LIA Singapore revamps unclaimed life policies register

The Life Insurance Association, Singapore (LIA Singapore) has enhanced its Register of Unclaimed Life Insurance Proceeds, to now include unclaimed cash from a wider range of individual insurance policies.

Previously, the register only, which is held on the LIA Singapore website, listed unclaimed monies from individual life policies that had matured or had payout due to death of the policyholder.

With the enhancement – outlined in the table below – members of the public are now able to search the register for individual life and A&H policies issued by life insurers with monies due to policyholders or claimants, which have remained unclaimed for more than 12 months.

Mr Patrick Teow, president of LIA Singapore, 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.”

Table:

Scope of “Register of Unclaimed Life Insurance Proceeds”

Type of PoliciesPolicy StatusOld RegisterNew Register
Individual Life Policies 

 

Out-of-force

Yes

Monies unclaimed for more than 12 months due to matured policy or death (not including accidental death)

 

Monies unclaimed for more than 12 months due to matured policy or death (including accidental death) or other benefits

 

Individual A&H PoliciesNo

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

ABOUT THE AUTHOR
Gary Robinson
Head of Video and Ezines at Open Door Media Publishing. An experienced journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as a fully qualified IFA, Gary works across both International Investment and InvestmentEurope titles. Previous video production credits include projects on BBC, C4 and SKY.

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