According to the Insurance Regulatory Development Authority of India (Irdai), unclaimed amounts of life insurers at the beginning of FY2023-24 was Rs 22,237 crore. According to Irdai’s annual policy report, “In order to reduce the unclaimed amounts, expedite refunds to consumers and to contain the further accumulation of unclaimed amounts with the insurers, a special drive was initiated by Irdai for a period of six months during June 2023 to November 2023 and the progress of clearance of unclaimed amounts lying with the life insurers during this period was monitored on a monthly basis.”
What Unclaimed Amount Mean In Life Insurance
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An unclaimed amount in life insurance refers to the death benefit that remains uncollected by the rightful beneficiary after the policyholder’s death. This can happen if beneficiaries are unaware of the policy, cannot be located, or do not know how to claim the benefit. It may also occur if the policyholder didn't communicate details of the policy or if the policy lapsed due to unpaid premiums.
How To Check If You Have Any Unclaimed Policy Amount
To check if you have any unclaimed amounts in life insurance in India, start by reviewing your life insurance policy documents. Look for details such as the policyholder's name, beneficiaries, and coverage amount. If you don't have these documents, proceed to the next step.
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Next, contact the life insurance company where you think you may have a policy. Provide them with details like your name, date of birth, and policy number (if known). The insurer will verify the information and inform you if any unclaimed amount is due.
