Keep records, communicate: Dealing with unclaimed insurance policies

In numerous instances, members are unaware of the policy's existence, let alone its details

Life insurance policies sold through agents tend to have a higher rate of unclaimed funds compared to those sold via the bancassurance channel or digital platforms, according to a recent report in Business Standard. 

“Unclaimed life insurance funds refer to the death or survival benefits from policies that have not been claimed by beneficiaries or policyholders,” says Tarun Mathur, co-founder and chief business officer, Policybazaar.com.
 

Policyholders and beneficiaries need to be proactive to avoid funds that belong to them from going unclaimed.

Why funds go unclaimed

Lack of awareness: If policyholders fail to share crucial details with their beneficiaries, it