IRDAI Guidelines: Transfer Unclaimed Money To Senior Citizens' Fund
As per the new order issued on Monday by Insurance Regulatory Development Authority of India (IRDAI), the unclaimed money resting with the insurance companies from past 10 years up until 30th September 2017 will have to be transferred to senior citizens’ fund at the latest by 1st of March 2018. The directive shall apply to both life and non-life insurance companies.
Why is there an unclaimed accumulation?
It turns out that at times, the policyholders after paying some portion of the chunk towards their premium discontinue
Consequently, the insurers will now have to prepare themselves and make provisions to get all the required details of the unclaimed accumulation and submit the same to the insurance regulator. Post the directive, as per a senior official, a total of over ₹100 crore is estimated to be transferred to the fund.
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(Source and Credits: Live Mint)