Huge sum of amount remains unclaimed.
Insurance claim is an emotional process and if it gets entangled in the web of rules and regulations, it can be really painful to the rightful claimant.
Unclaimed amount of policyholders of 23 life insurers as on March 31, 2018 ₹15,166.47 crore. Life insurance as on March 31, 2017 was ₹10,471.51crore and ₹897.46 crore for general insurance according to Insurance and Regulatory Development Authority of India (IRDAI).
Some do not have the time to follow up with the insurance firm, others are not aware that they are a beneficiary and many fail to produce the required documents, as a result, lumpsum amounts of policyholders’ often remain unclaimed.
Ignorance about insurance procedures can be counterproductive. Instead of offering financial protection to the survivors, it can be a reason for frustration.
An unclaimed amount is the money which insurers owe to a policyholder or the nominee. It includes payments like maturity claims, premium refunds, survival or surrender benefits that has not been claimed for more than six months since their settlement date. Nomination in life insurance helps the insurers to settle the claim quickly.
Imphal-based businessman Dinesh Kangjam (45) understands the importance of nomination and also keeping the family aware of the insurance policies he has taken. “I always share the policy details with my family. I believe that they should know about insurance as this will give them financial security in future”, says Kangjam.
Many have faced the bitter experience of their claims being rejected. Some simply did not know how to claim their due amount, as a result they did not receive the benefit. To them, insurance is meaningless and just another nightmare eating up all their hard-earned money.
Esta historia es de la edición September 2018 de Outlook Money.
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