IRDAI Circular dated 16.2.2024 – Unclaimed amounts of Policy holders – New Salutary measures to reduce existing and contain future accumulation of unclaimed amounts –
In view of increase in the unclaimed amounts with the Insurers and concern for the Regulator, IRDAI has made modifications to the Master Circular dated 17.11.2020.
In all six reasons were found for accumulation of unclaimed amounts. The Circular has directed all General, Life and Standalone Health Insurers to adopt in all eleven measures.
To my mind, three measures are important, salutary and will go a long way for the benefit of the consumers.
To advertise in Print / Digital media to reach out to consumers who are not traceable.
The Insurers to make provisions on the website / portal / app to enable policy holders to update their contacts including Emails, bank details and nominee details at any time.
Secondly, the Insurers are to develop online tool for processing and payment of unclaimed amounts, once the consumers identify the amounts due to them in the websites of the Insurers.
