where policyholders have shifted, agents seek updated contact details from neighbours, nearby shops, Gram Panchayats and other local sources.
In addition, Development Officers and Bima Sakhis are working with branch officials to trace policyholders and assist them in completing claim formalities.
To strengthen tracing efforts, LIC has engaged the services of a Credit Bureau Agency to obtain updated addresses and mobile numbers of policyholders and beneficiaries.
LIC also participated in the Ministry of Finance's nationwide "Your Money–Your Right" campaign between October and December 2025. During the campaign, awareness camps were organised in every district across the country, with LIC participating through its 2,048 branch offices. Banners were displayed and marketing officials were assigned cases for follow-up based on the amount payable.
The insurer has further intensified public awareness by publishing advertisements across India in English, Hindi and 13 regional languages, encouraging policyholders and their nominees to check and claim any pending insurance proceeds. |
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