What Should Your Family Know About the Policies You Hold?
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Indian life insurers held ₹20,062 crore in unclaimed money at the end of FY24.
- ✓Many families miss these benefits because they do not know a policy exists.
- ✓You should list every contract, including provider names and reference numbers, to ensure your loved ones can easily claim the money they need.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Business Standard
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
At the end of FY24, Indian life insurers held ₹20,062 crore in unclaimed money payable to customers or their families. One common reason is that relatives simply did not know a contract existed. If you manage household finances and pay the premiums, ask yourself: could your loved ones locate these benefits and make a claim without your help?
Why Families Miss Money They're Entitled To
A claim may be missed because relatives are unaware of an existing plan, cannot find its reference number or do not know which company issued it. Other problems include an outdated nominee, an inactive phone number or confusion about workplace benefits. Some households also assume that employer-sponsored or mortgage-linked arrangements will meet every need without checking their actual terms.
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Business Standard
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