Unclaimed Rs 15,000 crore lying idle with life insurance companies: IRDAI

LIC towers over other companies in the unclaimed list with Rs 10,509 crore, while the 22 private sector insurers account for the remaining Rs 4,657.45 crore.

Published: 29th July 2018 07:30 PM  |   Last Updated: 30th July 2018 04:27 AM   |  A+A-

An exterior view of Life Insurance Corporation of India's (LIC) headquarters is seen in Mumbai | Reuters

(Photo | Reuters)

By Express News Service

NEW DELHI: The Insurance Regulatory and Development Authority of India (IRDA) has disclosed that about 23 insurance companies haven’t disbursed policyholder money worth nearly Rs 15,167 crores on account of not being claimed by them.

PSU insurance major Life Insurance Corporation (LIC) has Rs 10,509 crore out of the total unclaimed amount, as on March 31, 2018, while the 22 private sector insurers account for the remaining Rs 4,657.45 crore.

ICICI Prudential Life Insurance Co has been piling up Rs 807.4 crore of unclaimed insurance claims followed Reliance Nippon Life Insurance (Rs 696.12 crore), SBI Life Insurance Co (Rs 678.59 crore) and HDFC Standard Life Insurance Co (Rs 659.3 crore).

The responsibility of timely disbursal to policyholders or nominees had earlier been entrusted to policyholder protection committees of individual account holders by the IRDAI.

Apart from asking the policy providers to update information regarding unclaimed amounts on their websites on half-yearly basis, the regulator has also instructed them to provide a search facility on their website for policy holders or beneficiaries to identify any such unclaimed amount in the future.

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.

IRDAI has asked insurance companies to identify the policyholders, beneficiaries and nominees of the Rs 15,167 crore of unclaimed funds and payout all dues to them.

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  • K.R.Venkatnarayana

    There is idling money because the Insurance companies are not proactive to find out the customer or his nominee to tell them the money is ready for payment and they can give a dead line for claiming and then take it into the exchequer.Nobody will idle their money without claim. Let the Regulatory body probe into depth and find out from the company what efforts have been made to clear it to the genuine customers. This is a game of hold & misuse. thanks.
    3 months ago reply
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