Unclaimed Insurance Money: Over ₹25,000 Crore Lying Idle; Here’s How to Track and Claim Yours

More than ₹25,000 crore is lying unclaimed with insurance companies in India. This often happens when policyholders forget to file claims or when families are unaware that such policies exist. In many cases, outdated bank details, missing documents, or lack of communication lead to money remaining idle for years. Fortunately, checking and claiming this amount is now much easier.

What Is Unclaimed Insurance Money?

Unclaimed insurance money refers to the amount that an insurer owes but has not been able to pay for more than 12 months. This may include:

• Death claims
• Health claims
• Maturity benefits
• Survival benefits
• Surrender or foreclosure amounts
• Refunds of excess premiums
• Premium deposits not adjusted against dues

For health and general insurance, advance premiums are not counted as unclaimed unless they remain unadjusted or unrefunded after the policy ends.

How to Check If Any Unclaimed Money Belongs to You

You can easily check for unclaimed insurance amounts using two simple methods:

1. Insurer Websites

Every insurance company has a dedicated section on its website to help you search for unclaimed amounts. You can check using basic details such as your name, date of birth, PAN, Aadhaar, or policy number.

2. IRDAI’s Bima Bharosa Portal

The Bima Bharosa portal offers a centralised search across all life, general, and health insurers. If your details match any record, you can upload your KYC documents and provide your bank details to start the claim process.

Step-by-Step Guide to Reclaim Your Money

To claim the amount, you need to share the following with the insurer:

• Policy details or policy document
• Identity and address proof
• Bank account details and a cancelled cheque
• KYC documents
• Completed claim form
• Relationship proof, if claiming as a nominee or beneficiary
• Succession certificate, if claiming as a legal heir
• Supporting documents such as death certificate, hospital records, or FIR (depending on the claim type)

If the original policy document is lost, the insurer may ask for an indemnity bond. Once all documents are verified, the insurer transfers the amount directly to your bank account.

Can NRIs Claim These Funds?

Yes. NRIs can check and claim their unclaimed insurance money from anywhere in the world. They may need to submit self-attested KYC documents, overseas address proof, and NRE/NRO bank details. Many insurers allow digital submissions, making the process simple and remote.

How to Prevent Your Insurance Money From Going Unclaimed?

To avoid future issues:

• Keep your contact details, bank details, and nominee information updated
• Link policies with Aadhaar and PAN
• Store all policies in DigiLocker or an e-Insurance Account
• Maintain a family file of all policies
• Set reminders for premium payments and maturity dates
• Review annual communications from insurers about unclaimed amounts

Read more: IRDAI Flags Misleading Claim Settlement Ads, Calls for Standard Formula.

Conclusion

A huge amount of insurance money remains unclaimed simply due to missing information or lack of awareness. With digital tools and simpler processes, checking and claiming what belongs to you has become quicker and more accessible. Keeping records updated ensures these benefits never go unnoticed or unused.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.