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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