Jammu, July 20 -- Despite sustained awareness campaigns and outreach initiatives, a staggering Rs 7,318.50 crore remains unclaimed with the Life Insurance Corporation of India (LIC) as of March 31, 2026, according to information shared by the Government.
The data tabled in the Lok Sabha revealed that thousands of policyholders or their beneficiaries have yet to claim insurance proceeds, even as LIC continues to undertake extensive efforts to trace them and facilitate settlements.
As per the Insurance Regulatory and Development Authority of India (IRDAI) Master Circular on Operations and Allied Matters of Insurers dated June 19, 2024, any unclaimed amount lying with insurers for more than 10 years must be transferred to the Senior Citizens...