IRDA's Master Circular, Insurance Company will have to submit unclaimed amount to Senior Citizen Welfare Fund

 

Have you taken an insurance policy? Have you not yet claimed if the insurance policy is over or its lapse (policy lapse)? If this is the case then there is very important news for you. Because, now if the insurance company has due policyholder due (policy due date) and it is not claimed within 10 years, then the company will deposit all the money in the government treasury. If you have also had a policy pending, then clear it in time.

 

The policyholder can clear the pending claim for a long time as soon as possible. If the claim does not end within 10 years, then you will not be able to claim it. After 10 years, the policyholder will have no right over that money. According to the master circular of insurance regulator IRDAI, all insurance companies in India will have to deposit their unclaimed amount after 10 years in the Senior Citizens Welfare Fund and these rules will be applicable to all insurance companies of India.

 

According to the information provided by the Union Minister of the Government of India, till September 30, 2018, about Rs 17,877.28 is lying with the insurance companies in the form of unclaimed amount. In this all amount, Life Insurance Company has a deposit of Rs 16887.66 crore and non-life insurance companies have a deposit of Rs 989.62 crore. Insurance Regulatory and Development Authority (IRDAI) has asked all insurance companies of the country to provide a search facility on its website. With the help of this, policyholders or their dependents can find out whether these companies do not have any unclaimed amount in their name.

 

The policyholder/beneficiary has to enter details such as policy number, policyholder's PAN, his name, Aadhaar number to find the unclaimed amount. It is important for insurance companies to tell about the unclaimed amount on their web portal. This unclaimed amount of information has to be given every six months. This unclaimed amount of information facility is available on the website of all companies. You can check by visiting this link.

 

Many times the nominee does not know about such insurance policy or the nominee does not get the policy documents. In this way, the nominee is not in a position to claim this amount after the death of the policyholder. To avoid such a situation, the nominee should not only know about the policy but also should know where the documents related to the policy are kept. It should not be forgotten to update the nomination in his insurance policy.