Nagpur: The Life Corporation of India (LIC) has funds that did not claim RS16,000 Crore until last year, a reply to the RTI query had revealed.
That number belongs to the Lakh Policy holder throughout the country, which failed to claim it after completing their policies or family members they forgot to claim after the death of an insured person.
Behemot insurance, which will soon come out with IPO, maybe the biggest in India, tells that the number of non-claimed deposits is increasing every financial year.
The lic answer came in response to the question requested by Sanjay Thul, the national president of the customs federation, central excise and GST welfare association, SC / SC.
According to the Chief Insurance Company (CPIO) Insurance Company, Harleen Gauba, they have a RS6,885 Crore deposit in 2015-16, which surged to RS16,052 Crore in 2019-20.
This is an increase of more than two and a half times in five years.
The total amount includes interests together with the return of investment made by the corporation.
The LAC invested in various sectors such as government securities, equity, stocks and mutual funds.
But Behemoth failed to reply to other questions such as the number of policy holders who failed to claim their number and what steps were taken to reach them and their families so they had to get the benefits.
“Apart from the commandment of the Head of Commissioner (CIC), LIC failed to answer these two things in a clear violation.
They must try to return money to use their policyholders or their families rather than sitting on it and gather interest,” said Thul Toi.
A LIC official told TII that their company had provided facilities on its website to check insurance that was not claimed.
“Policy holders need to submit their policy numbers, names, the date of birth and PAN cards from risking claims.
After verifying their details, the number will be stored in their bank account directly,” he said.
More than RS16,000 crore funds that are not claimed to lie with LIC: RTI query
