Life Insurance is a contract made by the insurance companies about to assure risk coverage of the human life by exchanging of paid premium. It is very important for life insurance company to fulfill their given assurance at the time of entering in to the policy contract. Even also before insuring there is a need for the analysis of the financial stability, consistent performance and other factors of the life insurance company. Claim Settlement ratio is an important indicator to choose the better insurance company to insure. In this article the review of Aegon Life Insurance Company’s claim settlement ratio in the financial year of 2018-19 given and also provide claim history of that company.
AEGON LIFE INSURANCE
Aegon Life Insurance Company is focused on their vision of creating tension free lives. For that they provide customized advice and suitable products for their customers and also enhancing the customer experience.
Aegon was formed by two powerful organizations, one is an international provider of life insurance, pension and Assed management named Aegon N.V and another is the India’s media conglomerate named Bennet Coleman Company popularly known as Times Group.
Times Group was already familiar in India for News Paper, able to approach locally and with Aegon’s global expertise of launching good products able to cater different types of people to fulfill their long-term financial goals.
Being a new age life insurance started in 2008, their values drive them to make the people exited, awareness spread, thinking ahead and undying passion to perform. It could be done by their team’s dedication to provide a unique combination of superlative customer service and product quality.
Whatever focus, strategies, aims and vision are there, claim settlement is important for life insurance company’s’ growth.
Claim Settlement Ratio of Aegon Life Insurance
Claim settlement ratio is defined as number of claims settled to the insured against the number of claims filed to the insurer.
= (Total no of claim paid during a financial year) / (Total no of claims received in a financial year)
While choosing the life insurance company to insure, it is an important factor to take into consider.
The Claim Settlement Ratio of Aegon Life
Insurance in the financial year 2018-19
Aegon Life Claim Settlement Ratio
Claim Details of Aegon Life Insurance
Aegon Life Claim Settlement 2018-19
|Total No of Claims
|No of Claims Intimated
|No of Paid Claims
|No of Claims Rejected
|No of Claims Pending
From the above data Aegon Life settled 96.45% of death claims against total number of claims in the financial year of 2018-19.
Also, the company rejected 18 claims that leads to their claim repudiation 3.55% in FY 2018-19.
In that 489 settled claims, the company has been paid 72 crores of claim amount to their customers in the FY 2018-19.
Claim Settlement Ratio of Aegon Life for last 5 years
Insurance Regulatory and Development Authority of India regulates the insurance companies and as per their norms every insurance company should maintain stable, consistent and claim settlement ratio in order to protect the insurable interest of the policy holders.
The claim settlement ratio of Aegon Life for last 5 years is given below.
The graphical representation of last 5 years of Claim Settlement ratio of Aegon is provided below.
||Claim Settlement Ratio
Graphical Representation of Aegon Life Claim History
From the above details provided, Aegon life insurance company’s claim settlement ratio is varies year on year in the increasing state.
Review of Aegon Life’s Claim Settlement Ratio
Insurance companies promised the assurance of the risk coverage of their customers at the time of providing the insurance policy. But some incidents the insurance company rejected their claims due to wrong information provided from the customer side. It is important for people to provide correct details and required documents at the time of claim to avoid the rejection and pending of claims.
As Aegon Life is a young growing life insurance, it maintains claim settlement ratio above 90% which is stable and good. Also, there is no pending claims is there. Even though the number of claims is very low, which is good but we have to wait and watch the consistency and performance of Aegon life in upcoming financial years.
You can also read about Aegon Life Insurance Company by using the link here AEGON LIFE INSURANCE
To know the review of Aegon Life before the financial year of 2009-14 by using this link Aegon Life Claim Settlement Review 2013-14