Acko Life Insurance: Overview
Acko Life Insurance was founded by Varun Dua, who previously co-founded Coverfox, an early Indian insurance broking firm. He recognized gaps in the traditional insurance industry, particularly the complexity and reliance on intermediaries, and envisioned a digital-first approach to insurance. Acko is one of the most trusted insurance companies in India, offering various life insurance products, including term insurance, savings plans, and much more.
Acko Life Insurance offers:
- Adaptable Sum Assured
- Flexible Policy Tenure
- Will Creation Service
- Easy and Convenient Processes
- Affordable Premiums
Features of Acko Life Insurance Plans
- Affordable premiums, making them accessible to a wide range of customers.
- Flexible policy tenures, allowing policyholders to choose as per their requirements.
- Grace period for missed premium payments: 15 days for monthly payments and 30 days for quarterly, half-yearly, and yearly payments.
- Policyholders can choose premium payment frequency from monthly, quarterly, half-yearly, and yearly options.
- Insurance products available for individuals of all age groups.
Unlike health insurance, life insurance plans generally do not have a waiting period for death benefits. However, certain clauses apply:
- If the policyholder commits suicide within 12 months from the policy's inception or revival date, the nominee will typically receive only the premiums paid or the surrender value, whichever is higher. No death benefit is paid.
- Most life insurance policies have a contestability period, usually 2-3 years. During this period, the insurer can investigate claims and deny them if material misrepresentations or fraud are found in the application.
It is advisable to review the specific policy document for detailed terms and conditions regarding waiting periods and clauses.
Exclusions of Acko Life Insurance Plans
- Death due to any pandemic, such as COVID-19.
- Death caused by indulging in adventure sports.
- Death due to consumption of drugs or alcohol.
- Death due to any pre-existing disease not declared at policy inception.
- If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to the nominee. Only the premiums paid up to the date of the incident or the surrender value of the policy, whichever is higher, will be paid.
Conclusion
Acko Life is a reputed life insurer with a high claim settlement ratio of 99.38%. It offers a wide range of insurance products, including term plans, ULIPs, child insurance plans, and savings plans, to meet the needs of every individual.
For more information related to Acko Life Insurance Company, you can visit https://www.policyx.com, or call us at 1800-420-0269. Our insurance experts will understand your requirements and help you choose a plan that best suits your needs.
Riders You Can Avail With Acko Life Insurance Plans
You can avail the following riders with your Acko Life Insurance plans:
| Name of the Rider |
Benefits |
| Acko Accidental Death Benefit Rider |
Offers an additional sum assured if the policyholder dies due to an accident. |
| Acko Life Accidental Total Permanent Disability Benefit Rider |
Provides the sum assured if the policyholder becomes partially or totally disabled due to an accident. |
| Acko Life Critical Illness Benefit Rider |
Pays the rider benefit if the policyholder is diagnosed with any critical illness mentioned in the policy brochure. |
Documents Required to Buy an Acko Life Insurance Policy
Here is the list of documents required to buy an Acko Life Insurance Policy:
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Photo ID Proof
Any one: Passport, Aadhaar card, PAN card, Driving license.
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Age Proof
Any one: Passport, Aadhaar card, PAN card, Driving license.
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Address Proof
Any one: Utility bill, passport, voter ID, ration card.
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Medical Records
If requested.
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Income Proof
Any one: Bank statement, last three months' salary slips (for salaried individuals).
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Step 1
Visit the official Acko Life Insurance Company website.
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Step 2
From the top of the page, choose the desired plan type (e.g., Term plan, Investment plan, ULIPs).
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Step 3
A new window will open. Enter your basic details, including name, contact number, email address, occupation, and residence details.
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Step 4
The premium amount will be displayed based on the provided details.
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Step 5
Upon successful payment, a confirmation will be sent to your registered email address.
How to File an Acko Life Insurance Claim?
Every claimant/nominee is assigned a dedicated Claims Relationship Officer to assist through the entire process. Acko Life Insurance's claim settlement process involves the following steps:
Online Process
1. Claim Intimation
Inform the company about the incident via various available channels. You can file a claim by calling 1800-210-1992. A claim reference/intimation number will be provided upon successful registration.
2. Document Submission
The following documents are required to process the claim:
- For natural death: death claim form, death certificate issued by the local municipality, original policy documents, claimant's identity and residence proof, medical records, and nominee's account details.
- For accidental death: the same documents, along with an FIR and post-mortem report.
3. Claim Settlement
After receiving all documents and claim forms, the insurer will verify the details. If additional information is required, they will contact you via call or email. Upon successful verification, the claim will be settled, and the amount transferred to the nominee's bank account, with communication via call or email.
Offline Process
Acko Life Insurance Company's claim settlement procedure can be initiated by visiting a local Acko Life Branch Office. You can visit their website to locate the nearest Acko Life Insurance branch. Submit the required documents in hard copy at your nearest branch to file the claim.
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Step 1
Fill out the form at the top of this page with the required details.
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Step 2
Select your income and city, then click 'Proceed'.
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Step 3
Update your education and occupation details.
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Step 4
Choose your preferred plan and click 'Buy this plan'.
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Step 5
Select the policy term, premium period, and riders (if required), then proceed to make the payment. A payment confirmation will be sent to your registered email address upon successful transaction.
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