Page 8 - Life Insurance Today April 2018

Things you should do to find old LIC claim the unpaid dues (unclaimed money) up to 25 years
from the date of transfer of the same to the Senior
Policy: Citizen's Welfare Fund. Here's what you could do to claim
Tracing unclaimed funds is not an easy task since there are any life insurance money lying with your insurance
no centralized databases, which leaves precious little in company for a policy taken by you or your loved ones:
terms of options for the insurance companies. One of Y Insurers allow you to spot your unclaimed money on
these is contract services of a specialized company that their websites. You simply need to look under the tab
engages in managing various databases and websites to try titled 'unclaimed amount of policyholders'.
and locate the money. These services come at a cost.
Y On the page that opens, once you click the tab, you
Notwithstanding the element of uncertainty when need to enter the following details: name of the
undertaking this exercise, the amount should be worth the policyholder, policy number, Permanent Account
expense.
Number (PAN), Aadhaar number and date of birth.
Upon filling these details you can come to know the
However, in case of insurance it is not so. Now IRDA has details of any unclaimed amount.
asked insurers to update unclaimed policy records, so you
could find the LIC policy details online with keying in few Y The policyholder's name and date of birth are
basic details (Policyholder's Name, Date of Birth etc.) compulsory, whereas PAN and policy number could be
online. If you don't know the policy number, still you can optional.
check the details. Follow the following steps:
Y Remember that an insurance policy bought many If no insurance claim is made for a period of 25 years after
years ago may not have been in your current married the transfer, you will have to forfeit the money.
name (old sir name/family name for married women).
The insurer can deduct a charge from this fund to manage
Y Life insurance policy bought by parents/grandparents it, but the costs are capped at 20 basis points. In order to
on your behalf may be jointly in their names and,
make your job easier, insurers now allow you to spot your
where relevant, they may also be in your maiden
unclaimed money on their websites, where you need to
name.
look under the tab titled unclaimed amount of
Y Check the LIC India premium debited entry in the old policyholders. Click the tab and on the page that opens,
saving account passbook. enter the details such as name of the policyholder, policy
Y A change of address is one of the most common number, Permanent Account Number (PAN), Aadhaar
reasons people lose track of their policies over the number and date of birth to know details of any unclaimed
years. So check old address for past letters or LIC amount.
Receipt etc.
Y Even if the policy is many years old it could be in the
above LIC database.

How to claim your money:
Once you have identified the money, you can approach the
insurer directly or follow the steps listed on the website.
To reduce unclaimed amounts, the regulator has made
electronic payments mandatory with the exception of
small premium ticket size of up to Rs 10,000. Also, the
rules make it clear that even after 10 years, insurers will
need to display information about any unclaimed amount
of Rs 1,000 or more on their respective websites.

However, policyholders and beneficiaries are eligible to

The substitute for knowledge is money.

8 April 2018 Life Insurance Today