Do you get excited when you put your hand in the back pocket of your jeans, and find money? If that excites you, imagine there is a whole lot of money waiting for you in financial institutions. We’re talking about ‘Unclaimed Money’.
According to Investopedia, “Unclaimed funds is money and other assets whose owner cannot be located. Unclaimed funds are typically turned over to the government after a specific period of time, and require the owner to make a claim in order to have it returned”.
Did you know? Rupees 1,56,539 crores is lying with various Indian financial institutions as unclaimed money. How does money go missing or unclaimed? Most frequently, when people switch accounts or close old accounts, money starts piling up. Other forms of unclaimed money include money from bank accounts, insurance policies, safe deposit boxes, provident fund amounts from old jobs, tax refunds, and so on. While the various forms of unclaimed money are many, the knowledge about them is very little.
There is just one single reason as to why money goes unclaimed – because most people forget or lose track about their old investment plans, pension plans and insurance policies. After they move their account to other banks, they fail to set up a forwarding address or update their contact information, due to which it becomes difficult even for banks to contact the legal owner to whom the money rightfully belongs. The money is just sitting out there, waiting for people to claim it. Believe it or not, even the nominees or legal heirs fail to claim their share as they are not aware of such assets, and the breadwinner of the family dies without keeping their family informed!
To prevent money from going unclaimed, INFORMING your family members and loved ones is crucial. To keep a track of all the money you own, store all your financial information in a secure online digital locker that keeps you and your family informed, to prevent money from going unclaimed.
What is Secure Life Vault?
Secure Life Vault is an online digital locker system that allows you to store your personal, medical, financial, legal and insurance-related information in one place where it can be updated regularly. The secure cloud storage locker can be shared with your spouse, child, parent or any other person who has a significant role in your life. Only the main user and the appointed deputies will have access to the information stored in the digital locker. This way, personal and important information stays secure.
How to get the most out of it?
Once you register on the website, you can immediately start storing and updating your information. The e-digital locker is an easy and cost-effective way to keep your family informed about all the information relevant to you. It can also sort all financial processes in the future by helping your spouse or child claim money that is rightfully and legally yours.
Ease all your financial worries today and avoid money from going unclaimed!
Provide security and peace of mind to your family by registering at Secure Life Vault. A free 30 days trial awaits you!