Rs 15,167 cr unclaimed money lying with life insurance companies
New Delhi, July 29 : A staggering amount of Rs 15,167 crore amount belonging to policyholders is lying unclaimed with 23 life insurance companies, according to latest regulatory data.
On the basis of this information, the Insurance Regulatory and Development Authority of India (IRDAI) has asked the companies to disburse old insurance claims after identifying the concerned policyholders or beneficiaries.
As per the data released, of the total unclaimed amount of Rs 15,166.47 crore as on March 31, 2018, state-run Life Insurance Corporation towers over other companies in the unclaimed list with Rs 10,509 crore, while the 22 private sector insurers account for the remaining Rs 4,657.45 crore.
Among private companies, ICICI Prudential Life Insurance has Rs 807.4 crore of unclaimed insurance claims, followed by Reliance Nippon Life Insurance (Rs 696.12 crore), SBI Life Insurance (Rs 678.59 crore) and HDFC Standard Life Insurance (Rs 659.3 crore).
Insurance companies are required to update information regarding unclaimed amounts on their websites on six-monthly basis.
IRDAI has earlier asked the life insurance companies to provide a search facility on their website to enable policyholders or beneficiaries ascertain any unclaimed amounts due to them that are still lying with the firms.
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VHP warns of statewide stir in Karnataka against move to ease cattle transport law
Udupi (Karnataka) (PTI): The VHP on Saturday demanded the immediate withdrawal of a proposed amendment to the Karnataka Prevention of Slaughter and Preservation of Cattle Act, 2020, accusing the state government of weakening a law that has deterred illegal cattle transport.
The organisation's Go Raksha Wing, Karnataka South, has also announced district-level protests on December 8.
According to officials, the existing law mandates a bank guarantee for securing the release of vehicles seized for alleged illegal cattle transportation.
On December 4, the state Cabinet proposed an amendment enabling the release of such vehicles on an indemnity bond instead.
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Addressing reporters in Udupi, VHP leader and Prantha Goraksha Pramukh Sunil K R, said the government's move amounted to "sympathy for cattle lifters" and claimed that it was part of broader actions "targeting Hindus".
He argued that the law in its current form is stringent and has played a crucial role in reducing incidents of illegal cattle transport and theft.
Under the Act, vehicles involved in offences can be surrendered and, upon conviction, permanently seized by authorities. "Diluting these provisions will embolden offenders," Sunil said.
The VHP leader warned that easing the process of vehicle release would not only encourage violators but also result in rising cruelty against cattle.
Sunil further claimed that the strict enforcement of the 2020 law had brought down cases of cattle-related offences significantly. Rolling back these provisions, he said, could reverse those gains and would lead to an increase in illegal transport.
He reiterated that the government must reconsider its decision and preserve the integrity of the existing law.
