Insurance companies sitting on policyholders' unclaimed money worth Rs15,167 crore
30 Jul 2018
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Insurance companies in the country are sitting on Rs15,167 crore of unclaimed money of policy holders and the Insurance Regulatory and Development Authority of India (Irdai) has asked insurers to take steps to identify the policyholders or beneficiaries and disburse the claims.
Insurance regulator Irdai has already asked insurers to take steps to identify the policyholders or beneficiaries and disburse the claims.
The insurance companies are reported to have set up board level committees for policyholder protection and for monitoring the timely payout of all the dues to policyholders.
The board committee is also expected to oversee steps taken by the insurers to reduce unclaimed amounts as part of the standard procedures on customer service.
Out of the outstanding unclaimed amount of Rs15,166.47 crore, state-run insurance major Life Insurance Corporation (LIC) owed Rs 10,509 crore to policyholders, while the 22 private sector insurers together accounted for the remaining Rs4,657.45 crore.
Among the private insurers, ICICI Prudential Life Insurance Co owes policyholders Rs807.4 crore, followed by Reliance Nippon Life Insurance (Rs696.12 crore), SBI Life Insurance Co (Rs678.59 crore) and HDFC Standard Life Insurance Co (Rs659.3 crore).
Insurance companies are now providing a search facility on their website to enable policyholders or beneficiaries or dependents to find out any unclaimed amounts lying with these companies.
Policyholders/beneficiaries are required to enter the details like policy number, PAN of the policyholder, name of the policyholder, date of birth or Aadhaar number, in a window provided on the website of the insurer to find out the unclaimed amount.
The insurers have to update information regarding unclaimed amounts on their websites on half-yearly basis.
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