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Rs 15,167 crore unclaimed money of policyholders lying with insurers

Rs 15,167 crore unclaimed money of policyholders lying with insurers

Finance
As much as Rs 15,167 crore amount of policyholders is lying unclaimed with 23 life insurers, according to Irdai data. Insurance regulator Irdai has already asked insurers to take steps to identify the policyholders or beneficiaries and disburse the claims. Board level committee for policyholder protection of every insurer is entrusted with the responsibility of monitoring the timely payout of the all dues to policyholders. It also oversees the steps taken by the insurers to reduce unclaimed amounts as part of the standard procedures on customer service. Out of the total unclaimed amount of Rs 15,166.47 crore, as on March 31, 2018, insurance behemoth Life Insurance Corporation (LIC) is sitting on Rs 10,509 crore, while the 22 private sector insurers account for the remaining Rs 4,657.45 ...
Transfer unclaimed deposits to welfare fund by March 1: Irda to insurers

Transfer unclaimed deposits to welfare fund by March 1: Irda to insurers

Finance
Insurance regulator Irda has asked all insurers to transfer the deposits of policyholders that have been laying unclaimed for over 10 years to the welfare fund by March 1. "All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on September 30, 2017 shall transfer the same to Senior Citizens' Welfare Fund (SCWF) on or before March 1, 2018," the Insurance Regulatory and Development Authority of India has said in a circular. The directive comes under the Department of Economic Affairs accounting procedure for transfer of funds to SCWF. Life, non-life and health insurance service providers will have to comply to the SCWF Rules, 2016 every year. "The insurers shall make transfers to the consolidated fund of India on or before the 1st March, eac...