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?
Like every insurer, LIC too has the functionality which allows policyholders to check for their unclaimed amount.
The first step is to log onto LIC website licindia.in. The users should then scroll down to the bottom of the page and click on Unclaimed Policy Dues link.
It will open a page where the policyholders will have to fill in details like LIC policy number, the name of the policyholder, date of birth and PAN number.
After clicking on Submit, the details will be displayed on the screen.
All about LIC IPO
The government is looking to sell five per cent equity stake in LIC through the IPO. According to sources, the public offer is expected to hit the capital market in March.
The government will sell over 31 crore equity shares of LIC, according to the draft red herring prospectus filed with Sebi.
A portion of the IPO would be reserved for anchor investors. Also, up to 10 per cent of the LIC IPO issue size would be reserved for policyholders.
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