Do you have unclaimed insurance? Here's everything you need to know

25th August 2023

Do you know people in your friends and family who have unclaimed insurance policies?

ET Wealth estimates that more than Rs 82,000 crore of investor wealth is lying unclaimed in forgotten and lost investments.

Did you know that you or your loved ones might be missing out on some much-needed benefits? Don't fret! We've got all the answers you need.

We'll explore the reasons why it happens, how you can check if you've got any unclaimed policies lying around, and most importantly, the steps you can take to claim what's rightfully yours! Stay tuned!

Why Does Unclaimed Insurance Happen?

You know, unclaimed insurance can be a real headache for both policyholders and their beneficiaries.

“There are more maturity claims than death claims. Besides, many people are unaware of different insurance benefits they are eligible for." - says Bengani of CAMSRep.

There are various reasons why it happens, and it's essential to be aware of them:

Unexpected Demise of the Policyholder

Unfortunately, life can be unpredictable, and sometimes, the policyholder passes away without telling their loved ones about their insurance policy. That can cause confusion and delays when it comes to claiming the benefits they're entitled to.

“People call in and say they think their mom, dad or spouse may have had a life insurance policy, but they have no idea where to look or who to ask about it.” - says Ben Gonzalez, a spokesperson for the Texas Department of Insurance.

Language Barriers and Communication Issues

In our diverse world, language can sometimes be a barrier. If the policyholder and beneficiaries speak different languages, important information about the policy might not get through properly, adding to the problem.

Complex Policy Wordings

You know how insurance policies can have all that legal jargon and technical stuff? Well, that can make it hard for beneficiaries to grasp the full value of the policy or even know how to claim it.

Lack of Regular Updates

Sometimes, policyholders forget to update their beneficiaries or don't inform them about changes to the policy. Imagine someone gets added as a beneficiary, but no one knows about it - that can lead to unclaimed insurance!

Unawareness of Benefits

You won't believe how many beneficiaries have no clue they're entitled to insurance benefits after the policyholder's passing. They might not know how to go about claiming those benefits or even that they exist in the first place.

Dependence on Employer-Sponsored Insurance

Many people rely on their employer-sponsored life insurance. But if a policyholder changes jobs or retires without letting beneficiaries know or transferring the policy, it could end up unclaimed.

No Beneficiary Designation

Oh, here's a big one - if the policyholder didn't specify a beneficiary or forgot to keep that info updated, it can be a real headache for insurers to find the right recipient.

Company Mergers and Acquisitions

You know how messy it can get when companies merge or get acquired? Well, records might get lost or become super hard to trace, and that can lead to unclaimed policies too.

How to Find Unclaimed Insurance?

Government data shows that total unclaimed deposits (money lying unclaimed in bank accounts for years) transferred to the Reserve Bank of India (RBI) by public sector banks totalled ₹35,012 crore as of February.

If you think you might have some unclaimed insurance waiting for you, don't worry! We've got some simple steps to help you track it down.

Check with State Insurance Departments

Visit your state's insurance department website or call them to search their unclaimed property databases.

Search the NAIC Database

The NAIC offers a national database to find unclaimed insurance policies from different states - your one-stop-shop for lost policies.

Get in Touch with the Insurance Company

Contact the insurer directly, providing the policyholder's details to kickstart the claims process.

How to Prevent Unclaimed Insurance?

Let's talk about how you can prevent unclaimed insurance - something that can cause a lot of hassle for your loved ones down the road.

Keep Important Documents Organized

You know, those policy papers and beneficiary info? Keep them safe and let a trusted family member or friend know where to find them.

Review Policies Regularly

Take a moment to review your insurance policies to make sure that your beneficiary information is all up-to-date.

Inform Beneficiaries

If you've got a life insurance policy or any other coverage, don't keep it a secret! Let your beneficiaries know about it and share the important details regarding the claims.


We've covered a lot of ground on the topic of unclaimed insurance, and it's essential to stay informed about this issue.

With the right know-how and a proactive approach, you can make sure you or your loved ones don't end up as part of the unclaimed insurance pile.

About Perfios:

Perfios Software Solutions is India’s largest SaaS-based B2B fintech software company enabling 900+ FIs to take informed decisions in real-time. Headquartered in mumbai, India, Perfios specializes in real-time credit decisioning, analytics, onboarding automation, due diligence, monitoring, litigation automation, and more.

Perfios’ core data platform has been built to aggregate and analyze both structured and unstructured data and provide vertical solutions combining both consented and public data for the BFSI space catering to their stringent Scale Performance, Security, and other SLA requirements.

You can write to us at

safe and secure

Perfios is Information Security Management Certified (ISO 27001) Security Seals Certified Seal Privacy Seals Business Seals ISO 27017 ISO 27018