Sunday, October 25
Life insurance companies in India held almost Rs 22,237 crore in unclaimed funds at the beginning of the 2023-24 financial year. A special effort by the Insurance Regulatory and Development Authority of India (IRDAI) from June to November 2023 recovered a little over Rs 1,018 crore.The IRDAI initiative revealed difficulties for people naming non-family members as beneficiaries. Insurers are cautious about nominees who are not close relatives. Companies are instructed to keep contact information and bank details up-to-date, perform know-your-customer checks, and use credit agencies and media to find policyholders.Unclaimed money often occurs when beneficiaries cannot be found due to outdated information, family changes, or the death of the beneficiary. “This is a problem that needs to be
