Indian life insurance sector had non-claim amount of Rs 20,062 crore as of March 31, 2024, report says

As of March 31, 2024, the Indian life insurance sector had a non-claim amount of Rs 20,062  crore, as per a report.

Non-claim amount means the amount that is not taken by the policyholder or their family even after the insurance policy matures.

According to IRDAI's 2023-24 annual report, this amount was Rs 22,237 crore at the beginning of the financial year 2023-24.

A 2024 analysis found that policies sold through agents have a higher non-claim amount than other channels such as bank insurance or digital platforms.

According to Global Data Analysis, from 2018-19 to 2022-23, LIC accounted for more than 90 per cent of the total non-claim amount.

LIC continues to be the leader in the Indian life insurance sector with a market share of 64.02 per cent.

IRDAI conducted a special drive from June 2023 to November 2023, during which unclaimed amounts of Rs 10 billion were cleared.

IRDAI made changes to the ‘Master Circular on Unclaimed Amounts’ on February 16, 2024, clarifying the definition of unclaimed amount and the procedures for its distribution.

Policyholders are advised to update their policy information from time to time and share it with their family to avoid money getting stuck.

Insurance policy information can be obtained by visiting the website of IRDAI or the insurance company or from their helpline.

If any amount related to your policy is stuck, contact your insurance company immediately and submit your claim by providing the correct documents.