New register allows public to check unclaimed insurance proceeds online

SINGAPORE - Members of the public can now check on any unclaimed life insurance proceeds on a new online register launched by the Life Insurance Association (LIA) Singapore on Monday (Jan 4).

The register, which is on LIA's website, allows insurance policyholders 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".

In a statement, the association explained that insurers currently attempt to trace claimants by sending advisers to contact their clients, placing newspaper advertisements and listing unclaimed proceeds on the company's website.

"Despite all these efforts, there are 8,185 policyholders across the industry with payouts due to them as at Sep 30, 2015," LIA revealed.

The "LIA Register of Unclaimed Life Proceeds" shows the name of the policyholder, the policyholder's masked identification number and the name of the life insurance company. It will be updated half-yearly.

Dr Khoo Kah Siang, LIA Singapore president, said: "The LIA Register is the industry's effort to reach out to the claimants or beneficiaties of unclaimed proceeds, which is on top of efforts made by individual insurers."