The Life Insurance Association, Singapore (LIA Singapore) has enhanced the "Register of Unclaimed Life Insurance Proceeds" on its website, to include unclaimed monies from a wider range of individual insurance policies.
The changes are as summarised below:
|Scope of Register of Unclaimed Life Insurance Proceeds
|Type of policies
|| Policy Status
||Out of force
Monies unclaimed for more than 12 months due to matured policy or death (not including accidental death)
Monies unclaimed for more than 12 months due to matured policy or death (including accidental death) or other benefits
Previously, the register only listed unclaimed monies from individual life policies that had matured or had payout due to death of the policyholder.
With the enhancement, members of the public are now able to search the Register for individual life and A&H policies issued by life insurers with monies due to policyholders or claimants, which have remained unclaimed for more than 12 months, LIA Singapore says in a statement.
Since the Register was first launched in January 2016, payouts have been made to 1,437 policyholders or claimants. In 2017, S$9.87 million (US$7.5 million) was paid out to 690 policyholders or claimants.
Mr Patrick Teow, President of LIA Singapore, said: “Making successful payouts for more unclaimed proceeds is our top priority and we would like to ensure that insurance benefits eventually reach the proper claimants. Our latest enhancements will allow us to reach out to more policyholders and claimants, especially those whose contact details have changed and remain uncontactable.”