Indian Insurance: Unclaimed money has reached ₹12,000 crores
Earlier, OneInsure informed you about
At times, the policyholders do not raise
What could be the reasons that the policyholders do not raise
- Policyholders may have forgotten about their policy.
- 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.
- 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
- HDFC Standard Life – ₹946.26 crores
- ICICI Prudential Life – ₹783.70 crores
- Bajaj Allianz Life – ₹632.82 crores
- SBI Life – ₹549.29 crores
- Reliance Nippon Life – ₹546.71 crores
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(Source and Credits: DNA)