How many policies and certificates are affected by unclaimed death benefits?

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Approximately 50,000 insurance policies and takaful certificates remain unclaimed for death benefits.

An estimated 50,000 insurance policies and takaful certificates involving death benefits have not yet been claimed by their intended beneficiaries. This situation highlights a significant amount of financial protection that has not reached the families it was intended to support. Bank Negara Malaysia (BNM) has introduced the "Semak Kasih" portal to assist beneficiaries in identifying and claiming these outstanding benefits.
Unclaimed Death Benefit Statistics

Based on estimates provided by the Malaysian Takaful Association (MTA) and the Life Insurance Association of Malaysia (LIAM), a substantial number of death benefit payouts are currently unclaimed. This figure of approximately 50,000 represents policies and certificates where beneficiaries have not yet come forward to claim the funds due to them.
Efforts to Improve Claim Efficiency

Insurance and takaful companies have previously undertaken measures to locate beneficiaries, including sending letters and utilising agents. To further enhance the efficiency of the benefit claim process, the newly launched "Semak Kasih" portal aims to simplify the procedure. Beneficiaries can now more easily verify the existence of coverage and connect with the relevant providers to initiate claims.
Purpose of the "Semak Kasih" Portal

The "Semak Kasih" portal was developed by BNM to facilitate the process for beneficiaries to check for unclaimed insurance policies or takaful certificates belonging to deceased family members. Its primary function is to enable individuals to confirm if they are covered by any such protection and to guide them on how to contact the respective insurance or takaful provider for further necessary actions. This initiative underscores the importance of ensuring that financial protection reaches those who are entitled to it during challenging times.

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How many policies and certificates are affected by unclaimed death benefits?

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