Unclaimed Amounts of Policyholders must be transferred


Insurance Regulatory and Development Authority of India has issued Circular to all Life insurers, General Insurers and Health Insurers to transfer Unclaimed Amounts of Policyholders to the Fund (SCWF) after a period of 10 years and subsequent year regularly.   
The Government of India has brought in the Senior Citizens’ Welfare Fund Act, 2015 (SCWF) as a part of the Finance Act, 2015, which mandates the transfer of Unclaimed Amounts of Policyholders to the Fund (SCWF) after a period of 10 years.

All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on 30th September, 2017 need to transfer the same to the Senior Citizens’ Welfare Fund (SCWF) on or before 1st March, 2018.

Insurers would need to get the details of the account as well as the manner in which they are required to transfer the unclaimed amounts, from the Department of Financial Services, Ministry of Finance, Govt of India.

So hurry, contact to your insurer and get your unclaimed amount immediately.

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