Staff Correspondent, Dhaka

The Insurance Development and Regulatory Authority (IDRA) is set to release payments to 7,641 policyholders in the third phase of its ongoing initiative to clear long-pending legitimate insurance claims. A total of Tk 263,679,530 has been earmarked for the latest round of payments, scheduled for October 4, 2026.

The initiative is being carried out in phases to address outstanding claims that have remained unsettled for an extended period and to safeguard the legitimate interests of insurance customers.

The latest payment round covers policyholders of six life insurance companies. Baira Life Insurance Company has 34 customers included in the process, who will collectively receive Tk 581,892.

Homeland Life Insurance Company has 1,381 policyholders covered under the third phase, with Tk 48,797,638 allocated for their claims. Padma Islami Life Insurance will pay Tk 90 million to 2,348 customers.

Meanwhile, 2,140 policyholders of Progressive Life Insurance have been included for payments totaling Tk 67.8 million. Sunflower Life Insurance will provide Tk 3 million to 165 customers, while 1,573 policyholders of Sunlife Insurance are scheduled to receive Tk 53.5 million.

Before launching the third phase, IDRA had already settled outstanding claims involving 8,417 policyholders through two earlier rounds. The combined amount distributed during those phases was Tk 375,460,117.58.

In the first phase, payments totaling Tk 145,103,146.58 were made to 2,549 policyholders on September 3, 2026. The second phase followed on September 14, when 5,868 policyholders received a combined Tk 230,356,971.

With the completion of the third phase, the number of policyholders receiving claim settlements through the three-stage initiative will rise to 16,058. The total amount disbursed across all three phases will reach Tk 639,139,647.58.

The phased settlement process is expected to provide relief to thousands of customers who have been waiting for their legitimate insurance benefits. It is also drawing renewed attention to the importance of timely claim management by insurance companies and effective regulatory supervision of the sector.

IDRA has undertaken the initiative with the objective of protecting policyholders' rights and ensuring that valid outstanding claims are gradually resolved. The inclusion of another 7,641 policyholders in the third phase means that more than 16,000 customers will have had their pending claims addressed through the ongoing process.

The authority's broader objective is to strengthen policyholder protection, improve the settlement of legitimate claims and contribute to greater confidence in the insurance industry. Efforts to address unresolved claims and bring further improvements to the sector are expected to continue as part of IDRA's ongoing regulatory activities.