New Delhi. Life Insurance Corporation (LIC) has presented a shocking figure for the financial year 2023-24, stating that maturity benefits worth a total of ₹ 880.93 crore have not been taken yet. About 3.72 lakh policyholders did not claim their maturity benefits during this period. This information was shared by Minister of State for Finance Pankaj Chaudhary in Parliament. If you think you too have missed the benefit of your LIC policy, here's how to check and claim it.

The policyholder or beneficiary can check his/her unclaimed amount by visiting the LIC website (https://licindia.in/home). For this, follow the steps given below:

• Go to the 'Customer Service' section and select 'Unclaimed Amounts of Policy Holders'.
• Enter the required information like policy number, name, date of birth and PAN card details.
• Click on 'Submit', after which the details related to your policy will appear on the screen.
• LIC has taken several measures to ease the claim process, including media campaigns and regular follow-up through agents.

What happens if the claim is not made for 10 years?
If the amount is not claimed for 10 years, then this amount is transferred to the Senior Citizen Welfare Fund (SCWF). This fund is used for the welfare of senior citizens. The Insurance Regulatory and Development Authority (IRDAI) has made it mandatory for all insurance companies to display the unclaimed amount of ₹ 1,000 or more on their website.

Why does an unclaimed amount remain? There
could be several reasons for an unclaimed amount, such as litigation, rival claims, policyholders not in contact, residing abroad or delay in pension or annuity claims.

LIC's initiatives and awareness campaigns
LIC is constantly making efforts to reach out to its policyholders and settle unclaimed amounts. For this, it is resorting to awareness campaigns and digital mediums. Insurance experts believe that unclaimed amount not only symbolizes financial loss, but it is also a missed opportunity for financial security. Checking your policy status regularly can save you from such problems.

If you have taken a LIC policy, make sure that you keep checking the status of your policy from time to time. This will not only help you keep your hard-earned money safe but will also help you use it when needed. This initiative of LIC helps policyholders get their financial benefits and simplifies the process.