Nearly Rs 9,000 Crore in Unclaimed Insurance Funds: How to Trace and Claim
Nearly Rs 9,000 crore in unclaimed insurance funds is held by life and general insurers due to missing nominees, lost documents, and lack of awareness. Insurance amounts unpaid for over 12 months are classified as unclaimed, with funds older than 10 years transferred to the government's Senior Citizens' Welfare Fund. Policyholders, nominees, and heirs can trace and claim these funds through insurer websites or the IRDAI Bima Bharosa portal by submitting required documents, with claims possible up to 25 years after transfer.