According to the Association for Savings and Investment South Africa (ASISA), the country currently holds unclaimed funds of R33.5 billion, including thousands of savings, investments and other policies held by South Africans.

Specifically, ASISA found that 302,119 savings, investments, term insurance, annuities, and accounts in the Collective Investment Scheme (CIS) portfolio remained unclaimed and were not covered by policyholders, beneficiaries, investors, and inheritors. Discovered that a person is entitled to a pro share of unclaimed assets.

ASISA is a not-for-profit company established to represent the savings, investment and insurance industry that contributes trillions of Rand to the South African economy.

ASISA members will begin 2021 by tracking down the rightful owners of his R32.3 billion in unclaimed assets. Tracking efforts have reduced that amount by his R22.7bn to R9.6bn, but unfortunately ASISA member companies will not be able to pay more across his 60,837 insurance policies and investment accounts in 2021. R23.8 billion of assets had to be classified as unclaimed.

“As a result, unclaimed assets held on behalf of policyholders, beneficiaries, investors and heirs amounted to R33.5 billion at the end of December 2021,”

it said.

Although member companies generally terminate their right to claim an individual’s unpaid amounts after three years, they have agreed to waive related rights under the statute of limitations.

“Good news for the legal owners of unclaimed assets is that ASISA members are committed to honouring valid claims on unclaimed policy benefits and investment proceeds no matter how long it takes to trace the policyholders, beneficiaries, investors or heirs, ASISA said.

The group said that:

• A customer’s right to an unclaimed asset remains until the claim is paid or the asset returned, regardless of the timeframe.
• Unclaimed assets should not become the property of the product provider or its shareholders.

These standards do not apply to retirement annuity policies and preservation fund products, however, which remain under the provisions of the Pension Fund Act.

How to claim unclaimed funds for deceased in South Africa

South Africa is sitting with R33.5 billion in unclaimed policies and investments – here’s how to see if you can claim
Staff Writer1 July 2022

The Association for Savings and Investment South Africa (ASISA) says that there the country is currently sitting with R33.5 billion in unclaimed assets, comprising thousands of savings, investments and other policies held by South Africans.

Specifically, ASISA noted that 302,119 savings, investments, risk policies, annuity policies and accounts in Collective Investment Schemes (CIS) portfolios remain unclaimed, and policyholders, beneficiaries, investors and heirs are entitled to their proportional share of the unclaimed assets.

ASISA is a non-profit company formed to represent the savings, investment and insurance industry that contributes trillions of rand to South Africa’s economy.

ASISA members started 2021 with having to trace the legal owners of R32.3 billion in unclaimed assets. Tracing efforts reduced this amount by R22.7 billion to R9.6 billion, but unfortunately ASISA member companies had to classify another R23.8 billion of assets across 60,837 policies and investment accounts as unclaimed during 2021. “As a result, unclaimed assets held for policyholders, beneficiaries, investors and heirs totaled R33.5 billion as of the end of December 2021,” the company said. I’m here.

Member companies generally terminate their right to claim an individual’s unpaid amounts after three years, but these companies have agreed to waive their rights under the statute of limitations.

“The good news for the rightful owners of unclaimed assets is that ASISA members have been claimed regardless of how long it takes to trace policyholders, beneficiaries, investors or heirs. It promises to honor valid claims for non-insurance benefits and investment income.

Group said:

Customer’s entitlement to unclaimed property remains, regardless of timeframe, until the claim is resolved or the property is returned.
Unclaimed assets should not become the property of the product provider or its stockholders. However, these standards do not apply to old-age pension policies and provident fund products subject to the provisions of the Pension Funds Act.

as they claim

Many of ASISA members actively and regularly compare policies against national registries to determine if a policyholder has died.

According to the association, companies monitor many “trigger events,” including: For example, policyholders expiring or turning 80 – Check the status of policyholders and assess what further actions need to be taken.

If the policyholder cannot be contacted or located, the property will be considered unclaimed after her three years.

The best way to ensure that assets do not go unclaimed is to make sure policies are kept up to date, and that they are tracked in the policyholder’s will. However, if an heir, investor or other beneficiary suspects they have a claim, they can:

• Contact the ASISA member they suspect might have unclaimed benefits due to them;
• Fill out the required forms to see if there is a valid claim;
• If they have a valid claim, they will be prompted to start the formal claim process with the member company.

ASISA members usually have websites that handle the processes directly, such as Old Mutual’s unclaimed benefits page. A full list of ASISA members can be found here.

As a result of digital record-keeping, without access to someone’s computer or laptop it is almost impossible to piece together their financial affairs, said ASISA

“We would therefore like to encourage all consumers to ensure that a register of policy details, investment accounts as well as bank accounts is shared with someone trustworthy, whether a relative, close friend, financial adviser or estate planner. This register should be placed in safekeeping together with an up-to-date copy of your will.”