Home / Lifestyle / Money / Unclaimed Money: Recovering yo...

Unclaimed Money: Recovering your loved ones’ last gift to you

Losing a loved one might just be the hardest thing to go through and the last thing we would want is to bear with additional financial burden. 

A family had just gone through the passing of their mother, the sole breadwinner of the family. As the family’s eldest daughter was going through some personal documents, she found an investment-linked life insurance policy that was bought around 15 years back. She was curious and proceeded to contact the insurance company. 

It turns out that there were some Unclaimed Money left from that policy. Although the cash value was modest, a little over RM3,000 but she said that it was enough to give her mother a proper funeral. This was important to her since her faith was strong. Earlier on, she intended to sell off old furniture to make up the budget for a funeral. Now, she does not have to. She would even have some extra cash to pay for her younger brother’s tuition fees. “They say that a loved one will always watch over you even when they are not physically here…and that’s exactly what mom did for us. She’s taking care of us from above”, she said.

This is only one of many cases where billions of ringgits’ worth of assets is left unclaimed. Did you know - It is reported that an approximate total of RM11.6 billion remains unclaimed as at year 2022. According to Section 13 (1) of the Unclaimed Monies at 1965, payment shall be paid out to any recipient who can prove that they have legal right to the money.

How Unclaimed Monies exist in insurance?

Life insurance policies become unclaimed 7 years after the policy matures and is not claimed. In Malaysia, Unclaimed Monies will not go anywhere until you claim it from the Accountant General’s Department of Malaysia (AGD).

Unclaimed Monies can exist due to many forms such as:

    • Change in contact details of which the insurance company has not been informed
    • Policies which consist cash values but the life insurers are unable to contact them
    • Life assured has passed away and his/her next-of-kin or beneficiaries are not aware of the proceeds.

In order to reduce disputes, making a nomination is necessary so that your loved ones may access the funds quickly.

Why should I make a nomination?

Ever wonder where does the insurance proceeds go to in the event that you have passed away? If you do not want your loved ones to be caught up in a long and tiresome waiting game, ensure that you make a nomination and that the contact details of your nominees are up to date.

In the event that a nomination is not made, your loved ones will not receive the policy monies until a Grant of Probate of Letter of Administration or Distribution Order is obtained. This process may take years! > Click here to read the press release issued by LIAM and MTA in August 2020.

How to check and claim your Unclaimed Money in 3 simple steps:

As of 2021, you need not physically proceed to the Registrar of Unclaimed Money counter to apply for a refund. Instead, you may do it all online via the Electronic Unclaimed Money Information System (eGUMIS) portal.

  1. Register at eGUMIS and search with an NRIC number.
  2. In the event that a record is found, click proceed with application. You will be asked to complete the payee information and upload relevant documents.
  3. Finally, wait for your refund! Once your documents have been verified, you will receive an email notification from eGUMIS. Your payment will be credited to your bank account within 30 working days from the date of notification.

What are you waiting for? Do your part and ensure that a nomination is made with the latest contact details. If your name is listed here, do proceed to check on your Unclaimed Monies. For further information on your Great Eastern policy, kindly contact Great Eastern Life Assurance (Malaysia) Berhad at 03-4813 3818.

Share Article

Unlock the Magic of Our Product!

Experience Security Unleashed! Our insurance product is your passport to a worry-free world. Explore the peace of mind that comes with our coverage!
Find Out More!