Claim Settlement Ratio Aegon Religare in 2015
Aegon Religare term plan ( iTerm) has been a popular name in the term insurance but its claim settlement ratio in the past years have not been up to the mark. Here is some data for Aegon Religare claim settlement data for 2014-15 (ending March 31, 2015). This is for individual death claims. The official data shall be published by IRDA in beginning of 2016.
For 2014-15
No. of Claims received- 460
No. of Claims Settled- 413
Claim Settlement Ratio- 89.78%
Claims Rejected within first 2 years – 43
Claims Rejected Post 2 years- 3
Aegon Religare has certainly showed a lot of improvement in its claim settlement ratio for 2014-15. Also the data shows that over 90% of claim rejections happen during first 2 years of taking the policy! You can check the historical claim settlement ratio data for Aegon Religare by getting a quote and doing a detailed comparison. It is important to check premiums as well as historical claim settlement ratios before buying your term plan.
Update– Latest 2015-16 data for Aegon Life has been updated in our comparison tool.
Aegon Religare Term Insurance Plan Review by TruCompare
Company: Aegon Religare Life
Product Name- iTerm
Product features:
- Minimum sum assured of 10 lakhs
- Available up to 40 years duration
- Maximum Age – 75 years
Company’s pitch:
- Availability of additional riders- Accidental Death, Critical Illness etc.
Our view:
- PLUS- Aegon Religare has lowest premiums in the market.
- MINUS- IRDA claim settlement ratio is 66% which is on the lower side when it comes to its peers. Check here to see claim settlement ratio for insurance companies in India.
- MINUS- Aegon Religare has high customer churn of about 18%. Complaint resolution is the worst among its peers (80%). Check here to check customer service data for all insurance companies in India.