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EXPLAINER | For how long can I still claim unpaid benefits from a life policy or investment? | Fin24

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The Association of Savings and Investments South Africa outlines what to do if you think you may have funds in unclaimed benefits due to you. | Fin24

Billions of rands in unclaimed benefits are being held by insurers, unit trust companies and retirement funds.

There are billions of rands of unclaimed benefits held by life insurance companies, unit trust companies and retirement funds. ASISA members have agreed not to rely on the Prescription Act in terms of which a claim can prescribe after three years. If the insurer or investment company has changed its name, the Financial Sector Conduct Authority should be able to advise you of the company's new name or whether a different insurer or investment house has possibly taken over all or part of the original insurer or investment house's business.

If a tracing agency is used, the tracing process can be audited by the life insurer or investment house.How the money will be invested?

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