Unclaimed amount in insurance zooms 60% in one year

India Infoline News Service | Mumbai |

According to IRDA, lack of awareness is the main reason for the huge rise in the unclaimed amount.

The unclaimed amount in insurance has zoomed 60% in one year due to lack of awareness, delay in processing of claims and change in address, according to a media report.

The unclaimed amount increased to Rs 4,865.81 crore in 2012-13 from Rs 3,037.46 cr
ore in the previous year, according to IRDA (Insurance Regulatory and Development Authority) data.
Among the unclaimed funds include policy benefits paid out, but not encashed by policyholders, maturity benefits lying unclaimed or death claims not filed by nominees.

According to IRDA, lack of awareness is the main reason for the huge rise in the unclaimed amount.

Policyholders usually buy an insurance policy or make investment in insurance products and forget it. Investors need to “track their investments” on regular basis.
 

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