Does your Life Insurance policy are still Unclaimed?

By RJ Advisory

Recently I read one article in business magazine and inspired to write this article to help policy holders. According to IRDA circulars in India unclaimedmoney with life insurance firms rises 250%. As IRDA said, at the end of 2012-13, unclaimed money with life insurance companies was Rs. 4,866 crore compared to Rs 1,373 crore in 2009-10. The main reason behind rise in unclaimed amount is because of dependents not being aware
of existence of a life insurance policy. Among other reasons the IRDA said is to rising unclaimed amount delay in settlement of claim and change in address of the insured. It could be your money also lying with any Insurance Company got unclaimed!

What are some steps you must take to secure your existing policy?

  • Check the all policies you are holding in name of you and your family members.
  • Check your Contact details like Address, Mobile, e-mail etc are properly updated in Policy.
  • You must also update your Bank details (MICR, NEFT code) in your Insurance Policy.
  • You should check and note down your maturity date of your policy in your personal diary.
  • Check Nominee details (If nominee is minor, appoint guardian to receive any claim in future).
But Latest Good news is that From April 1, Policyholders will be able to get details of unclaimed insurance online. From April, Policy holder or nominee will be able to access information about the policy. IRDA has asked insurance companies to display details like policy holders name, address, maturity, death benefit and premium due for refund etc things, unclaimed for over six months, on their websites. Share your best comments on this articles.
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