A whopping amount of Rs 15,167 cr is left unclaimed money by policyholders
Rs 15,167 cr unclaimed money of policyholders lying with insurers
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.
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 crore.
Among the private insurers, ICICI Prudential Life Insurance Co has 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 Insurance Regulatory and Development Authority of India (Irdai) had asked the life insurance companies to provide a search facility on their website to enable policyholders or beneficiaries or dependents to find out whether any unclaimed amounts due to them are 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.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)