Insurers' Websites to Give Unclaimed Amount Details of Customers

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 if any unclaimed amount due are lying with the insurer.

IRDA 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.