Page 5 - Life Insurance Today April 2018
P. 5

Cover Story


         UNCLAIMED



         AMOUNT OF




         POLICYHOLDERS IS



         NOT THE HIDDEN



         FORTUNE OF




         INSURERS








         T        he unclaimed amount is common in insurance  facing difficulty with, you can make sure you get back your


                  sector and over a period of time amounts have
                                                              money. The digital trail has its benefits there is a trail with
                                                              the mail ID you have mentioned when investing or saving.
                  accumulated as unclaimed which is a cause of
                  concern. There are the major reasons that have
                                                              number as the contact, which makes it easy for institutions
         led to the accumulation of Rs. 12,000 crore unclaimed  There is also the possibility of leaving your mobile phone
         money that is to be claimed by the rightful owner.   and regulators to contact you in future.
         Amongst the insurers, the highest amount of the
         unclaimed money has been lying with Life Insurance   Today, most financial instruments have linkages to your
         Corporation (LIC) - Rs. 6,003.47 crores.             PAN or bank account, thereby reducing the probability of
                                                              losing out on what is rightfully yours. In case of
         Every financial instrument has different sets of     investments in equities and mutual funds, the demat
         requirement, so depending on what instrument you are  details or folio numbers are a good start to get a handle
                                                              on tracking your investments.
                              About the author                India is an 'uninsured society.' It is also an 'un-pensioned

                       Mr Jagendra Kumar is currently the     society' as only 11 per cent of the elderly receive pensions.
                       Corporate Head (Training) at Shriram   This is exactly where the state should step in. Food subsidy,
                       General Insurance Company. Mr Kumar is a  crop insurance and minimum support prices are some of
                       prolific writer and has wide experience in  the scheme that the government implemented to save the
                       the general insurance industry. Before  people from distress. The government wanted every poor
            Jagendra   joining SGI he was the Ex. CEO in Pearl
             Kumar                                            person to be linked to the banking system so that they
                       Insurance brokers.
                                                              could access insurance and pension schemes. The idea of
             It's difficult to have everybody like everything you do. I don't know anybody that's perfect and doesn't have a zit somewhere.

         Life Insurance Today                           April 2018                                             5
   1   2   3   4   5   6   7   8   9   10