What happens to unclaimed LIC policy?

What happens to unclaimed LIC policy?

According to current rules, all insurers, including LIC, having unclaimed amount of policyholders for a period of over 10 years have to transfer the money to Senior Citizens Welfare Fund (SCWF), created by the government. This fund is used for promoting the welfare of the senior citizens.

What is unclaimed amount in LIC?

In life insurance, an unclaimed amount refers to the amount of money that remains due to the beneficiaries or policyholders. This due amount can be in the form of maturity claim, death claim, survival benefits, indemnity claims, premiums refunds, etc.

How can I redeem my LIC policy after maturity?

Maturity Claims: The servicing Branch usually sends maturity claim intimations two months in advance. Please submit your Discharged Receipt in Form No.3825 with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim.

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How does LIC pay maturity amount?

The settlement procedure for maturity claim is simple after receipt of completed and stamped discharge form. The policy’s maturity claim amount will be paid directly to the policy holder’s account.

What is LIC foreclosure?

If the interest is not paid for 30 days after the due date, LIC policy loan lender can foreclose the policy and settle the loan amount against the proceeds.

How can I check my LIC policy unclaimed?

The status of your claims could be obtained from the LIC website. The customers just need to visit the website and enter their basic details like LIC Policy Number, Policyholder name, Date of Birth (DOB) (dd/mm/yyyy format) and PAN card details.

Can paid up policy be revived?

An insurance policy is considered ‘lapsed’ if the premium is not paid within the grace period, which is 30 days in case of annual, half-yearly and quarterly renewals and 15 days for monthly renewals. It can be revived any time within 5 years from the date of first unpaid premium.

How do I know my LIC policy is mature?

How to Check LIC Policy Details Online?

  1. Step 1: Go to the official LIC website, fill in your credentials like username and password.
  2. Step 2: Login to your account and select the option ‘View Enrolled Policies’.
  3. Step 3: You will be directed to a page where you can see all the listed enrolled policies.
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How can I check my PLI maturity amount?

For the Endowment Assurance Plan under PLI, one can follow the below-mentioned steps for premium or maturity calculation:

  1. Enter the sum assured amount.
  2. Enter the year of purchase of the policy.
  3. Enter your current age.
  4. Enter your maturity age.
  5. Click on the ‘Calculate’ button and the results will be displayed.

How can I get my LIC lapsed money?

How To Get Money Back From Lapsed LIC Policy?

  1. Ordinary Revival. The policyholder can revive their lapsed life insurance policy by paying all the unpaid premiums including the interests altogether.
  2. Special Revival.
  3. Installment Revival.
  4. Survival Benefits Cum-Revival Scheme.
  5. Loan Cum Revival Scheme.

What is unclaimed deposits in banks?

A deposit is classified as ‘unclaimed’ if the customer doesn’t make any transaction using that account for at least 10 years. Most such unclaimed money exists with public banks/ insurance providers. The State Bank of India has 15\% of the total unclaimed deposits, the highest among all the banks.

How to claim unclaimed insurance money in LIC policy?

If you get to know that there is some unclaimed insurance money in your LIC policy, you or the beneficiary can get in touch with LIC directly and apply for the amount. LIC will start to process the unclaimed due payment once your KYC (Know Your Customer) formalities are complete. KYC is mandatory to avoid any fraudulent claims.

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How to check LIC unclaimed amount and outstanding dues?

LIC unclaimed amount and outstanding option: LIC policyholders can check if they have any unclaimed as well as outstanding policy dues with the state-run insurer. In life insurance, an unclaimed amount refers to the amount of money that remains due to the beneficiaries or policyholders from the service provider.

How to withdraw the insurance policy amount post maturity in LIC?

After the maturity of a life insurance policy, one has to withdraw it by following the set rules and regulations as laid down by the respective insurance firm. Lets understand the procedure through which one can withdraw the insurance policy amount post maturity in LIC.

Is LIC policy maturity amount taxable with TDS?

Life Insurance / LIC policy maturity Amount is taxable with TDS or not? This is by and large most asked question to Insurance Funda, especially after the budget 2019. Well, the answer is, Life Insurance policy maturity amount can be exempted from tax if and only if it satisfies certain conditions.