Irdai asks insurers to transfer unclaimed money to Senior Citizens' Welfare Fund

MUMBAI: Now, insurance benefits lying unclaimed amounts for over 10 years of policyholders will have to be transferred to a fund meant for senior citizens by March 2018.

Today, the Insurance Regulatory and Development Authority has asked all insurers having unclaimed amounts of policyholders for a period of more than 10 years as on 30th September, 2017 to transfer the same to the Senior Citizens’ Welfare Fund (SCWF) on or before 1st March, 2018.

As part of the Finance Act 2015, the government has brought in the Senior Citizens’ Welfare Fund Act, 2015 (SCWF). This mandates the transfer of unclaimed amounts of policyholders to the fund (SCWF) after a period of 10 years.

The government has also notified a set of Rules under the SCWF, which specify the entities that are required to transfer the amounts to the Fund and the administration of the Fund, Irda said in a circular.