How to find and claim your unclaimed insurance amounts? Key FAQs answered

Insurance companies currently hold ₹14,000 crore worth of unclaimed funds, according to official government data. Any insurance amount, including accrued interest, that an insurer is required to pay but is unable to do so because the insured cannot be contacted for more than 12 months, is considered unclaimed.

Now, any amount that remains unclaimed for over 10 years is transferred by the insurer to the central government's Senior Citizens’ Welfare Fund (SCWF). 

Can you claim your money after 10 years?

Yes, you can claim your insurance amount even after 10 years. However, it can be claimed only up to 25 years from the date of transfer to the fund. 

“Policyholders/beneficiaries shall be eligible to claim the dues under their policies up to 25 years from the date of transfer of the same to Senior Citizens’ Welfare Fund (SCWF),” according to the Finance Ministry’s booklet titled ‘Your Money, Your Right’. 

After 25 years, the central government can take ownership of the funds. “If not claimed within 25 years, such amounts shall escheat to the Central Government in terms of Section 126 of the Finance Act 2015,” the booklet states. 

How to check if you have any unclaimed amount?

To check if there are any unclaimed funds, policyholders can make an online enquiry through the insurance company’s website by submitting required details (such as name of the policyholder, date of birth of the policyholder, policy number and PAN). 

How to claim your insurance amount?

To claim your money, you will need to contact the insurance company with the following details and submit the required documents: 

• Policy details/documents

• Bank account details

• Photo ID (of the claimant)

• Cancelled cheque with name and account number printed, or a cancelled cheque with a copy of the Bank Passbook/Bank Statement.

• KYC documents

• If a claim is made by a nominee, valid ID, proof of address and proof of relationship will be required.

• Duly filled claim form

• If a legal heir is making the claim, a succession certificate would be required.

• Other documents as evidence (such as death certificate, hospital records, FIR reports, etc).

Is there any fee for filing a claim?

No, there is no fee for claiming your unclaimed insurance amount.

How to file a claim if a nominee also passes away?

If the nominee listed in the policy also passes away, their legal heirs can contact the insurer and submit the required documents to file their claim. 

Is there any interest paid on the unclaimed insurance amount?

Yes, insurers are required to pay unclaimed amounts along with investment income earned thereon.

What if you have more queries?

Beneficiaries can check the instructions through these circulars: 

• Master Circular on Protection of Interests of Policyholders (https://irdai.gov.in/document-detail?documentId=5625747)
• Master Circular on Operations and Allied Matters of Insurers (https://irdai.gov.in/document-detail?documentId=5083599)

How to prevent your insurance money from becoming unclaimed?

To prevent your insurance funds from becoming unclaimed, you can take these steps:

• Remember to update your details with the insurer.

• Register a nominee and make sure their information is updated.

• Inform your family about your policies.

• Keep physical and digital records of your policies.

• Link your policies to Aadhaar and PAN.

How to submit a complaint?

If you’re having problems in filing a claim or getting your money back, you can:

• Contact the Grievance Redressal Officer (GRO) of your insurance company. Details of GROs are available on IRDAI’s portal (https://irdai.gov.in/list-of-gros)
• Submit your grievance on the IRDAI’s Bima Bharosa Grievance Redressal Portal (https://bimabharosa.irdai/)

• Call the IRDAI’s toll-free helpline at 155255 or 1800 4254 732

For other details, including the Standard Operating Procedure (SOP), policyholders/beneficiaries can check the Finance Ministry’s booklet. 

Unified portal soon?

Currently, there are separate portals for claiming bank account money, mutual funds, shares, dividends and insurance amounts. However, the Ministry of Finance is collaborating with the Reserve Bank of India (RBI) to build a single unified portal to help users claim unclaimed assets across multiple financial instruments.