UNCLAIMED INSURANCE

What are unclaimed insurance policies?

Unclaimed nsurance policies refer to insurance policies that have not been claimed or accessed by the policyholders or beneficiaries for an extended period. These policies may include life insurance, health insurance, property insurance, or other types of insurance contracts. Typically, unclaimed insurance policies arise when policyholders or beneficiaries are unaware of the existence of the policy, have forgotten about it, or have not taken the necessary steps to claim the benefits owed to them. Unclaimed insurance policies may contain valuable benefits, including death benefits, maturity benefits, surrender value, dividends, or accrued interest. However, if these policies remain unclaimed for an extended period, the insurance company may classify them as dormant or abandoned.

How do insurance policies become unclaimed?

Insurance policies can become unclaimed for various reasons, including:

• Lack of Awareness: Policyholders may forget about their insurance policies or be unaware of their existence, especially if the policies were purchased a long time ago or if the policy documents were misplaced.
• Change of Contact Details: If policyholders fail to update their contact details with the insurance company, they may miss out on important communication regarding their policies, such as premium payment reminders or maturity notifications.
• Policyholder's Demise: In cases where the policyholder passes away and the beneficiaries are unaware of the insurance policy or unable to locate the relevant documents, the policy benefits may remain unclaimed.
• Relocation or Migration: Policyholders who move to a new location or migrate to another country may fail to notify their insurance company of their new address, leading to communication lapses and potential loss of policy-related information.
• Policy Lapse: If policyholders fail to pay their premiums on time and allow their policies to lapse, they may lose access to the benefits associated with the policy, resulting in unclaimed policy proceeds.
• Unclaimed Death Benefits: In some instances, beneficiaries may be unaware of their entitlement to insurance proceeds following the death of the insured, leading to unclaimed death benefits.

How can I check if I have any unclaimed insurance policies?

To check if you have any unclaimed insurance policies, start by reviewing your personal records, including old policy documents and premium payment receipts. Currently, insurance companies are mandated by the IRDAI to display the database of unclaimed insurance on their website. A search can be made on the respective website of the company by entering multiple criteria like Name, DOB, Policy No, etc. These steps will help you identify any unclaimed policies and take the necessary actions to recover any benefits owed to you.

What documents are required to claim unclaimed insurance policies?

The documents required to claim unclaimed insurance policies may vary depending on the insurance company's policies and the IRDAI guidelines. However, common documents typically include:

• Policy documents
• Proof of identity (such as Aadhar card, passport, or driver's license)
• Proof of address
• Death certificate of the policyholder (if applicable)
• Legal heirship certificate / Succession Certificate (if the policyholder has passed away and no nominee is mentioned)

Can unclaimed insurance policies be claimed after the policyholder's demise?

Yes, unclaimed insurance policies can typically be claimed after the policyholder's demise. In the event of the policyholder's death, the beneficiaries named in the policy or the legal heirs may claim the benefits of the policy by submitting the required documents to the insurance company. These documents usually include the death certificate of the policyholder, the original policy document, proof of identity and relationship of the beneficiary/legal heir, and any other documents specified by the insurer. Once the necessary documentation is provided and verified, the insurance company will process the claim and disburse the benefits to the rightful beneficiaries or legal heirs.

How does Agrasen Finserv Private Limited assist in the recovery of unclaimed insurance policies?

Agrasen Finserv Private Limited assists in the recovery of unclaimed insurance policies by leveraging its expertise and resources to navigate the complex process of claiming insurance benefits. Our team of professionals specializes in identifying and recovering unclaimed insurance policies on behalf of policyholders or their beneficiaries. We work closely with insurance companies to gather the necessary documentation and information required to process the claim efficiently. Additionally, we provide guidance and support to policyholders or their representatives throughout the entire claims process, ensuring that all requirements are met and any potential obstacles are addressed promptly.