The Life Insurance Corporation (LIC), which is country’s largest insurance company, has recently submitted the draft paper of its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI).
In the draft paper of its IPO, LIC has said that as of September 30, 2021, it had an unclaimed amount of Rs 21,539.5 crore. This amount is more than the budgets of many ministries and the market capitalization of many companies. For this reason, LIC is now asking its policyholders to update bank account details for easier claim process.
If you have a policy of LIC, then you will be aware that the claim settlement money of your policy will be directly credited to your bank account. In such a situation, policyholders will have to ensure that they give correct bank details to the insurance company. With this, LIC will not face any difficulty in sending the claim settlement amount to your account through NEFT.
The insurance company in its latest advertisement has asked its policyholders to update the bank account details so that there is no problem in the claim process.
“Policy Holders Please Note: Help us to settle the claim on time. Please refer your policy document for maturity date or survival benefit. After that contact any branch with details. Your bank Provide account (NEFT) details. NEFT Mandate Form is available in every office. It can also be downloaded from LIC website www.licindia.in,” said the advertisement of LIC.
The insurance company has told that NEFT details can also be submitted online. Submit the claim discharge form and policy document along with it. Along with this, submit KYC and update your residential address, phone number /mobile number, email id etc.
Apart from LIC, some banks also reportedly have an Unclaimed Amount of Rs 24,356 crore.