In
a customer friendly move, insurance regulator IRDA today asked all
insurers to give information on their respective website about
unclaimed amounts of Rs 1,000 or more due to policy holders. "All
insurers are required to display the information about any unclaimed
amount above Rs 1,000 of policyholders on their respective website,"
said a circular of Insurance Regulatory and Development Authority
(IRDA). It further said insurance companies should provide a facility
in the website to enable policyholders or dependents to find out
"whether any unclaimed amount due to them are lying with the
insurer". IRDA said said a policyholder should be able to find
out the information by entering details like name, date of birth,
policy number and PAN. "Name of the policyholder and date of
birth may be made as compulsory fields to enter (on website), while
policy number and PAN may be optional fields," the circular
added. The regulator further said insurers are advised to upload the
information as on December 31 by January 31, 2015. Subsequently, the
information should be updated on a half yearly basis. Defining
unclaimed amount, IRDA said it includes any sum payable to
policyholder as death claim, maturity claim, survival claim, premium
due for refund, among others, that remained unclaimed beyond six
months from due date of settlement. IRDA also said in case of a new
insurance policy, insurers are not required to collect the cancelled
cheque where payment of premium is made by the proposer through
cheque from his own bank account. The new norms will come into force
from October 1.
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