Unclaimed policy amounts of more than 10 months to be transferred to SCWF

IRDA had asked insurers to transfer unclaimed amounts of policyholders for a period of more than 10 years to the Senior Citizens’ Welfare Fund (SCWF). The unclaimed amounts of more than 10 years, as on September 30, 2017, shall be transferred before March 1, 2018.

The insurance companies have to follow the accounting procedure for transfer of the funds into the SCWF issued by the Budget Division, Department of Economic Affairs, Ministry of Finance. After this, for every financial year, the process laid down in the SCWF Rules 2016 shall be followed.