Such amounts often remain unclaimed because important documents were lost, contact details were not updated, or nominees were unaware that the policy existed. However, the money is not automatically forfeited. Policyholders, nominees or legal heirs can still claim it by contacting the insurer and submitting the required documents.
If you think you or a family member may have an old insurance policy, it is worth checking whether any amount remains unclaimed.
How to check
Start by looking through old records, including insurance policy documents, premium receipts and other related papers.
According to the Insurance Regulatory and Development Authority of India (IRDAI), insurers must publish details of unclaimed insurance amounts on their websites. You can search these databases using details such as the policyholder’s name, date of birth or policy number.
If an unclaimed amount is found, contact the insurer to begin the claim process.
Documents required
To locate an unclaimed policy, you may need to provide details such as the policy number, the policyholder’s name, date of birth, PAN, or the registered mobile number or email address. These details help the insurer verify your identity and trace the policy.
Once the policy is identified, the insurer will ask for documents to process the claim. These typically include proof of identity and address, PAN and bank account details. If available, the original policy document should also be submitted.
For a death claim, you will usually need to provide the policyholder’s death certificate along with proof that you are the nominee or legal heir. If the claim is disputed, the insurer may also require additional legal documents, such as a succession certificate, before releasing the funds.
