How to Trace Unclaimed Life Insurance Benefits?
Life insurance companies have meticulous procedures in place to guarantee timely and smooth payment of the multiple advantages. However, did you think what happens when the policyholder does not claim an advantage when it is due? Or a situation in which the insurance company is not in a position to pay the advantages as the policyholder is reachable / untraceable, or rather a case in which the insurance company has not been notified of the life insured’s death. These may look like isolated incidents; however, you would be surprised to know that Rs 15,166.47 crore was unclaimed with 23 life insurers as of March 31, 2018, according to official data. Of this, Rs 10,509 crore was with India’s Life Insurance Corporation (LIC), and Rs 4,657.45 crore was with private insurance firms. Compared to this, the unclaimed quantity for the whole sector was Rs 4,865.81 crore for the year 2012-13. This is an annual 25 percent rise in unclaimed money from policyholders over the previous five years...