Through several of the ways, unclaimed amount has only doubled with the insurance regulator last few years. As other than the unclaimed amount, the body also as per rules does takes away some premium amount paid by the policyholder in case of premature surrender or other such instances.
But now as a rescue and in the best interest of its customers, IRDAI has advised insurers to detail such unclaimed amounts in excess of Rs. 1000 on its site. For other such amount which has remained with the institution from its pay out date for over 10 years shall be moved to Government backed senior citizen welfare fund. The welfare fund corpus in this account is also provided by other institutions such as postal savings scheme and EPF.
Now, as the IRDAI has sought out ways to work in the best interest, investors in different schemes and plans can take the following route. Here are some ways:
1. If you have doubt per se any unclaimed account, for the same you can visit insurer's website under the tab unclaimed amount of policyholders.
2. Later you need to furnish some details that include PAN, name of the policyholder, Aadhaar and then details of any unclaimed amount shall appear. To retrieve the information on unclaimed amount, the two fields that are mandatory are name of the policyholder and his or her date of birth.
So, following this you will get to know about any unclaimed amount in your or your relative's name which has remained unclaimed over the years. And then can go by the process to claim it.