As much as Rs. 15,167 crore amount belonging to policyholders is lying unclaimed with 23 life insurers, according to IRDAI data. Insurance regulator IRDAI has already asked insurers to take steps to identify the policyholders and disburse the claims.
Board-level committee for policyholder protection of every insurer is entrusted with the responsibility of monitoring the timely payout of the all dues to policyholders.
Of the total unclaimed amount of Rs. 15,166.47 crore, as on March 31, 2018, LIC is sitting on Rs. 10,509 crore while 22 private insurers account for the remaining Rs. 4,657.45 crore.
Source: Read Full Article