Lok Sabha Question No. 634 (UNSTARRED), answered on 2018-07-20
Subject: Unclaimed Insurance Funds
Ministry: FINANCE
Asked by: DUSHYANT CHAUTALA

Government of India Ministry of Finance Department of Financial Services Lok Sabha Unstarred Question No. 634

Friday, July 20, 2018/Ashadha 29, 1940 (Saka)

## Unclaimed Insurance Funds

## 634. SHRI DUSHYANT CHAUTALA:

## Will the Minister of FINANCE

be pleased to state:

- (a) whether the life insurance companies are in possession of unclaimed amount worth over Rs.  11,000  crore  belonging  to  policyholders  and  more  than  half  of  such  unclaimed amount is held by the Life Insurance Corporation of India (LIC);
- (b) if so, the details thereof and the total number of policies under dormant, State-wise/zonewise;
- (c) whether the Government has also issued instructions to life insurance companies to locate or identify the policy holders so as to settle the unclaimed and completed policies; and (d) if so, the details thereof and the actions taken by the Government in this regard?

## Answer Minister of State in the Ministry of Finance

## (Shri Shiv Pratap Shukla)

(a) and (b): The details of unclaimed amounts reported by the life insurance companies as on 31 st March, 2018 are given at Annexure.

(c) and (d): Insurance Regulatory and Development Authority of India (IRDAI) vide its Master Circular dated 25 th July, 2017 on unclaimed amounts of policyholders, advised the life insurance companies to provide a search facility on their website to enable policyholders or beneficiaries or  dependents  to  find  out  whether  any  unclaimed  amounts  due  to  them  are  lying  with  these companies.  For  this  purpose,  the  policyholders/beneficiaries  are  required  to  enter  the  details such as policy number, PAN of the policyholder, name of the policyholder, date of birth of the policyholder or aadhaar number, in a window provided on the website of the insurer to find out the  unclaimed  amount.  Further,  the  insurers  have  also  been  advised  to  update  information regarding unclaimed amounts on their websites on half-yearly basis.

Board  level  Committee  for  Policyholder  Protection  of  every  insurer  is  entrusted  with  the responsibility  of  monitoring  the  timely  payout  of  the  all  dues  to  policyholders.  Further,  it oversees the steps taken by the insurer to reduce unclaimed amounts through identification of the policyholders or beneficiaries, in terms of the standard procedures on customer service.

Unclaimed Amounts of Policyholders of Life Insurers (As on 31.03.2018)

| Sl. No.     | Name of the Insurer                             |   Unclaimed amount in Rs. Crore |
|-------------|-------------------------------------------------|---------------------------------|
| 1           | Birla Sun Life Insurance Co. Ltd.               |                          257.72 |
| 2           | SBI Life Insurance Co. Ltd.                     |                          678.59 |
| 3           | HDFC Standard Life Insurance Co. Ltd.           |                          659.3  |
| 4           | Bajaj Life Insurance Co. Ltd.                   |                          559.21 |
| 5           | Kotak Mahindra Life Insurance Co. Ltd.          |                           30.51 |
| 6           | Canara HSBC OBC Life Insurance Co. Ltd.         |                           15.72 |
| 7           | Future Generali Life Insurance Co. Ltd.         |                           70.5  |
| 8           | PNB MetLife Insurance Co. Ltd.                  |                          203.46 |
| 9           | Shriram Life Insurance Co. Ltd.                 |                           61.92 |
| 10          | Star Union Di ichi Life Insurance Co. Ltd.      |                           25.45 |
| 11          | Max Life Insurance Co. Ltd.                     |                           38.17 |
| 12          | Aviva Life Insurance Co. Ltd.                   |                          190.65 |
| 13          | IDBI Federal Life Insurance Co. Ltd.            |                            9.85 |
| 14          | Bharati AXA Life Insurance Co. Ltd.             |                           74.81 |
| 15          | DHFL Pramerica Life Insurance Co. Ltd.          |                           16.84 |
| 16          | Aegon Life Insurance Co. Ltd.                   |                           37.65 |
| 17          | India First Life Insurance Co. Ltd.             |                           26.28 |
| 18          | Exide Life Insurance Co. Ltd.                   |                           61.88 |
| 19          | Tata AIA Life Insurance Co. Ltd.                |                          134.05 |
| 20          | Edelweiss Tokio Life Insurance Co. Ltd.         |                            1.37 |
| 21          | ICICI Prudential Life Insurance Co. Ltd.        |                          807.4  |
| 22          | Reliance Nippon Life Insurance Co. Ltd.         |                          696.12 |
|             | Private Sector Life Insurance Companies - Total |                         4657.45 |
| 23          | Life Insurance Corporation of India             |                        10509    |
| Grand Total | Grand Total                                     |                        15166.5  |

Source: Insurance Regulatory and Development Authority of India