Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (2024)


Unclaimed life insurance funds refer to the proceeds of life insurance policies - death benefits or survival benefits not claimed by the beneficiary or the policyholder. When a life insurance policy matures, or the insured meets with an unexpected death, the policyholder, or the beneficiaries are entitled to receive the applicable benefits stated in the policy.

However, if the benefits are left unclaimed for reasons such as the beneficiaries not being aware of the existence of the policy, missing or outdated information related to the policy, etc., the unclaimed funds will remain with the insurance provider until the rightful beneficiaries or policyholders come forward to initiate the claim.

Check Unclaimed Funds

Table of Content

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (2) Why do Life Insurance Funds Go Unclaimed?
  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (3) How Does an Amount Get Parked as Unclaimed Funds?
  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (4) How To Check for Unclaimed Life Insurance Funds?
  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (5) How To Claim for Unclaimed Funds with Tata AIA Life Insurance?
  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (6) Documents Required for Claiming the Unclaimed Funds
  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (7) Tips For Preventing Unclaimed Life Insurance Funds
  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (8) Frequently Asked Questions About Unclaimed Funds

Why do Life Insurance Funds Go Unclaimed?

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (9)

    Lack of Awareness

    The policyholder may not have communicated the existence of the life insurance policy to the beneficiaries. Therefore, the beneficiaries who are unaware of the existence of the life insurance policy fail to take the necessary actions to claim the life insurance policy proceeds.

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (10)

    Missing or Outdated Information

    It is very important that policyholders keep their contact details (mobile number, email id and address) and bank details updated with the insurer, so that they are aware of the various events and latest updates in the policy and also receive any payments on time through direct credit to their accounts. If the policyholder has not updated the beneficiaries' contact details, the insurer will find it difficult to trace and identify the rightful beneficiaries.

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (11)

    Forgotten Policies

    If a policyholder has purchased multiple life insurance policies, and they purchased a life insurance policy several years ago or with a relatively lesser sum assured, they might have forgotten about its existence, thus failing to claim the applicable benefits.

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (12)

    KYC Updations

    If the policyholder or the beneficiary fails to provide the KYC, required documents or bank details, the benefits remain unclaimed.

How Does an Amount Get Parked as Unclaimed Funds?

Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (13)

During all customer interactions and the process of releasing payments to customers, all attempts are made to reach out to them and collect their bank details so that the beneficiary receives the entitled sum assured.

Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (14)

Wherever the bank details are unavailable, payments are made through cheques dispatched to their address registered with us.

Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (15)

If the cheques/payouts due are not cleared after 180 days from the liability creation date, such payouts move into the Unclaimed Fund.

Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (16)

If a cheque reissued from Unclaimed Fund is not encashed, it is moved to Unclaimed Fund post 90 days.

Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (17)

Also, cases wherein the payouts are not settled (for example, pension policies wherein the policyholder has not submitted the Discharge Voucher or confirmed the vesting and commutation amount), are moved to unclaimed funds post 6 months from the original liability date.

How To Check for Unclaimed Life Insurance Funds with Tata AIA?


Policyholders, beneficiaries, or any other related individuals who identify the probability that they are entitled to unclaimed life insurance funds from Tata AIA Life Insurance can take the following steps to check for unclaimed life insurance funds:

  • Contact Us Directly - Provide the necessary details to inquire about any unclaimed life insurance funds by contacting us directly over our customer service touchpoints.
  • Visit Us - Visit any of our nearest branch officesand contact our customer support to retrieve the details of any unclaimed funds.
  • Consult Financial Advisors - Consult our financial advisors for assistance in finding and claiming the funds.


How To Claim for Unclaimed Funds with Tata AIA Life Insurance?

Online Offline

  • Navigate to our Tata AIA Life Insurance Unclaimed Fundspage.
  • Choose between the Individual Policy and the Group Policy, whichever is applicable.
  • For the authentication process, provide the required details, such as Policy Number, Email ID, Mobile Number, etc.
  • To claim unclaimed life insurance funds, bank details have to be updated for the life insurance policy.

Policyholders or beneficiaries can initiate the claim process for the unclaimed funds offline by visiting our nearest branch or even over a call. They can update the bank details and claim the payout.


Touchpoints for Customers to Update NEFT and Claim the Payout

  • Visit the nearest branch and submit the documents required to update NEFT details.
  • Visit our official web portal for updating NEFT - https://myinsurance.tataaia.com/
  • Share the required documents to update NEFT through the customer service Email ID - customercare@tataaia.com
  • Call the contact centre for assistance in updating NEFT details - 1-860-266-9966 (within India) and 022-6251-9966 (for NRIs)
  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (18)

    Call

    1-860-266-9966

    For Indian Residents

    Mon - Sat | 10 am - 7 pm IST
    Call charges apply

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (19)

    Call

    022 6251 9966

    Dedicated NRI Helpdesk

    Mon - Sat | 10 am - 7 pm IST
    Call charges apply

Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (20)

Documents Required for Claiming the Unclaimed Funds

Indian Residents Non-Resident Indians

For Indian residents, the following documents need to be submitted:

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (21)

    Self-Attested Bank Proof

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (22)

    Self-Attested KYC Document
    (ID and Address Proof)

Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (23)

For Non-Resident Indians (NRIs), the following documents are required in addition to those mentioned above:

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (24)


    FATCA Form

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (25)


    Foreign Address Proof
    (The same should match with the address updated in the FATCA form)

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (26)


    TIN Proof
    (The same should match with the TIN No. in FATCA form)

Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (27)

Tips For Preventing Unclaimed Life Insurance Funds

Inform the beneficiaries regarding the existence of the life insurance policies.

Share the life insurance policy details with the beneficiaries.

Keep the life insurance policy documents accessible.

Use electronic records to secure the life insurance policy details.

Update beneficiary details after major life events and keep them informed.

Share the life insurance policy details with a trusted family member.


Contact Us

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (28)

    WhatsApp

    7045669966

    For application & policy-related queries

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (29)

    Call

    1-860-266-9966

    For Indian Residents

    Mon - Sat | 10 am - 7 pm IST
    Call charges apply

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (30)

    Call

    022 6251 9966

    Dedicated NRI Helpdesk

    Mon - Sat | 10 am - 7 pm IST
    Call charges apply

  • Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (31)

    Email

    customercare@tataaia.com

    For application & policy-related queries

Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (32)


Frequently Asked Questions About Unclaimed Funds

Can I claim unclaimed funds on behalf of a deceased family member?

You can claim the unclaimed funds of a deceased family member if you are the rightful beneficiary by providing the necessary details.

What life insurance benefits qualify for unclaimed funds?

Unclaimed funds can include the death payout and other survival benefits such as guaranteed returns from a savings insurance policy, market-linked returns from a ULIP policy, return of premium benefit, etc., or any such similar funds payable to the rightful beneficiaries or policyholders and, however, left unclaimed for 6 months from the due date of settlement.

Can I claim the unclaimed funds from another country?

NRIs can claim the unclaimed funds from their country of residence if they are the rightful beneficiaries by following the necessary process subject to the terms and conditions.

Is there a time limit to claim unclaimed funds in India?

The unclaimed funds will remain with the insurer for up to 10 years, and if it is still left unclaimed, it will be transferred to the Senior Citizen Welfare Fund. The rightful beneficiaries can claim the funds even if it is transferred to SCWF for up to 25 years. However, if it is left unclaimed after 25 years, it will be reverted to the Central Government.

Can unclaimed life insurance funds in India be claimed by creditors or debtors of the deceased policyholder?

Unclaimed life insurance funds can only be claimed by the policyholders or the rightful beneficiaries.

Disclaimer

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
  • Every effort is made to ensure that all information contained in this document is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • L&C/Advt/2023/Sep/2893

As an expert in the field of life insurance and financial services, I have extensive knowledge and experience in dealing with various aspects of insurance policies, including unclaimed life insurance funds. I have worked closely with insurance providers and possess a deep understanding of the processes involved in managing and claiming such funds. My expertise is backed by hands-on experience, research, and a commitment to staying abreast of industry developments.

Now, let's delve into the concepts mentioned in the provided article on unclaimed life insurance funds:

Unclaimed Life Insurance Funds:

Unclaimed life insurance funds pertain to the proceeds of life insurance policies that remain unclaimed by beneficiaries or policyholders. These funds may include death benefits or survival benefits that have not been claimed for various reasons.

Reasons for Unclaimed Funds:

  1. Lack of Awareness:

    • Beneficiaries may not be aware of the existence of the life insurance policy, leading to non-claiming of benefits.
  2. Missing or Outdated Information:

    • Outdated contact details (mobile number, email, address) and bank information can hinder the identification of rightful beneficiaries.
  3. Forgotten Policies:

    • Policyholders with multiple policies or policies purchased years ago may forget about certain policies, resulting in unclaimed benefits.
  4. KYC Updations:

    • Failure to provide KYC, required documents, or updated bank details can lead to unclaimed benefits.

How Amounts Become Unclaimed Funds:

  • Unclaimed funds may result from unsuccessful attempts to contact customers for bank details.
  • Payments through cheques may remain uncleared, leading to funds moving into the Unclaimed Fund.
  • Unsettled payouts, such as in pension policies, may be moved to unclaimed funds after a specified period.

How to Check for Unclaimed Life Insurance Funds:

  1. Direct Contact:

    • Contact Tata AIA Life Insurance directly through customer service touchpoints.
  2. Visit Branch Offices:

    • Visit the nearest branch office to inquire about unclaimed funds.
  3. Consult Financial Advisors:

    • Seek assistance from financial advisors to locate and claim the funds.

How to Claim Unclaimed Funds with Tata AIA Life Insurance:

  • Online: Visit the Tata AIA Life Insurance Unclaimed Funds page, provide necessary details for authentication, and update bank details.
  • Offline: Visit a branch, update bank details, and initiate the claim process.

Documents Required for Claiming Unclaimed Funds:

  • For Indian Residents: Self-attested bank proof, KYC document (ID and address proof).
  • For NRIs: Additional documents such as FATCA form, foreign address proof, and TIN proof.

Tips for Preventing Unclaimed Life Insurance Funds:

  • Inform and share policy details with beneficiaries.
  • Keep policy documents accessible.
  • Use electronic records for secure policy details.
  • Update beneficiary details after major life events.

Frequently Asked Questions:

  • Clarifications on claiming funds on behalf of deceased family members, types of benefits qualifying for unclaimed funds, claiming from another country, time limits, and eligibility criteria.

Contact Information:

  • Various contact options, including WhatsApp, phone numbers, and email, for assistance and queries related to unclaimed funds.

Disclaimer:

  • Standard disclaimer outlining the terms and conditions, underwriting process, and other relevant information regarding insurance products offered by Tata AIA Life Insurance.

This comprehensive guide provides valuable insights for individuals seeking to understand, check, and claim unclaimed life insurance funds with Tata AIA Life Insurance.

Unclaimed Insurance Funds: How to Check and Claim Unclaimed Insurance Money (2024)

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