If you randomly conduct a survey and ask people in your surroundings, what do you do of unclaimed insurance if the policyholder has passed away? Most of them will direct towards the nominee, the others will be unaware of the insurance coverage policy on how to claim it.
What is Unclaimed Insurance?
Unclaimed insurance is those insurance covers that are not claimed by the policyholders before the date and also after the due date there is no mention or update on the same. Your hunt and inspection of old policies can bring you benefit. Be curious to fetch from the past policies that can be helpful for your future. Not being aware can make you responsible for your less.
Why and how some insurance remains unclaimed?
Unawareness: Unawareness of insurance covers and policies is one of the major reasons for unclaimed insurances. Even if the policyholder has nominated one of his/her family members, the nominee is unaware of the policy document or insurance policy after the policyholder is unavailable due to any reason.
Change of address: To get the claim in time, it is advisable to have an updated address, any change in address may result in a delay of the claim payment or might remain unclaimed due to unavailability of the policyholder or nominee.
Cheque goes missing: Cheque payment made is time bound, cheque getting misplaced is also a reason that the insurance remains unclaimed. With easy access to the internet and smartphones, people request for claims through electronic fund transfer. Therefore, a canceled cheque is requested in advance.
Ways to Find Unclaimed Insurance
Search the website
The insurance regulatory authority has asked the insurance offering institutions to facilitate their websites with search feature for the policyholders, beneficiaries or dependents to enter a few of the details and know whichever company has the unclaimed insurance with them.
Get in touch with the company personnel
Follow up with your insurance company’s personnel and find a way out or locate the old policy documents.
What are the details required to find the insurance policy?
Some of the details required are policy number, PAN of the policyholder, name of the policyholder, birthdate, aadhar number, etc. are some of the basic details required to know the unclaimed amount.
It is always advisable to keep your family members updated on any of the policies held by the family. The idea is ultimately to give the amount to the right claimant as they own the right to get it also at the right time.