Aegon Life Insurance Claim Settlement Ratio

The claim settlement ratio (CSR) denotes the count of claims that an insurance company resolves over a particular period. It is a pivotal metric to evaluate the performance of an insurer as it measures the percentage of claims settled by the insurer relative to the total number of claims received during that time. The CSR is calculated by dividing the total amount of claims paid out by the total number of claims received.

An insurance provider with a high claim settlement percentage has a proven track record of efficiently managing claims and fulfilling its commitments to policyholders under the policy's terms. As a policyholder, it is advisable to verify an insurer's CSR before purchasing a policy. A high CSR can provide policyholders with assurance that the insurance company is trustworthy and financially sound.

Aegon Life Insurance Claim Settlement Ratio

As per IRDAI, Ageas Federal Life Insurance Claim Ratio is 97.03%. Aegon Life Insurance is a life insurance company operating in India, established as a joint venture between Aegon Life N.V., an international provider of life insurance, pensions, and asset management, and the Times Group. Aegon Life Insurance has a strong digital presence and offers its services online, making it convenient for customers to purchase, manage and track their policies.

The claim settlement ratio (CSR) of Aegon Life indicates the percentage of claims settled by the insurer against the total number of claims received in a financial year. As per the IRDAI's (Insurance Regulatory and Development Authority of India) annual report for the financial year 2021-22, Aegon claim settlement ratio is 99.03%.

Other Life Insurance Claim Settlement Ratio

Types Of Aegon Life Claim Settlement Process

A policyholder or the policyholder's nominee may submit claims in a number of different methods. Depending upon their convenience, they can opt to have their claims handled offline or online. A claim can be submitted by the claimant via post or in-person to the nearest Aegon Life branch or their headquarters.

Aegon Life Insurance Claim Settlement Process

Step 1: The first and foremost step is to report the claim. The policyholder or the nominee can report the claim by visiting the nearest Aegon Life branch with the claim form and the documents or post them to the branch office.

Mandatory Documents to be submitted:

• Claim Form
• Name of the Life Assured
• Policy Document ( Original)
• Date of death / event of the Life Assured
• Cause of Death/event
• Contact Details
• Current address proof of the claimant
• Photo ID proof
• Claimant’s Valid bank passbook/statement or Cancelled Cheque with pre-printed name and bank account number

Step 2: Upon receiving the claim, the team conducts a thorough review of the claimant's information and provides personal assistance at every stage. If necessary, the team may also request additional documents that are essential for the claim's investigation.

Step 3: The insurance company meticulously examines all the claim-related documents to evaluate and determine the claim. Once the claim is approved, the beneficiary or policyholder is promptly informed of the payout.