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Unclaimed LIC amount: In many households, old LIC policies are forgotten over time, leaving money unclaimed. Now, this can be checked online and even recovered by following the correct procedure.

Unclaimed LIC amount: Bought a policy, paid premiums for years, and then forgot everything—this is the story of many households. Over time, the address changed, bank details weren’t updated, or the nominee wasn’t informed. As a result, LIC still has many such cases where the money is ready, but no one is willing to claim it. The good news is that this money doesn’t expire; it just remains unclaimed. So, can this money be withdrawn? And if so, what’s the method? Let’s find out.

Is this an unclaimed amount?

When an LIC policy mature,s or a claim is made after the policyholder’s death, but the money isn’t collected within the stipulated time, the amount is called the “unclaimed amount.” According to the insurance regulator IRDAI regulations, if payment remains unpaid for 12 months, LIC places the amount into the unclaimed category. During this time, the money remains safe and continues to accrue interest.

Why does the money get stuck?

In most cases, the reason is trivial. Sometimes the policyholder changes address, sometimes the bank account is closed or not updated. Sometimes, family members don’t even know the policy even exists. Years pass due to this negligence, and the money remains with LIC.

If the money is not withdrawn for 10 years

If the money remains unclaimed for 10 years, LIC may transfer it to the government’s Senior Citizens Welfare Fund. However, this doesn’t mean the money is gone forever. Claims can be made later with the correct documentation and identification, but the process will be a little longer

If there is no nominee, will I get the money or not?

Even if the nominee named in the policy is no longer present, the money remains unspent. In such cases, the policyholder’s legal heirs can file a claim with the necessary documents. They must provide a succession certificate. This ensures that the money reaches the rightful recipient.

How to know whether you have money in LIC or not?

Now there’s no need to visit an LIC office for this. You can easily check whether you or a family member has any unclaimed balance by visiting the official LIC website. You can also check whether you have any outstanding balance by visiting the LIC website. To do this, you need:

Policy number (if any)

Name and date of birth
PAN card number
Within a short time, complete information appears on the screen.

How to get your money back

If your check reveals an outstanding balance, the next step is to visit your nearest LIC branch. You’ll need to submit the following documents :

Request letter (seeking claim)
KYC (Aadhaar, PAN photocopy)
Bank details (cancelled cheque/passbook photocopy)
Original Bond or Indemnity Bond

After the process is completed, the money is transferred directly to the bank account.