Over 1.8 lakh policies lying unclaimed with LIC30 Apr, 2012
An application filed under the Right to Information Act (RTI) Act has revealed that Life Insurance Corporation (LIC) has 1,80,031 policies lying unclaimed even after the maturity period is over. The LIC has not revealed the amount deposited against these policies by the policyholders.
The insured individual very often fails to keep claimant informed about the policy. Many people have no clue that they are a beneficiary or even that a life insurance policy exists. Therefore, there is a need not only for maintaining proper record of one's investment but also of keeping the close family members in the know of such investment.