Kirti Singh post a Travel Status

5 days ago

Unclaimed Amounts of Policyholders in India: Causes, Impact, and How to Recover Your Insurance Benefits

Every year in India, thousands of crores worth of insurance money remains unclaimed, silently affecting families who may not even realize they are entitled to these benefits. These unclaimed amounts of policyholders include life insurance maturity proceeds, death claims, survival benefits, bonuses, and refunds that were never received by policyholders or their nominees.

One of the biggest reasons insurance amounts go unclaimed is a lack of awareness. Many families are unaware that a deceased member had an active or paid-up insurance policy. In other cases, outdated contact details, inactive bank accounts, or unencashed cheques prevent insurers from reaching the rightful beneficiaries. Missing or incorrect nomination further complicates claim settlement, especially when legal heirs are involved.

The impact of unclaimed insurance benefits can be significant. Families lose access to funds meant to provide financial stability during difficult times. Estate settlement gets delayed, and in some cases, heirs are forced into lengthy legal processes to prove their claim. Over time, forgotten policies weaken long-term financial planning and family security.

Recovering unclaimed insurance benefits is possible with the right approach. The first step is to identify existing or past policies by reviewing old documents, bank statements, and premium receipts. Beneficiaries should then contact the insurance company to confirm the status of the policy and submit the appropriate claim form. Supporting documents such as identity proof, bank details, and death certificates (in case of death claims) are typically required. If there is no nominee, legal heir or succession documents may be needed.

To prevent insurance amounts from going unclaimed, policyholders should regularly update nominee details, keep KYC information current, and inform family members about their insurance coverage. Awareness and timely action can ensure that insurance benefits reach the people they were meant to protect.

Kirti Singh post a Travel Status

5 days ago

Unclaimed Amounts of Policyholders in India: Causes, Impact, and How to Recover Your Insurance Benefits

Every year in India, thousands of crores worth of insurance money remains unclaimed, silently affecting families who may not even realize they are entitled to these benefits. These unclaimed amounts of policyholders include life insurance maturity proceeds, death claims, survival benefits, bonuses, and refunds that were never received by policyholders or their nominees.

One of the biggest reasons insurance amounts go unclaimed is a lack of awareness. Many families are unaware that a deceased member had an active or paid-up insurance policy. In other cases, outdated contact details, inactive bank accounts, or unencashed cheques prevent insurers from reaching the rightful beneficiaries. Missing or incorrect nomination further complicates claim settlement, especially when legal heirs are involved.

The impact of unclaimed insurance benefits can be significant. Families lose access to funds meant to provide financial stability during difficult times. Estate settlement gets delayed, and in some cases, heirs are forced into lengthy legal processes to prove their claim. Over time, forgotten policies weaken long-term financial planning and family security.

Recovering unclaimed insurance benefits is possible with the right approach. The first step is to identify existing or past policies by reviewing old documents, bank statements, and premium receipts. Beneficiaries should then contact the insurance company to confirm the status of the policy and submit the appropriate claim form. Supporting documents such as identity proof, bank details, and death certificates (in case of death claims) are typically required. If there is no nominee, legal heir or succession documents may be needed.

To prevent insurance amounts from going unclaimed, policyholders should regularly update nominee details, keep KYC information current, and inform family members about their insurance coverage. Awareness and timely action can ensure that insurance benefits reach the people they were meant to protect.

Kirti Singh post a Travel Status

5 days ago

Kirti Singh post a Travel Status

5 days ago