Unclaimed Assets
Over Rs. 1 lakh crore(1) of funds are lying unclaimed in Indian bank accounts, insurance companies, provident fund, mutual funds, stocks, matured fixed deposits and dividends. Most of these funds are lying unclaimed because of the lack of knowledge or the lack of linking a nominee.
If the nominee is aware and the account is linked to a nominee, claiming such assets (placed in the top right quadrant) is the easiest. But, in case the nominee is not linked, the process becomes far more complex to complete a claim process due to lot of legal procedures involved to reclaim the legacy
To effectively synchronize nominee information across financial institutions and mitigate the growth of unclaimed assets, we propose a multi-faceted digital solution leveraging advanced technology.
DISCOVER HIDDEN TREASURES: This feature will enable users to discover and consolidate their financial assets, including unclaimed investments, through a comprehensive dashboard. By using the Account Aggregator (Read-Only) framework, customers can track their net worth and share asset information with family members.
CENTRALIZED NOMINEE UPDATE: Users can seamlessly update their nominee and dependent details for each asset. Utilizing the Account Update Aggregator (Read-Write), these updates will be published across relevant financial institutions. Direct connections to Bank APIs and Mutual Fund Central APIs will enhance this process, with a Vealthx wrapper facilitating one-click updates to Financial Institutions (FIPs).
LIFE EVENT STATUS NOTIFICATIONS: The solution will allow nominees to upload a any lIfe event related evidence document via Vealthx, which will undergo a document validity check. Following this, notifications will be triggered to all financial institutions through the Account Update Aggregator (Read-Write), initiating the Necessary updates to their records and take actions as it is applicable. in case of a deceased death event - the Claim process initiation can start