Around Rs, 21,539 crore in unclaimed amount was in Life Insurance Corporation of India (LIC) at the end of September 2021, according to draft registration documents filed on Sunday.
In FY21, the unclaimed amount was Rs 18,495.32 crore as compared to Rs 16,052.65 crore in FY 2020. In FY 2019, this amount was Rs 13,843, Rs 70 crore.
These unclaimed funds include the unclaimed amount and interest earned on the unclaimed amount. This amount belongs to millions of policyholders across India who did not claim it after their policies were taken out or whose relatives forgot to claim it after the death of the insured person.
Each insurer must publish information on unclaimed amounts of Rs 1,000 or more on their respective websites (to continue even after 10 years have elapsed) and a facility must be provided on the website to enable policyholders or beneficiaries to view the claims. unclaimed amounts due to verify them.
The SCWF Act requires the transfer of unclaimed amounts held by insureds for more than 10 years to the Senior Welfare Fund.
For the fiscal year 2021, LIC issued approximately 21 million individual policies in India, representing approximately 75% market share of individual policy issuance. The second largest player in the industry issued 1.66 million individual policies for fiscal year 2021 and had a 5.9% market share.