I’m 38 years old male with history of open heart surgery(VSD closure), higher lipid levels, fatty liver, wearing hearing aids, essential tremors! off course, on the positive side, vegetarian, no bad habits whatsoever, educated.etc.
I did research of various terms plans and taken quotes from different insurance companies, off hand or otherwise to understand how much loading they do in my profile.etc and claim settlement ration. wonderful to note that aegon offered the best deal and only 75% loading on normal premium. For Rs.1 cr cover at 25K till me reach 75 years is steal product for my family!
Their underwriting, risk appetite and reinsurance model is excellent otherwise with my such fair and full disclosure, it is not easy to accept proposal with only 75% load. all normal reviews and products talk about covering healthy person or max with smoker. but I have not seen somebody who daringly accept the risk with fine understanding of underlying strength of proposal. Kudos to aegon religere.
On the cons side, I do get disturbed by their consistent poor death claim ratio even in 2012-13 report of IRDA.i also checked the quarterly public disclosures. on the claims of more than 2 years they are ok with competitors ratio but how come total ratio comes poor is surprising. though they show openly that the details of claims honored. In a table, the details of claims dishonored is not there. new companies like Bharti Axa.etc is also having better ratio. since all insurance companies work in the same environment, i just cant convince myself how this company only can show poor results when it comes to claims settlement. it should be more than 90% without any debate/justification to get full 5 star.
Another suggestion is some good add on covers like critical illness, .etc could have been offered along with term plan. Further suggestion is the same product must be offered in single premium mode.
All else like the costumer service, response to query, professional medical tests.etc are good.