IRDAI is working on mechanism to return Rs. 15,000 crore of unclaimed deposits lying idle with the life insurers. For amounts stuck in pension schemes, IRDAI has asked life insurers to repay them as lumpsum payments to policy holders or their beneficiaries.

Life insurance industry saw its annualized premium equivalent at 7% year on year for the first six months of the current financial year. While private players witnessed higher growth at 13% Life Insurance Corporation of India (LIC) saw a growth at just 3% (year on year)