There have been many cases where people are unaware that they have a right to claim on insurance policies. This happens due to a lack of knowledge about insurance covers, which were held by their parents or grandparents. This claim is missed after the policyholder passes away and it is categorized under unclaimed insurance. There is a provision where you can make a claim for unclaimed life insurance.
What is an unclaimed amount?
Insurance policies come with a due date within which the claim should be made. In case there is no claim for a period of six months after the due date, this amount will fall under the category of unclaimed insurance money. The amount payable to a policyholder in case of maturity, death, or in a form of premium falls under the unclaimed amount.
How to hunt for an unclaimed insurance policy
Now that you know you can make a claim on your old policies, you must search for those old insurance documents in and around your house, as well as the destinations/devices that involve the use of technology and the Internet such as old pen drives, laptops, and email addresses. Insurance companies also give you a facility to search for unclaimed insurance policies on their websites. You will only need basic details of the policy and the policyholder. It includes the name and date of birth of the policyholder and other details like policy number and Permanent Account Number (PAN). In case the unclaimed amount is below INR 1,000, it will not show on the website. Once you find the right documents, you need to give a call to the insurance company.
How to get the unclaimed insurance amount
You will have to provide basic details like PAN, policy number, name, and date of birth on the website of the insurer to get the unclaimed insurance payments. If this information matches with the database of the insurer, you will see the name and address of the policyholder. After finding the unclaimed amount, you need to approach the insurance company to make a claim. Insurance companies ask for bank account details for new policies. In case of a death claim, the bank account details of the nominee will be required.
How to receive the payment
To receive the payment, you need to provide bank details and the money will be transferred into your account.
A quick check
You need to submit the papers of the life insurance plan and bank details like a cancelled check to receive the amount. If you are looking to file a claim on a term insurance plan, you will have to verify the details as a nominee.
Now that you know the process to claim the unclaimed amount, it is time to dig into old documents in your house!