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POSTED BY ON October 7, 2010 12:36 am COMMENTS (3)
In Online Term Insurance (Aegon OR IProtect)
1. How is the death claim process in case if someone buy online term policy?
2. What if in case the insurer forget to pay the yearly premium? Do they remind the policyholder? Does it provide 15 days OR 1 month grace period.
3. Although if you buy online term policy? It automatically shows up the Agent Code XXX00144 ? what does it mean?
4. In case if there is any doubts/issues comes up in online term policy? how it is resolved
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1. The procedure to get death claim of online policy is SAME as it is in another policy. The nominee should call the insurance company within 30 days of death & submit documents like original policy bond, ID proof of nominee, death certificate of life insured, bank details etc. to the insurance company.
2. In case of yearly premium, generally, all companies give 30 days of grace period. They also remind the customers via SMS, email, letter etc. But insurance companies are not bound to send such reminders to customers as per IRDA rule. It’s the duty of the customers to pay the insurance premium on time. You can use applications like Google Calendar to get reminders via SMS or Email.
3. Don’t worry about agent code. It’a dummy code as something has to fill-up there.
4. You can call customer care department on their toll-free numbers or visit the nearest branch. But I would suggest to email them for queries & get the answers in written from them. Take the printout & attach them with your policy bond.
Hope it will help you.
InvestmentKit
1) Its the same as all the term insurance .
2) They should intimate you about the premium , the grace period should be 15 days normally , confirm it from the policy brochure .
3) Not sure on this . It might refer to “NO AGENT” , how does it matter ?
4) Insurance ombudsman , IRDA , court 🙂
1. You need to call the customer service helpline or visit the nearest branch.
2. They will send you an email reminder and also call you.
3. I guess is the Agent code for your nearest branch.
4. You have to just visit your nearest branch. The only benefit of online policy is the premium rates are very less since no commission but you can resolve all your issue visiting the nearest branch.
I had taken the iprotect policy online however since their customer service was not good, I decided to cancel the same. I visited the nearest branch and did the needful.
Rakesh