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LIC’s unclaimed maturity amounts at ₹881 cr in FY24

Livemint · 4m

Life Insurance Corporation (LIC) has reported unclaimed maturity amounts of ₹880.93 crore in the year 2023-24, with over 3,72,000 policyholders not claiming their benefits. The previous year saw ₹815.04 crore belonging to 3,73,329 policyholders go unclaimed. LIC has implemented various measures, including advertisements and reminders sent via post, email, and SMS, to encourage policyholders to claim their due amounts. The Foreign Exchange Reserves (FER) decreased by 2.63% for the week ending November 15, 2024, and the value of the Indian Rupee (INR) is market-determined. The Reserve Bank of India (RBI) cancelled the Certificate of Registration (CoR) of 5,728 Non-Banking Finance Companies (NBFCs) and Asset Reconstruction Companies (ARCs) as of June 30, 2024.