LIC Has Rs 21,500 Crore Unclaimed Funds. Here's How To Check
NDTV
The LIC IPO is expected to come in March. The central government is hoping to sell five per cent stake through the IPO.
Life Insurance Corporation (LIC), which is expected to come out with an initial public offering (IPO) this year, is sitting on unclaimed funds to the tune of Rs 21,539 crore. This was disclosed in the Draft Red Herring Prospectus (DRHP) filed by the insurance major with markets regulator Sebi. The figure, as of September 2021, includes interest earned over the outstanding unclaimed amount.
According to the DHRP, the unclaimed amount was at Rs 18,495 crore at the end of March 2021 and Rs 16,052.65 crore at the end of March 2020.
According to Sebi rules, every insurer is required to display information about any unclaimed amount of Rs 1,000 or more on their respective websites (to continue even after completion of 10 years) and a facility is to be provided on the website to enable policyholders or beneficiaries to verify unclaimed amount due to them.
How to check your unclaimed LIC amount?
