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Unclaimed insurance amount at ₹20k-cr at the end of FY24: IRDAI
Financial Express Kochi
|January 04, 2025
THE LIFE INSURANCE sector has reported unclaimed amounts totalling ₹20,062 crore as of March 2024, according to the Insurance Regulatory and Development Authority of India (IRDAI).
IRDAI said unclaimed amounts of life insurers at the beginning of the FY2023-24 was ₹22,237 crore. "In order to reduce the unclaimed amounts, expedite refunds to consumers and to contain the further accumulation of unclaimed amounts with the insurers, a special drive was initiated by IRDAI for a period of 6 months during June 2023 to November 2023 and the progress of clearance of unclaimed amounts lying with the life insurers during this period was monitored on a monthly basis," the regulator said in its An
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