SINGAPORE - The Life Insurance Association of Singapore (LIA Singapore) has launched an online register for members of the public to check on unclaimed insurance payouts.
There are 8,185 insurance policyholders across the industry with payouts due to them as at Sept 30, 2015, LIA Singapore revealed in its announcement on Monday (Jan 4).
With the new register, they will be able 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.
The "LIA Register of Unclaimed Life Insurance Proceeds" is available at: http://www.lia.org.sg/consumers/unclaimed-proceeds/list. The list will be updated once every six months.
But life insurers will continue to do what they have been doing on a company basis, that is, 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.
Said LIA Singapore president, Dr Khoo Kah Siang: "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."