You may have an old life insurance policy, a maturity amount, survival benefit, refund or even a death claim that was never collected. This money does not automatically disappear.

Insurance companies maintain records of such unpaid amounts, and IRDAI provides mechanism through which policyholders, nominees and legal heirs can identify and claim these unclaimed amounts.

The bigger problem is often simple. The family does not know that the money exists.

What is an Unclaimed Insurance Amount ?
An insurance amount can become unclaimed when it remains unpaid to the policyholder, beneficiary or nominee for the prescribed period because the amount could not be paid or the policyholder or the beneficiary could not be contacted. This can include amounts arising from,

· Maturity Benefits
· Survival Benefits
· Death Claims
· Refunds
· Other amounts payable under an insurance policy

The IRDAI booklet advises policyholders and beneficiaries to periodically check whether any amount is lying unclaimed with an insurer.

What Happens to Your Money?
There are multiple steps that the insurance company has to follow. The unclaimed amount remains with the insurance company in accordance with the applicable regulatory framework.

If the amount remains unclaimed for more than 10 years, it is then transferred by the insurer to the “Senior Citizen’s Welfare Fund (SCWF)” maintained by the Government of India. Transfer to Senior Citizen’s Welfare Fund does not mean that the money is immediately lost. The booklet states that policyholders, nominees or legal heirs can approach the insurer and claim the amount within the prescribed 25 year period from the date of transfer to Senior Citizen’s Welfare Fund.

After 25 years, the booklet explains that amounts remaining unclaimed after this applicable period are dealt as per the statutory provisions referred to in The Finance Act, 2015. Do not believe that an old insurance policy is worthless simply because nobody followed it up for years.

How Can You Check Whether Money is Unclaimed?
You don’t have to remember every old policy number to start your research. IRDAI’s Bima Bharosa system provides an online facility for checking unclaimed amounts. The current IRDAI facility allows you to provide details such as the

· Policyholder’s Name
· Date of Birth
· Mobile Number
· PAN Number
· Insurance Company

Check Unclaimed Insurance Amount on IRDAI Bima Bharosa Portal Here

The IRDAI portal currently lists participating life, general and health insurers, making it a useful starting point for an old or an forgotten insurance policy.

What If the Policyholder has Died?
This is where families often miss money. If the policyholder is no longer alive, the nominee or the legal heir may be able to claim the amount, subject to the applicable policy and claim requirements. Typically, the claimant may need documents such as,

· Policy Document
· Death Certificate
· Claim Form
· KYC Documents
· Bank Account Details
· Cancelled Cheque with name printed
· Proof of legal heir or relationship, if required
· Succession or legal heir documents

The exact documents can differ depending on the nature of the claim and the insurer. Do not assume that the absence of the original policy document automatically means the money is lost. Contact the concerned insurer and ask for the applicable process.

Is There a Fee to Claim Unclaimed Insurance Money?
No. The Financial Awareness Initiative booklet – IRDAI Senior Citizens Welfare Fund (SCWF) Unclaimed Insurance Amount, states that there is no fee for claiming an unclaimed insurance amount. This is important because unclaimed money scams can look convincing.

IRDAI’s current Bima Bharosa Portal also warns policyholders that it does not ask for payments to process complaints or disbursements, and cautions users against making any payment to QR Codes or fraudulent links claiming to release insurance money.

Never pay someone simply because they claim they can “Release” your unclaimed insurance money.

What If the Insurer Doesn’t Respond?
Start with the insurer. Contact its designated Grievances Redressal Officer (GRO) and submit your request in writing with the supporting documents. If the issue remains unresolved or you are dissatisfied with the response, you can use the IRDAI’s Bima Bharosa Grievance Mechanism. IRDAI states that Bima Bharosa allows policyholders to register and track complaints and provide an escalation mechanism wherever necessary.

IRDAI Bima Bharosa Portal - https://bimabharosa.irdai.gov.in/

The Better Question – How Do You Prevent Insurance Money from Becoming Unclaimed?
Finding forgotten money is useful but preventing it from becoming forgotten is even better. Keep your contact details updated, such as your mobile number, email id and address should remain updated with every insurer.

Keep your nominee details updated at all cost. Follow this article and understand what trouble the nominee will need to go through if nominee details are not updated.

Tell your family about your insurance. Don’t keep your insurance portfolio completely private. Your family should know,

· The Insurance Company
· Policy Number
· Sum Assured
· Nominee Details
· Annual Premium Amount
· Plan Name or UIN Number
· Maturity Claim Year
· Intermediary Contact Details

Keep copies of your insurance policies using E-Insurance Account.

One Important Lesson From the IRDAI Booklet
Insurance is not finished when you purchase the policy. There are three stages,

· Buy the policy
· Maintain the policy
· Claim the benefits

Many families focus heavily on the first stage and ignore the other two stages. A policy can be perfectly valid, premiums can be paid for years, and the money can still remain unclaimed simply because the insurer cannot reach the policyholder or the family does not know that the policy maturity benefit exists.

Don’t Let Your Insurance Money Become “Forgotten Money”
If you or your parents have old insurance policies, check them once. There may be a maturity benefit, survival benefit, refund of premium or other amounts waiting to be claimed and if you have already lost track of an old policy, start with the official IRDAI Bima Bharosa Unclaimed Amount Facility rather than paying an intermediary to “FIND” your money.

INSURANCE AWARENESS > INSURANCE IGNORANCE

Helping individuals and families make informed insurance decisions through education, transparency, and awareness.

Last Updated – 29/08/2026
Author Name - Abhishek Borkar

References
https://www.unclaimedassetsportal.in/public/assets/102654%20LIC%20-%20Booklet%20Design%20for%20Finance%20Ministry_English-BnEnkObt.pdf

Disclaimer
This article is intended solely for educational and awareness purposes and should not be considered financial, legal, tax, investment, or insurance advice.

Image Disclaimer                         
Cover images and illustrations may be generated using Artificial Intelligence (AI) tools for educational and illustrative purposes.