The Life Insurance Association, Singapore (LIA Singapore) has launched a register of unclaimed life insurance proceeds to facilitate the collection of outstanding payouts.
The LIA Register of Unclaimed Life Insurance Proceeds is on the association’s website for members of the public to search and contact the respective insurer or insurers directly, should they have policies with unclaimed death proceeds of deceased relations, or unclaimed maturity proceeds that have been outstanding for more than 12 months.
Life insurers will continue to do what they have been doing on a company basis, i.e. attempt to trace claimants through various means including sending advisers to contact their clients, placing newspaper advertisements and listing unclaimed proceeds on the company’s website.
Despite all these efforts, LIA Singapore said there are 8,185 policyholders across the industry with payouts due to them as at 30 September 2015.
Dr. Khoo Kah Siang, President of LIA Singapore, said: "The LIA Register is the industry’s effort to reach out to the claimants or beneficiaries of unclaimed proceeds which is on top of efforts made by individual insurers."
The LIA list will be updated once every six months. It shows the following information:
- Name of policyholder
- Identification number (masked) of policyholder
- Name of life insurance company
There are two search options available for members of the public to use:
- By name of policyholder
- By name of life insurance company