How to find and claim a family member's unclaimed life insurance money

Money an insurer owes but has not paid for more than twelve months because it could not reach the person becomes an 'unclaimed amount'. You can search for it through IRDAI's Bima Bharosa website, which links to insurers' own unclaimed-amount pages, or on the insurer's own website, using any two of the policy number, PAN, name and date of birth of the policyholder. You then claim it from the insurer by its own process — even after it has been moved to the Senior Citizens' Welfare Fund, for up to 25 years.

Unclaimed money builds up for ordinary reasons: a changed mobile number, an old address, a closed bank account. IRDAI's own explanation is that without correct contact and bank details the insurer cannot reach the claimant, which leaves amounts lying with it.^[1]

What counts as unclaimed

IRDAI defines an unclaimed amount as an amount payable to consumers, including income accrued on it, that remains unpaid beyond twelve months from its due date because the person could not be contacted. Any amount payable on a policy can become unclaimed in this way.^[1]

How to search

1. 1

   Gather the details.

   IRDAI's circular says an unclaimed amount is identified by matching any two of: the policy number, the policyholder's PAN, name and date of birth. Old premium receipts, bank statements showing premium debits, and income-tax papers are good places to find a policy number.^[1]

2. 2

   Search.

   The circular points to an unclaimed-amount page on IRDAI's Bima Bharosa website, which links to the insurers' own pages, and says the amount can also be checked on the insurer's website.^[1]

3. 3

   Claim it from the insurer.

   The unclaimed amount is claimed from the insurer concerned, by the process it specifies. If the policyholder has died, the nominee or legal heirs claim as they would any death or maturity money: see filing a death claim and claims with no nominee.^[1]

4. 4

   Keep proof of what you sent.

   Keep copies of the search result, your letters and the insurer's acknowledgements.

If the money is old

If an unclaimed amount is not claimed within 10 years, the insurer transfers it to the Senior Citizens' Welfare Fund. It can still be claimed through the insurer for up to 25 years from the date of that transfer; after that, IRDAI's circular says, it escheats to the Central Government.^[1]

Common mistakes

• Searching with only one detail. The match uses any two of the four details.^[1]
• Assuming money moved to the welfare fund is lost. It can still be claimed through the insurer for up to 25 years from the transfer.^[1]
• Paying anyone who offers to 'release' the money. IRDAI's circular warns that IRDAI and its officials do not deal in refunds of amounts, and asks people who get such calls to lodge a police complaint.^[1]

ClaimAssure is an independent private platform. It is not an insurer, IRDAI, Bima Bharosa or the Insurance Ombudsman, it never files anything on your behalf, and it cannot promise any outcome. What it does is read your documents and show you what they say.

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