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The Life Insurance Association (LIA) of Singapore has expanded its register of unclaimed insurance proceeds to include more types of payouts, including accident and health insurance.
Prior to this, the register only included unclaimed funds from individual life insurance policies that matured or paid out due to the insured’s death.
With the expansion, the Singaporean public can now search for life, accident, and health insurance policies that have unclaimed proceeds for over 12 months, the Straits Times reported. The register is updated every six months.
For individual accident and health policies, the unclaimed monies usually come from the policyholder’s accidental death, medical reimbursement for a terminated policy, or refund of excess premiums.
Since the register was first launched in January 2016, 1,437 policyholders or claimants were able to receive their payouts. In 2017, SG$9.87 million was paid out to 690 policyholders and claimants.
“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,” said Patrick Teow, LIA president. “Our latest enhancements will allow us to reach out to more policyholders and claimants, especially those whose contact details have changed and remain uncontactable.”
