The Insurance Regulatory and Development Authority (IRDA) has asked all insurers to display information about any unclaimed amount above ₹1,000 on their websites. Unclaimed amounts are those lying with the insurer beyond six months from the date of settlement. These include amounts payable to a policyholder as a claim due to death/maturity, premium refund, survival benefits, and unadjusted premium deposit.
In a circular issued on Wednesday, IRDA said, “A facility shall be given in the website of the insurer to enable policyholder(s) or his/her dependants to find out whether any unclaimed amount due to them is lying with the insurer.”
Insurers have to upload the information by January 2015 and will also be required to update the information on a half-yearly basis.