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Unclaimed and outstanding LIC claims surge 83% in 5 years: FinMin

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Unclaimed and outstanding deposits refer to amounts that remain unpaid due to various reasons, such as the policyholder or nominee not claiming them, lack of proper communication, or unawareness of the claim process.
The article from CNBC TV18 discusses the significant increase in unclaimed and outstanding Life Insurance Corporation (LIC) claims, which have surged by 83% over the past five years. According to the Finance Ministry, the amount of unclaimed funds has risen from Rs 12,200 crore in March 2018 to Rs 22,266 crore by March 2023. This increase is attributed to various factors including policyholders not updating their contact details, lack of awareness about policy maturities, and delays in claim settlements due to incomplete documentation or disputes. The Finance Ministry has urged LIC to enhance its efforts in tracking down policyholders or their nominees to settle these claims, emphasizing the need for better communication and outreach programs to reduce the backlog of unclaimed amounts.

Read the Full cnbctv18 Article at:
[ https://www.cnbctv18.com/business/finance/unclaimed-outstanding-lic-claims-surge-83-pc-in-5-years-finmin-19524975.htm ]