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Industry Specific - Insurance Central Ministry of Finance Insurance Act, 1938

Modifications to the Master Circular for Unclaimed Amounts of Policyholders dated 17th November 2020

16-Feb-2024 | IRDAI/Life/CIR/Misc/41/2/2024

IRDAI has issued a Circular regarding Modifications to the Master Circular for Unclaimed Amounts of Policyholders, effective from 16th February 2024.

The following key modifications are being made to the Master circular IRDA/F&A/CIR/Misc/202/11/2020 dated 17th November 2020 (Master Circular):

1. Due date shall mean the date on which any amount or claim is due for payment as per the terms and conditions of the insurance policy and/or the extant regulatory framework.
2. Unclaimed Amounts shall include any amount held by an insurer, but payable to consumers, including income accrued thereon, on account of their non-contactability through any means and remaining unpaid beyond twelve months from the due date of such amount.
3. Consumer for the purpose of this circular shall mean proposer, policyholder, life assured, nominee, beneficiary, or any other person who has a financial interest in the policy as per the terms and conditions of the insurance policy.

Insurers shall make all possible efforts for the payment of these dues at the earliest and may adopt the measures as suggested in Annexure-1 to this circular and submit statements as per Annexure-II by the 15th of every month.

For detailed information, please refer to the attached circular issued by IRDAI.

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