Amounts lying under the Unclaimed Account as at 31.03.2018 for the purpose

• JI~ \lmll'-1 iflr11 fclfl11.ua1c+, <11'h: ffl ~1fuc+,,1_01 Nlil;fi INSURANCE REGULATORY AND ir.iai DEVELOPMENT AUTHORITY OF INDIA Ref No. I RDA/ACT/CIR/MISC/ 120/08/2018 Date: 03.08.2018 To CEOs/Principal Officers of all Life Insurers Sub: Amounts lying under the Unclaimed Account as at 31.03.2018 for the purpose of purchasing immediate annuity .. On examination-of the data on Unclaimed Annuity amount lying with the Life Insurers, it is obscrv,ed that most of the amounts under unclaimed accumulated/vested amounts for purchasing annuity are pending for the reasons that the matured / vested amount is less than the minimum purchase price under the Immediate Annuity product available with the concerned Life Insurer or such amount is not able to generate the minimum annuity as prescribed in the !RDA! (Minimum limits for annuities and other benefits) Regulations, 2015. Therefore, keeping the interests of policyholders in view, it is decided to relax the provisions of Regulation 24 of IRDA (Non-linked Insurance Products) Rcgulations,2013, and Regulation 28 of !RDA (Linked Insurance Products) Regulations, 2013, and to allow the Life Insurers to pay in lump sum, the vested/accumulated amount lying under the head ' Unclaimed Amount' to the concerned policyholders / beneficiaries under any of the following conditions and subject to the extant Tax law, as applicable: I. The accumulated amount lying unclaimed under the deferred pension policy 1s not sufficient to buy minimum annuity amount stipulated under the applicable extant regulatory provisions as mentioned above. 2. The accumulated amount lying unclaimed under deferred pension policy is less than the minimum purchase price of the immediate annuity product available with the concerned life insurance company. This Circular is issued in exercise of the powers vested under Section 14(2)(e) of the !RDA Act, I 999, Regulation 49 and Regulation 66 of the !RDA (Non-Linked Insurance Products) & !RDA (Linked Insurance Products) Regulations,2013 respectively and comes into force with immediate effect. Pou~ Member~ ary) lR'f. 115/1, ~ ~. 111cf><l'l'.,!iill, ~-500 032, 'ql7o Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India 6) : +91-40-2020 4000,q;cm : +91-40-2020 4555 6) : +91-40-2020 4000, Fax: +91-40-2020 4555 ~ : www.irdai.gov.in Website : www.irdai.gov.in