Life Insurance Corporation Of India: The country's largest life insurance company, Life Insurance Corporation (LIC) has presented a shocking figure. LIC says that it has a maturity amount of about Rs 880.93 crore, on which no one is claiming. Giving this information in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said that Life Insurance Corporation has an unclaimed maturity amount of Rs 880.93 crore. His statement shocked everyone.

In this situation the amount is considered unclaimed 

Unclaimed amount means that the policyholders have not received their money even after the maturity is completed. If the policyholder has not received any benefits from the insurer for three years or more, then the amount is considered unclaimed.

This happens in situations when either the policyholder stops paying the premiums or the policyholder dies or even after the policy matures, he or she does not follow the further procedures to withdraw the amount. 

Where is the unclaimed amount transferred

If no one claims the amount for more than ten years after maturity, then all the money is transferred to the Government's Senior Citizen Welfare Fund. 

This is how you can check unclaimed maturity

To check the unclaimed maturity of Life Insurance Corporation, first go to the LIC website https://licindia.in/home .

Now click on the customer service option on the homepage.

After this the policyholder should select the unclaimed amount and click on it.

Fill in the details like policy number, name, date of birth and PAN card number and finally click on the submit button. 

To stake your claim on this amount, get the form from the LIC office or download it from the site.

Now submit it along with the policy documents such as premium receipts and if the policyholder has died, then the death certificate.

Life Insurance Corporation will investigate this claim. If it is approved, the unclaimed amount will be transferred to you.