LIC unclaimed maturity amount for FY24 is Rs 881 Cr

New Delhi, Dec 16 (PTI) The unclaimed amount due at Life Insurance Corporation (LIC) is $Parliament was informed on Monday that the budget for 2023-24 is Rs 88,093 crore.

As many as 3,72,282 policyholders did not receive their maturity benefits in FY2024, Finance Minister Pankaj Chaudhary said in a written reply to the Lok Sabha.

Over the past year, he said, the money was worth $Rs 815.04 crore is yet to be claimed by 3,73,329 policyholders.

Up to 10 death claims $He said 1.4 million people would remain unclaimed in 2023-24.

In order to reduce unclaimed and pending claims, LIC has taken several steps, including advertising in print and digital media, besides radio jingles, for policyholders to claim their due amounts.

He said the outstanding amounts in unclaimed accounts will be settled in favor of the respective policyholders or claimants upon receipt of claim requests.

He said reminder letters are sent via regular/speed post as well as email where available and text messages where mobile numbers are available.

The claims process has been streamlined and only valid NEFT is required to settle claims, he said, adding that there will be continuous follow-up with policyholders through agents and development officers to comply with the requirements and claim the amount.

Replying to another question, Chowdhury said that in the week ended November 15, 2024, foreign exchange reserves (FER) fell by 2.63% from the previous week.

However, on a percentage basis, FER fell 5.65% in the week ending October 24, 2008 from the previous week, which is by far the largest decline in the past 20 years.

He said the value of the Indian Rupee (INR) is determined by the market and there is no target or specific level or range.

He said that in addition to capital flows (also including equity flows), factors affecting the Indian rupee exchange rate also include changes in the U.S. dollar index, interest rate levels, crude oil price changes, current account deficit, etc.

In addition, the Reserve Bank of India also intervened in the foreign exchange market to curb excessive volatility in the Indian rupee.

In another reply, he said that the Reserve Bank of India (RBI) has canceled the Certificates of Registration (CoR) of 5,728 non-banking financial companies (NBFCs) and Asset Reconstruction Companies (ARCs) as on June 30, 2024.

As of June 30, 2024, as many as 25 NBFC deposits were registered with the Reserve Bank of India (RBI).

Complaints received regarding harassment of borrowers by collection agents will be forwarded to regulated entities (SEs) for immediate action by the Reserve Bank of India.

He said the RBI guidelines provide for comprehensive information to be communicated to borrowers regarding fees, etc.

Additionally, he said the guidelines direct lenders to release all securities upon receipt of loan disbursement or realization of the loan and that lenders are not allowed to interfere in the affairs of the borrower.

To recover loans, the guidelines state that lenders should not resort to undue harassment, he said. Continue to harass borrowers at abnormal times, use force to collect loans, etc.

Further, he said that during the regulatory assessment, compliance with the Reserve Bank of India guidelines issued to regulated entities (REs) will be checked and any non-compliance found will be Processed by RE for correction. and law.