News From Press IRDAI wants ₹15,000-cr unclaimed amounts returned to policy holders

IRDAI wants ₹15,000-cr unclaimed amounts returned to policy holders

Source: BusinessLine Nov 10, 2018

With over ₹15,000 crore of unclaimed deposits lying idle with insurers, the insurance regulator is working on a mechanism to return them to policy holders or their beneficiaries.

For amounts stuck in pension schemes, the Insurance Regulatory and Development Authority of India (IRDAI) has asked life insurers to repay them as lumpsum payments to policyholders or their beneficiaries.

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