There are several instances where the insured or policyholder do not narrate the financial security measures taken via insurance route to their beneficiaries either in the assumption that they do not take undue advantage or just like that only.

So the best way to avoid your money being unclaimed with insurance company are some of these measures which you should definitely be taking:

1. Document your will with all your financial details including the beneficiaries of them after your death.

2. Need to keep a record of policy details together with complete pay out details such as maturity benefits and survival amount and when they are falling due. Insurers also have begun notifying the insured about such claims whenever they accrue to a policyholder or insured.

3. All policies should have details of the beneficiaries. Latest data per se your contact and phone number should be regularly updated with insurance companies.

4. The best way can also be to convert all your insurance into e-insurance holdings and maintain a single e-account in respect of them.

5. Also, you can regularly track your policies for the bonus etc. that may be issued for your policy.

6. Also, update your bank details with the bank together with NEFT details so that no pay-outs are missed.

As a rescue measure, IRDAI has advised insurance companies to detail the unclaimed amount with them on their websites if they amount over Rs. 1000. As such the unclaimed otherwise goes to the Senior Citizen Welfare fund

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# Monitor and track all your policies regularly.
# Keep a record of all your policies online (i.e. convert them into e-Insurance policies and maintain a single e-Insurance account).
# Update your latest contact details with all your insurers.
# Update your NEFT payment details with all your insurers so that you do not miss out on any of the pay-outs.

The Insurance Regulatory and Development Authority of India (IRDAI) has issued clear guidelines to all insurance companies (in both life and non-life insurance space) to provide details of unclaimed insurance money on their respective websites. To save the insurers the trouble of putting out details of very small claim, the rules allow companies to publish details if the unclaimed amount is of Rs 1,000 or more.
As per a recent IRDAI circular (dated July 25, 2017), any unclaimed money with an insurance company will be moved to the Indian government's Senior Citizens Welfare Fund, if the amount has been lying unclaimed for 10 years from the date it was payable to the policyholder or the beneficiary.
If no insurance claim is made for a period of 25 years after the transfer, you will have to forfeit the money and it will belong to the government. The government had created this fund through the Finance Acts, 2015 and 2016, to promote the welfare of senior citizens, in which notified institutions have to transfer unclaimed monies. These institutions include: postal savings scheme and Employees Provident Fund schemes. In an amendment in April this year, the government also added insurance companies to this list.
Here's what you could do to claim any life insurance money lying with your insurance company (for a policy taken by you or your loved ones):
# Insurers allow you to spot your unclaimed money on their websites. You simply need to look under the tab titled 'unclaimed amount of policyholders'.
# On the page that opens, once you click the tab, you need to enter the following details: name of the policyholder, policy number, Permanent Account Number (PAN), Aadhaar number and date of birth. Upon filling these details you can come to know the details of any unclaimed amount.
# The policyholder's name and date of birth are compulsory, whereas PAN and policy number could be optional.
Also read: No machines being used in RBI offices for counting scrapped
(The author is Director-Health, Life & Strategic Initiatives, Coverfox.com)

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