Register of unclaimed insurance proceeds now covers wider range of payouts: LIA

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

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

Now, members of the public can search the register for individual life and A&H policies with proceeds due to policyholders or claimants, which have remained unclaimed for more than 12 months.

In the case of individual life policies, there could be unclaimed proceeds due to other reasons such as a regular coupon payout by cheque that was not presented and the policy matured or was terminated, or a refund of excess premiums paid before or after the policy was cancelled.

For individual A&H policies, the unclaimed monies could come from payout due to accidental death of policyholder, medical reimbursement for a terminated policy that remained unclaimed or a refund of excess premiums paid before or after the policy was terminated.

Since LIA's register was first launched in January 2016, payouts have been made to 1,437 policyholders or claimants, it said. In 2017, S$9.87 million was paid out to 690 policyholders or claimants.

Said LIA Singapore president Patrick Teow: "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 "LIA Register of Unclaimed Life Insurance Proceeds" is available at: http://www.lia.org.sg/consumers/unclaimed-proceeds/list. The list is updated once every six months.