Parliament was informed that Life Insurance Corporation (LIC) reported unclaimed maturity amounts totaling ₹880.93 crore for the financial year 2023-24.
In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary stated that 3,72,282 policyholders failed to claim their maturity benefits during the fiscal year.
For comparison, the previous year saw ₹815.04 crore remain unclaimed, involving 3,73,329 policyholders. He added that 10 death claims amounting to ₹14 lakh also remained unclaimed in FY24.
To address the issue of unclaimed and outstanding claims, LIC has implemented several measures, including:
- Awareness Campaigns: Using print, digital media advertisements, and radio jingles to remind policyholders to claim their dues.
- Proactive Communication: Sending reminder letters via ordinary or speed post, emails, and SMS to policyholders and nominees.
- Simplified Processes: Ensuring that claims are processed upon receipt of valid NEFT details.
- Agent Follow-Ups: Engaging agents and development officers to assist policyholders in completing claim formalities.
Mr. Chaudhary emphasized that unclaimed amounts are promptly settled once valid claims are received.
Additional Financial Updates
In response to other questions, Mr. Chaudhary provided insights into foreign exchange reserves, the performance of the Indian Rupee, and regulatory actions by the Reserve Bank of India (RBI):
- Foreign Exchange Reserves (FER): FER decreased by 2.63% in the week ending November 15, 2024, compared to the previous week. The steepest decline in two decades occurred on October 24, 2008, with a 5.65% drop.
- Indian Rupee (INR): The INR value is market-determined, influenced by factors such as crude oil prices, capital flows, and the current account deficit. The RBI intervenes to manage undue volatility.
- Regulatory Actions on NBFCs: The RBI canceled the Certificate of Registration (CoR) of 5,728 Non-Banking Finance Companies (NBFCs) and Asset Reconstruction Companies (ARCs) as of June 30, 2024.