Unclaimed Wealth: LIC's 880 Crore Riddle

Life Insurance Corporation (LIC) has Rs 880.93 crore in unclaimed maturity amounts for FY2023-24. Approximately 3,72,282 policyholders did not claim their benefits. LIC is taking measures such as media advertising to reduce unclaimed claims. RBI's response to various financial issues was also highlighted in Parliament.

Parliament was informed on Monday that the Life Insurance Corporation (LIC) is grappling with unclaimed maturity amounts totaling Rs 880.93 crore for the financial year 2023-24.

Minister of State for Finance Pankaj Chaudhary revealed that 3,72,282 policyholders have not claimed their maturity benefits, despite LIC's efforts to encourage retrieval through advertisements and direct communication.

In addition, the Reserve Bank of India (RBI) provided updates on its measures to stabilize the financial sector, including actions against Non-Banking Finance Companies and management of foreign exchange reserves.