To receive the insurance amount, after a policyholderâs death, the family or nominee is required to carry out the mandated procedure. This is quite a time-consuming job and also takes a lot of documentation. Various reports suggest many people including the nominees themselves are not even aware of life insurance policies owned by a member of the family, due to which claims are not even raised, and the amount remains unclaimed.
Vineet Arora, MD & CEO of Aegon Life Insurance, says, âOne of the major reasons why the amount remains unclaimed is because the nominee is not aware of the policy. This results in the nominees not intimating the company either in time or worse, not intimating at all.â According to recent industry data, at least 41 per cent of claim intimations were made after 6 months of the death of policyholders.
To bridge this gap, and to offer consumer-driven, innovative and digital insurance products and services, Aegon Life Insurance has recently launched an e-card âI Owe Youâ. It is a digital card through which you can keep your nominees aware of all your insurance policies. Arora of Aegon Life Insurance adds, âThis initiative will make it easier for anyone to provide quick means of sharing policy details with their nominees. âI Owe Youâ is an editable e-card containing the insuredâs policies along with its plan name, sum assured, rider name and rider sum assured if any along with the helpline number.â This e-card is an editable card which you can create, download and share with your nominee for easy referencing in times of uncertainty.
Benefits and features of this card: