Can any one tell what is the Unclaimed Insurance amount with LIC ?

Question

Coz I was surprised to know the People have started telling LIC is the best Insurance company.

Answer 1

Are you trying to say that LIC is not paying peoples claims??? If you say "unclaimed" it means that the documents/policy is not submitted by the policyholder. For your inaction LIC can not be held liable.

Please be informed that as per IRDA report in Economic Times dated 23.4.2008, LIC has the highest claim settlement ration of 98%. It is unsurpassed in the industry where the average rate is 72%.

Answer 2

Do not take it for granted,use your own head to make the judgement.Here is a good resource I have tried.

http://insurance.online-assistant.info/i...

Answer 3

There are many life insurance experts that support the position that upwards of 25-30% of paid up policies unclaimed life insurance benefits go unclaimed. In sharp contrast there are many life insurance companies whose positions on this matter indicate that it is extremely rare that death benefits are handed over to the state as they indicate that less than 1% of life insurance company’s death benefits go unclaimed as they generally indicate that their companies are usually able to locate the beneficiaries. Whether it is 1% or 25%-30% of paid up life insurance benefits that go unclaimed that are with insurance companies and supposed to be with and under the safekeeping of the state governments Treasury needs to be thoroughly investigated by trustworthy state and federal enforcement and independent authorities. Regardless of whether its 1% or 25%-30%, these unclaimed benefits should and need to be in the hands of state government coffers and not with life insurance companies where they could easily get lost, misplaced or unaccounted for.