News From Press LIC has Rs 10,500 crore in unclaimed money: How policyholders, beneficiaries can find it

LIC has Rs 10,500 crore in unclaimed money: How policyholders, beneficiaries can find it

Source: Mint Aug 14, 2018

Over Rs 15,000 crore of unclaimed insurance money is lying with 23 life insurers, according to latest data from insurance regulator Irdai. India’s biggest life insurer LIC or Life Insurance Corporation of India is sitting on over two-third of that unclaimed money while the other 22 private life insurers account for the rest, according to a PTI report. LIC has Rs 10,509 crore of unclaimed insurance money while among private insurers, ICICI Prudential Life Insurance Co. Ltd has Rs 807 crore, followed by Reliance Nippon Life Insurance (Rs 696 crore), SBI Life Insurance Co (Rs 678 crore) and HDFC Standard Life Insurance (Rs 659 crore), says the report.

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