8 Day Claim Settlement Guarantee by Ageas Federal Life

Claim settlement is a crucial function when talking about business of insurance. Claim settlement record of a company clears a customer’s decision. It basically measures the insurer’s performance and hence plays an essential role. And thus, Ageas Federal has promised claim settlement within 8 working days in case of demise. And the initiative is known as - ‘8 Days Claim Settlement Guarantee’.

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From July 8th onwards, the initiative will come into effect only on claims filed after the given date. In case the company is unable to settle the death claim in 8 working days then an interest of 8% is paid on death benefit for each day beyond the 8th working day. The claim status can be tracked through www.Ageasfederal.com. Here the nominee is required to enter the date of birth and policy number of the insured.

According to the CEO of Ageas Federal Life Insurance, Vighnesh Shahane, claim settlement is the moment of truth for insurer and the nominee is undoubtedly going through a traumatic period. One cannot fill the empty space, hence the company has decided to improve the claim settlement process by making it quick, hassle-free and devoid of stress.

The 8 working days are counted from the date of receipt of the required death claim documents asked by the company.  The interest is paid only if the policy has completed its 2 years from the date of policy inception to the date of death of the insured. If the death claim is stuck due to some further investigation then the payment of interest will not be applicable for the same.

The claim settlement ratio of Ageas Federal in financial year 2013-14 was 90%. Within 60 days, 80% of the claims were settled in this year. Also, the repudiation ratio decreased from 16% to 5.47% in comparison to the last fiscal.

The given guarantee comes in effect once the Company’s Head Office receives all the necessary documents. Guarantee is applicable only when-
From date of policy inception o the date of death of insured, the policy should have completed 2 years. And, the claim does not require any further investigation.


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˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.



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