LIA revamps unclaimed life policies register

The Life Insurance Association of Singapore (LIA) has enhanced its register of unclaimed life insurance proceeds to include individual accident and health policies, as well as other types of payouts.

Previously, the register only listed unclaimed money from individual life policies that had matured or had payouts due to the death of the policyholder.

Now the register can be searched for individual life and accident and health policies with proceeds that have remained unclaimed for more than 12 months. Unclaimed proceeds from individual life policies could arise from cheques not presented or excess premiums paid before or after the policy was cancelled.

Unclaimed funds from accident and health policies could come from payouts due to the accidental death of policyholder, medical reimbursement for a terminated policy or a refund of excess premiums paid before or after the policy was terminated.

Since LIA's register was started in January 2016, payouts have been made to 1,437 policyholders or claimants, it said. Last year, $9.87 million was paid out to 690 claimants.

LIA president Patrick Teow 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."

The register of unclaimed proceeds is available at: http://www.lia.org.sg/consumers/ unclaimed-proceeds/list. The list is updated once every six months.

A version of this article appeared in the print edition of The Straits Times on April 06, 2018, with the headline 'LIA revamps unclaimed life policies register'. Print Edition | Subscribe