What are unclaimed insurance amounts?
The unclaimed amounts arise when an insurance company is liable to pay the policyholder or nominee and is unable to get in contact. When any amount payable remains untouched for a period of more than 12 months, the amount becomes unclaimed. Typically, these funds build up from circumstances such as:
- Death claims
- Health claims
- Maturity or survival benefits
- Surrender or early withdrawal
- Excess premium payments
Many policyholders or nominees miss them in case of misplacement of policy details, misplaced documents, and ignorance about the existence of a policy.
How to Check for Unclaimed Funds
Every insurance company has a dedicated section on its website for unclaimed amounts. You can search using basic policyholder details.
You can also verify through IRDAI's Bima Bharosa portal. The portal lists links to all life and health insurance companies. When you choose a company, you are taken to the website, and there you have to fill in :
- Policyholder name
- Date of Birth
- PAN number
- Policy number
At least two fields must match the records of the insurer. If matched, the system shows the unclaimed amount. You can claim the amount, then, by submitting your KYC documents.
Documents needed for claiming unclaimed amounts
Policyholders, nominees, and legal heirs can claim unclaimed funds, provided the necessary documents are furnished. These are generally the following:
- Policy document or policy details
- Bank account details
- Photo identity proof
- Bank passbook
- KYC documents
- Address proof
- Claim-related documents
- Death certificate (for death claims)
- Hospital records (where appropriate)
Then, the insurance company concerned has to be contacted after ascertaining the unclaimed amount. Once all the relevant documents are submitted and there is no dispute legally, the insurer sanctions the payment. NRIs can also check and apply through the Bima Bharosa portal.
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