Life insurance companies hold Rs 22,237 crore in unclaimed funds – Here's why no one is claiming it

In India, life insurance companies had Rs 22,237 crore in unclaimed funds at the start of 2023-24. The IRDAI's June-November 2023 campaign retrieved over Rs 1,018 crore. Issues arise when non-family members are beneficiaries, causing complications and cautiousness among insurers. Legal heirs still have claims to the money.