(a) the number of policy holders of Life Insurance Corporat: on of India to whom payments
have not been made after the maturity of policy ;
(b) the details of policy and the amount deposits in the account laying inoperative for
more than five years, area-wise;
(
(c) the action taken thereon;
(d) whether the Government proposes to use the unclaimed j.mount for the welfare of
poor people and their developmental programmes ; and
(e) if so, the details thereof?
MINISTER OF STATE IN THE MINISTRY OF FINANCE( SHRIPAWAN KUMAR BANSAL )
(a): As per information provided by the Life Insurance Corporat on of India (LIC), number
of policies outstanding in respect of maturity claims as on 31.3..006 were 11746.
(b): LIC has reported that the cumulative figure of outstanding maturity claims for five
years holds no significance as the claims which are outstanding at the end of the financial
year are either paid in the next year or written back or remain outstanding.
(c): Vigorous follow up is made by LIC for settling the outstanding claims by way of
correspondence and through field personnel etc.
(d) & (e): As per Section 24 of the LIC Act, [956, the Corporation maintains a single fund
and any unclaimed amount is part of the fund, 95% of such suiplus fund is allocated to or
reserved for the LIC`s policyholders and the remainder is paid to the Central Government
after meeting the liabilities of the Corporation.