"49,000/-crs" is lying unclaimed with banks and as insurance premiums due .

I feel this number can drastically reduce by just making nominee a mandatory field, as well as adding the contact number/mail/address for the nominee. The respective orgs (banks/insurance) should also call/sync up with nominees after say 5 years of inactivity in the account. Also maybe adding an optional nominee/contact to be contacted in case of nominee itself being off the grid. Again this all depends on the banks and insurance companies on how much they actually care about their clients and not just the money. Maybe a force coming from government can help here.

Also, definitely the financial literacy of the Indian populace needs to catch up.