A staggering amount of Rs. 15,167 crore amount belonging to policyholders is lying unclaimed with 23 life insurance companies, according to latest regulatory data.
On the basis of this information, the Insurance Regulatory and Development Authority of India (IRDAI) has asked the companies to disburse old insurance claims after identifying the concerned policyholders or beneficiaries.
As per the data released, of the total unclaimed amount of Rs. 15,166.47 crore as on March 31, 2018, state-run Life Insurance Corporation 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.
Among private companies, ICICI Prudential Life Insurance has Rs. 807.4 crore of unclaimed insurance claims, followed by Reliance Nippon Life Insurance (Rs. 696.12 crore), SBI Life Insurance (Rs. 678.59 crore) and HDFC Standard Life Insurance (Rs. 659.3 crore).
Insurance companies are required to update information regarding unclaimed amounts on their websites on six-monthly basis.
IRDAI has earlier asked the life insurance companies to provide a search facility on their website to enable policyholders or beneficiaries ascertain any unclaimed amounts due to them that are still lying with the firms.