Unclaimed investments of more than Rs 35,000 Crores are lying with the financial institutions like Banks, Life insurance companies, Post office, Provident Fund office, Income Tax departments, Mutual Fund Houses etc.,
This unclaimed money is mainly in the form of matured bank Fixed deposits, Provident Fund balances, insurance death/maturity benefits and dividends declared by mutual funds/companies.
The outstanding unclaimed amount with LIC (Life Insurance Corporation of India) stood at Rs 4,426 crore as on December 31, 2015. Around Rs 27,000 crore is lying unclaimed in Employees Provident Fund as on May, 2015. Over Rs 5,000 crore is lying unclaimed with Banks….
The unclaimed amounts accumulate on account of various reasons like;
- Mostly due to carelessness on the part of the investors / bank account holders. There are many incidents of people forgetting about their investments, which have led to a huge amount of funds lying unclaimed with banks and financial institutions.
- Another primary reason for such unclaimed deposits is the death of the account holder or investor, after which the legal successors do not bother to re-claim the amounts. Some individuals do not disclose about the investments they made to anyone. They pass away without letting their spouses, children or relatives know about their investments made.
- Sometimes the investor or depositor migrate from one place to another, leaving the investment account non- operational which eventually becomes a ‘dead investment or dormant account’.
- In some cases due to legal complications amounts remain unclaimed from financial institutions. Family disputes can be another reason for the accumulation of unclaimed amounts.
Not all investors are careless about their investments!
Some individuals do maintain up-to-date nomination details on all their investments. Some even leave a WILL behind, so that it is easy for their legal heirs to claim the investments.
So,it is very important to be organized and maintain records of your investments and also disclose your investment details to your family member(s) without fail.
Due to demonetization effect, almost everyone is talking about mobile apps these days 🙂 . So, is there any simple APP where in you can store your investment details and at the same time, share that info with your nominees??
I have recently come across a Mobile based APP called NomineeApp, which can be used to save and share your investment details with your nominees. Availability of information can ensure your nominees claim the money you have invested.
I believe that sharing information about this APP can be useful to my blog readers.
NomineeAPP – Mobile based APP for sharing your investments details with your Nominees
What is NomineAPP? – It is a mobile based application that connects your Financial details with your nominees. (Internet connectivity is required). You can share the nomination details linked to your financial investments with your nominees.
For example : Let’s say you buy a Term life insurance policy and nominate your Spouse as the nominee. You can save the information about your term plan details in this app and at the same time share the details of your policy to your nominee (spouse) through the APP. Kindly note that your insurer is no way involved in this process. So, it is an information sharing exercise between you and your nominee.
There are three main tabs in the NomineeApp; Products, Nominees & Nominated products.
List of Financial Products / Services
You can add financial details of the below products;
- Bank Accounts & Deposits
- Savings Bank Account
- Fixed Deposit
- Bank Locker
- Demat Account
- Term policy
- Life insurance
- Health Insurance
- Motor vehicle insurance
- Loans (Home Loan, Personal Loan, Gold loan etc.,)
- Investments (Mutual Funds, PPF, EPF)
- Plans & Schemes (like Chit Funds, Child plans etc.,)
- Private transactions like Hand loans
- Real Estate Transactions
- Your Advisor’s details etc.,
NomineeApp : How to add a Nominee and share Investment details with your Nominee?
- You can save the information related to your financial savings by adding any of the above products/service. For example : Term insurance policy
- You can then click ‘Add Nominee’ icon under Share with nominees. You can provide full name, relationship details, email ID and mobile number of your nominee. You have the option to provide ‘Guardian’ details too. For example : if your spouse is the nominee for your term insurance policy, you can add his/her details.
- You also have the option to attach any financial product document through Google Drive.
- For example : If you have a saved document of your Insurance Policy Bond certificate in Google drive, you can attach the document. As per nominee app T&Cs, neither Google nor the APP has access to the information that is available in the document. They have access only to ‘Meta data’ like the File name of the document.
- Once you add a nominee then an SMS and email will be sent to your nominee. At this stage, the complete details about the product is not provided. Your nominee also has to download the app and then VERIFY the details that you have sent.
- You can delete the nominee details anytime. For example : If you have changed the nominee for your term insurance plan, you can delete the nominee that is linked to your insurance plan. A notification will be sent to the existing nominee (no details about the new nominee will be provided to the existing nominee).
- You can delete the product saved in the APP. After deleting the product information, the product gets deleted from your nominee’s ‘nominated product’ list. A push notification is sent to nominee’s APP that a nominated product has been deleted by the investor.
- Kindly note that you can add multiple nominees for one Product.
- The nominee can not delete the ‘nominated product’ information by himself/herself.
- If you have been nominated for any financial product then that information is available under ‘Nominated Products’ list. For example : If your spouse nominates you as the nominee for her investment in Mutual Fund, she can save details about MF investment and add you as a nominee using the APP. Once you verify these details in your APP then you can see the details under ‘Nominated Products’.
You can receive insurance premium due date alerts too. Auto-population of fields is not yet available. So, you need to key in all the data. As of now, NomineeApp is available Free of cost with no Advertisements.
Do remember that the app does not connect with any of your Banker or financial institution. In case, you want to change the nominee details linked to your investment, you need to contact your financial product provider only. Once the nomination details are updated, you can modify the details available in the MobileApp also.
Through this app you can not only have almost all your financial details at one place but also can share the information with your near and dear ones.
Kindly note that Relakhs.com is not associated with NomineeApp. This post is for information purposes only. We have not received any monetary benefit for publishing this article.
Continue reading : “Unclaimed Bank Deposits – How to Search, Find & Reclaim?“
(Post published on : 05-December-2016) (Images Courtesy : NomineeApp) (Featured Image courtesy of Stuart Miles at FreeDigitalPhotos.net)
This is very help full app for all people….
Very Comprehensive Sree…
if anyone dies without assigning a nominee in a mutual fund scheme, what will happen to he fund and can closest relative such as wife claim it?
If the deceased has not left any WILL then legal heir(s) can claim the fund value. Yes, spouse can claim..
Thank you for sharing this article!
It might be a good idea but how do you validate the genuineness of these applications? Why someone will share some of these personal details on a unknown applications?
The fields for the products are very basic like where is the investment or with whom the policy is. The important and complete details will be from the attached document from user’s Google Drive. NomineeApp only gets the file names from user’s Google Drive. NomineeApp will not have any control (view or edit). No one can access the attached document until unless users give permission in Google Drive.
NomineeApp Support Team.