LIC Has More Than Rs 21,500 Crore Unclaimed Funds. How Can You Check Your Amount?

LIC IPO News: According to the DRHP, LIC has unclaimed funds of around Rs 21,539 crore. These figures are as of September 2021.

New Delhi: LIC filed its Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI) on Sunday. According to the DRHP, LIC has unclaimed funds of around Rs 21,539 crore. These figures are as of September 2021. According to a report by Mint, this amount was at Rs 18,495 crore as of March 2021 and Rs 16,052 crore as of March 2020.

The government will sell 5 per cent of its stake in LIC in the LIC IPO. The unclaimed amounts include outstanding interest on the unclaimed amount as well, according to Mint.

The report further added that every insurer in India is obligated to provide information if any unclaimed amount is more than Rs 1,000. The information can be provided on the website for easy access to the information. IRDAI also prescribes procedures related to accounting and payment of the amount.

According to the IRDAI circular of Unclaimed Amounts, “All insurers must adhere to the accounting procedure issued by Budget Division, Department of Economic Affairs, the Ministry of Finance for transfer of the unclaimed amounts into the SCWF.”

How To Check Your LIC Unclaimed Amount?

1. The policyholders can go to the link, https://licindia.in/Bottom-Links/Unclaimed-Policy-Dues
2. Fill in the details like LIC Policy Number, Policyholder’s Name, Date of Birth and PAN Card details.
3. Click on ‘Submit’
4. The details will be displayed on the screen.