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Insurance regulator Insurance Regulatory and Development Authority (IRDAI) has issued a notice to 23 life insurance companies after it found that as much as Rs 15,167 crore unclaimed amount of policyholders is lying with them. In its notice, IRDAI has asked insurers to take the necessary steps to identify the policyholders and beneficiaries and disburse the claims. As per IRDAI records, out of the total Rs 15,167 crore unclaimed amount, Rs 10,509 crore is lying with state-owned insurance company Life Insurance Corporation (LIC), while 22 private insurance companies are sitting on the remaining amount of 4,657 crore.
When it comes to private companies, ICICI Prudential Life Insurance Co is sitting on Rs 807.4 crore followed by Reliance Nippon Life Insurance which has Rs 696.12 crore while SBI Life Insurance Co has 678.59 crore of the unclaimed amount and HDFC Standard Life Insurance Co has Rs 659.3 crore.
Every insurance company has a board-level committee for policyholder protection which is responsible for monitoring the timely payment of all dues to policyholders. As a part of the standard procedures on customer services, it also looks after steps taken by the insurance companies to reduce the unclaimed amount of policyholders.