According to the Association for Savings and Investment South Africa, the assets were held in 77,790 risk policies, savings and investment policies, annuity policies and accounts in Collective Investment Scheme (CIS) portfolios such as unit-trust funds.
In many cases, particularly with life-insurance policies, insurers are often unable to trace beneficiaries who are due a payout because their contact details have not been updated, or the beneficiaries are not aware that they are even listed as a policy beneficiary.
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