Top reasons why unclaimed insurance money is piling up

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The amount of unclaimed insurance money is only increasing day by day there are few facts with state that rupees 15167 crores is unclaimed as of March 2018. In most cases, you will have to fork out the premium for insurance every month or even early on. This can include term and health insurance plans along with home insurance and car insurance. Missing any one of these insurance payments means that you will immediately receive a reminder.

What happens when you don’t claim the insurance money that is rightfully yours? There were several studies which revealed that insurance companies had unclaimed insurance money of a whopping Rs. 15,167 crore, as on March 31, 2018.

Out of the total unclaimed amount of Rs 15,166.47 crore Life Insurance Corporation (LIC) is sitting on Rs 10,509 crore, while the 22 private sector insurers account for the remaining Rs 4,657.45 crore.

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Among the private insurers, ICICI Prudential Life Insurance Co has 807.4 crore of unclaimed insurance claims followed Reliance Nippon Life Insurance (Rs 696.12 crore), SBI Life Insurance Co (Rs 678.59 crore) and HDFC Standard Life Insurance Co Rs 659.3 crore).

Claims often go unsettled since the nominee is often unaware about the existence of any insurance policy. This scenario is commoner than you think and in some other instances, policy holders may end up nominating any person without his/her knowledge of the same. Being unaware about the policy existence and nomination means that this person will never know that there is any amount left to be claimed.

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In case you are the policyholder, you should always keep your nominee in the loop about the policy which exists. Share all information with him/her in order to the policy number and other documents. Also tutor him/her on making the claim for insurance. In many scenarios, customers do not get their records updated with any necessary changes. These include a new phone number, address or even a new nominee. If your address does not get updated, your entire family will miss out on the insurance amount cheque. Not updating the changed phone number means that the company will not be able to get in touch with you. Make sure that any such changes are duly notified to the insurer and updated accordingly. The records should always be in order to avoid such situations.

Therefore this is the right time for you to be aware of the insurance policy and about unclaimed money which is getting piled up, don’t wait for long because it may lead to further inconvenience. You can always ask for help or you can always look up for the information which you are not provided with and make sure not to make this mistake and keep yourself aware of all the information and rules and regulations and conditions which come with the insurance policy and document.

If you are looking for help related to your unclaimed insurance policy or have an insurance related grievance, reach out to us https://www.insurancesamadhan.com/register

Shailesh Kumar

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