LIC Share Price in Focus Amid Unclaimed Maturity Reports

Life Insurance Corporation of India (LIC) shares were trading at ₹908.25, down by ₹11.80 or 1.28% as of 2:09 PM on December 18. The stock opened at ₹915.00 and reached an intraday high of ₹924.50 before hitting a low of ₹905.00.

Recent Developments

Life Insurance Corporation (LIC) reported unclaimed maturity amounts of ₹880.93 crore in 2023-24, as informed to Parliament on December 16, 2024. During this period, 372,282 policyholders did not claim their maturity benefits. In comparison, the previous year saw ₹815.04 crore remaining unclaimed by 373,329 policyholders. Additionally, 10 death claims worth ₹14 lakh were unclaimed in 2023-24.

To reduce unclaimed and outstanding claims, LIC has implemented several initiatives to remind policyholders to claim their dues, including advertisements through print, digital media, and radio jingles. Reminder letters are sent via post and email, while SMS alerts are sent to those with registered mobile numbers. Agents and development officers also follow up with policyholders to ensure claims are settled.

The claim process has been simplified, requiring only a valid NEFT account for settlement. Upon receiving the claim request, outstanding amounts in unclaimed accounts are released to policyholders or claimants.

Share Price Performance

Over the past 5 days, Life Insurance Corporation of India (LIC) shares have declined by ₹34.35 or 3.64%, trading at ₹908.25. However, the stock has seen a modest gain of ₹6.50 or 0.72% over the past month. Looking at a 6-month period, LIC shares have dropped significantly by ₹148.25, reflecting a 14.03% decrease. Year-to-date, the stock has gained ₹49.50 or 5.76%, while over the past year, it has shown a strong recovery with an increase of ₹106.60, representing a growth of 13.30%.

About Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) is a leading Indian multinational public sector company specialising in life insurance. Headquartered in Mumbai, it is the country’s largest insurance provider and the biggest institutional investor. As of March 2024, LIC manages assets totalling ₹52.52 trillion. The government of India founded the corporation on September 1, 1956.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.