Rs 25,000 crore available for claim
Various life insurance companies hold an estimated Rs 25,000 crore of unclaimed money, according to a report by the Insurance Regulatory and Development Authority (IRDAI).
Unclaimed policy money is defined as “any amount payable to policyholder as death claim, maturity claim, survival benefits, premium due for refund, premium deposit not adjusted against premium and indemnity claims etc. remained unclaimed beyond six months from the due date for settlement of the claim amount.”
IRDAI requires insurance companies to publicly list unclaimed policy proceeds of Rs 1,000 or more due policyholders or beneficiaries.
IRDAI Master Circular ‘Unclaimed Amounts of Policyholders’ further stipulates all insurers having unclaimed amounts due policyholders for a period of more than 10 years as of 30th September, must transfer the funds to the Senior Citizens’ Welfare Fund (SCWF) on or before 1st March of the financial year.
Government owned Life Insurance Corporation (LIC) has more than Rs 21,000 crore of unclaimed money. Bajaj Allianz Life Insurance Co. Ltd; TATA AIA Life; ICICI Prudential; HDFC; Reliance Nippon; PNB Metlife and Aditya Birla Insurance Co. Ltd. cumulatively hold Rs 3,000 crore of unclaimed amounts – more than half the private sector total.
Major Life Insurers Unclaimed Amounts
- Life Insurance Corporation of India – Unclaimed and Outstanding Amounts to Policyholders
- Bajaj Allianz Life Insurance Co. Ltd – Claims Assistance
- TATA AIA Life Insurance Co. Ltd – Unclaimed Fund
- ICICI Prudential Life Insurance Co. Ltd – Unclaimed Amounts
- HDFC Life Insurance Co. Ltd – Unclaimed Policy Details
- Reliance Nippon – Unclaimed Amount of Policyholders
- PNB Metlife – Unclaimed Amount
- Aditya Birla Sun Life Insurance Company Limited – Unclaimed Amounts
- Max Life Insurance Co. Ltd. – Unclaimed Amounts
- Kotak Mahindra Life Insurance Co. Ltd – Unclaimed Amounts Due Policyholders
- SBI Life Insurance Co. Ltd – Claims Assistance
For additional information and assistance: Insurance Regulatory and Development Authority Unclaimed Amounts. For a complete list of India insurers go to: List of Life Insurers.