Reetu | Aug 9, 2022 |

Amount Rs.1732 crore lying as Unclaimed insurance funds of policyholders

The Senior Citizen Welfare Fund has a staggering Rs 1723.2 crore in unclaimed insurance funds from policyholders who have had their policies for longer than 10 years in the last five years.

Insurance companies contributed Rs 81.62 crore to the Senior Citizen Welfare Fund in FY17–18. The next year, it rose to Rs.398.94 crore. However, it decreased to Rs.225.05 crore in FY19–20. The payment climbed to Rs.388.89 crore in FY20–21 and increased by 61 percent to Rs.628.69 crore in FY21–22, bringing the five-year total to Rs.1,723.20 crore.

The funds are used by SCWF for a number of senior citizen programmes and projects.

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Tags: Finance, FUNDS, insurance, Insurance Companies, News, Senior Citizen, Studycafe

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Name: Reetu

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Reetu is a Content Writer with 3+ years of experience in GST, Income Tax, Finance, Company Law, Education and Career Related Content. She is a B.COM(Honrs.) Graduate.

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