[Asia Economy Reporter Oh Hyung-gil] The amount of unclaimed insurance money by consumers has increased by 1 trillion won compared to the end of last year, surpassing 12 trillion won. While some insurance money remains unclaimed because policyholders forget or are indifferent after subscribing to insurance, insurance companies complain that there are many cases where people intentionally do not claim their insurance money.
According to the integrated hidden insurance money inquiry site "NaeBoheom Chajajum" as of the end of August, the amount of hidden insurance money reached approximately 12.3971 trillion won. This is about 1 trillion won more than the 11.3978 trillion won at the end of last year.
Since the establishment of the NaeBoheom Chajajum site in 2017, the amount of insurance money claimed by owners is close to 11 trillion won.
Hidden insurance money typically includes mid-term insurance money such as health examination funds, which arise due to payment reasons but remain unclaimed. It also includes maturity insurance money within three years after the insurance contract matures (two years before March 2015), and dormant insurance money that has passed three years after maturity.
The insurance industry believes that consumers do not claim unclaimed insurance money because interest accrues for up to three years. In particular, consumers who subscribed to high fixed-rate insurance products sold in the past receive interest at a rate higher than the current rate, so they do not claim the money.
Accordingly, financial authorities have simplified the claim service so that consumers can conveniently claim hidden insurance money.
After checking hidden insurance money on NaeBoheom Chajajum, consumers can immediately file a claim, and the payment process after the claim is expected to be expedited.
After filing a claim for hidden insurance money, no separate confirmation is required, and if the insurance money is 10 million won or less, the claimed amount is automatically paid into the entered account within three business days.
The new hidden insurance money inquiry and claim service has been operational since the 3rd of this month.
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