Outlook Money
Insurance payouts often remain unclaimed because policyholders or nominees are unaware of them. Here's how you can check if any insurance money is due.
Insurance payouts may remain unclaimed if policy documents are misplaced, maturity notices reach an old address, or family members are unaware of the insurance policy.
Unclaimed insurance amounts may belong to policyholders, nominees or legal heirs who have not yet approached the insurer to collect the eligible payout.
Most insurers provide an 'Unclaimed Amount' section on their websites. Search using details like the policy number, name, date of birth, PAN or other identification information.
If you are unsure which insurer issued the policy, use the IRDAI Bima Bharosa platform. It provides links to the unclaimed amount search pages of registered insurers.
Insurers may ask for PAN, Aadhaar, KYC documents, bank account details and a cancelled cheque. Nominees may also need a death certificate and nomination documents.
Finding your details in the search does not guarantee immediate payment. The insurer will verify your identity, eligibility and supporting documents before processing the claim.
Tell at least one trusted family member about your insurance policies and where the documents are kept. This can help prevent payouts from remaining unclaimed.