Name: Honest review - iTerm
Item: AEGON Life
Rating: 4
Author: a Mouthshut User

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2.71

1,656 Votes

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Souravshah

Mumbai India

1 Review

2 Followers

Honest review - iTerm

Jan 03, 2011 06:51 PM 19413 Views

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Hi everybody, firstly at the onset I would like to declare that I am Sourav shah from AEGON Religare and I handle this product for AEGON Religare. I was perturbed by the not-so-good reviews about iTerm

on this platform, thus, I decided to write an honest feedback about the product and clear doubts and misconceptions about the same.

Term at the onset is one of the 1st Term plans to be launched in India. In doing so we have tried to reach the consumer directly in order to enable us to offer products directly top the consumer without the involvement of any middlemen. While I don’t deny that agents are very integral to the insurance business, its also a fact that ’Term plans’ as a product was never sold eagerly by agents. And a Term plan is the most basic form of insurance and is a product that every individual with a dependent should and must have. So in this aspect I am quite delighted that we took the initiative to launch this term plan ’iTerm in Nov 2009’.

iTerm is one of the few product that offers complete protection at very low costs. iTerm also provides cover against terrorist attacks.

I also agree that the services offered to custom take outers initially when this product was launched were below par and would upset any custom take outer. But if your notice the reviews they are all dated and were around the time that the product was initially launched. We started offering this service in Nov 2009. We had not imagined the kind of response we received and were under staffed to handle such huge volumes in 2009 and beginning of 2010. As such there were surely initial hiccups that we faced and processes were not streamlined well enough to ensure that customer take outer does not face such issues like delay on appointments. Our team has learned from the initial experiences and post Feb 2010 we

Revamped our TPA(Third party association) for medicals

b) Added more tele callers to our helpline to ensure no wait time for callers

c) Added scan and send feature for sending documents to ensure quick issuance of policies

d) Added the iWant assistance button on the buying pages for any assistance

I can ensure you that you would not face any issues while buying iTerm and you could write to me/call me directly for any queries and I shall ensure that your queries(If any at all) shall be resolved in an hour.

I use this platform to offer personal assurance to any individual buying an iTerm plan that I would personally assure that his/her queries(if any at all) are resolved within 8 hours and that he/she gets personal attention from our end for any query that he/she might have.

You may also call AEGON Religare anytime between 9 a.m. to 9 p.m. on

020 66867910 for any query or assistance.

Regards,

Sourav.shah@aegonreligare.com

Senior Manager - iTerm

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Brand Response

Dear Gautam,
Thank you for writing. To answer your queries:
Q)Are there chances of my family not receiving claim after death?
My response: NO. Dear Gautam, once an individual has been insured and his risk covered by the company basis his declaration has been honestly done while taking teh policy, there is no way any insurance company can reject a valod claim. The only exclusion under the same is, suicide within the first policy year.
Gautam, there are medical tests conducted for a certain Sum assured and above basis which the company has all details of the customers health status and only then does the company offer the individual the policy. Hence, the insurance company is aware of the customers existing health situation and thus he is entitled to claim on any account of death. The chances for claim rejection is absolutely nil on a valid claim.
Q) Claim ratio for iTerm?
My response - we have so far received 5 claims for iTerm. Out of which 4 claims were paid out within 15 days and 1 claim has been rejected. The reason for rejection of this 1 claim was because the Life assured was suffering from Ashthma, diabetes, hypertension, kidney disease prior to applying for iTerm and he did not disclose his personal medical history. If the applicant had disclosed the facts correctly at the time of applying for the policy these inputs would have been factored in by underwriters.
Q) Common reason for claim rejection?
My response - Dear Gautam, claims can only be rejected by any life insurance company on accounts of non-disclosure while taking policy. If a customer is suffering from any pre-existing illness like diabetes, ashthma or kidney disease for example, then it is the duty of the customer to disclose these facts honestly to the insurer at the time of taking the policy. Pre-existing illness is the most common ground for rejection. Be rest assured that if you have mentioned your health details correctly at the time of applying for the policy then your claims shall absolutely, surely be met.
Q) Are there any circumstance under which a policy may not remain in force even if premiums are paid regularly?
My response - For a term plan there are no circumstances under which a policy will not be in force even if premiums are paid regularly.
Hope my answers have been helpful to you. Please reach out to me for any other queries and we shall be more than happy to answer your concerns. Gautam, once again we thank you for showing faith in AEGON Religare and being a part of our family. Thank you!