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Post By Mariya Panwala

Indian Insurance: Unclaimed money has reached ₹12,000 crores

• Comments
• 04 Sep 2017
• insurance unclaimed money, LIC, ICICI Prudential

Earlier, OneInsure informed you about government’s decision of transferring the money that has been lying unclaimed for more than 10 years to the Indian government's Senior Citizens Welfare Fund. As per the latest development on the subject, the hitherto calculation of the unclaimed money that lies with the insurance companies, including both life and general insurance in India, has reached about ₹12,000 crore.

How does the money remain unclaimed?

At times, the policyholders do not raise claim against their insurance money which leads to their cover remaining unclaimed with the insurers.

What could be the reasons that the policyholders do not raise claim against their policies?

1. Policyholders may have forgotten about their policy.
2. The nominee/s has no knowledge about the policy, so in the event of the sudden demise of the policyholder, the policy money remains unclaimed.
3. The policyholders haven’t claimed for the premium refund amount

These are the major reasons that have led to the accumulation of ₹12,000 crore unclaimed money that is to be claimed by the rightful owner. Amongst the insurers, the highest amount of the unclaimed money has been lying with Life Insurance Corporation (LIC) – ₹6,003.47 crores. Amongst the other insurers with whom lie as much as ₹500+ crores unclaimed money are -

1. HDFC Standard Life – ₹946.26 crores
2. ICICI Prudential Life – ₹783.70 crores
3. Bajaj Allianz Life – ₹632.82 crores
4. SBI Life – ₹549.29 crores
5. Reliance Nippon Life – ₹546.71 crores

 For further updates on the subject, keep following our news thread.

(Source and Credits: DNA)

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