Aegon life insurance FAQ

If the insured is not satisfied with any of the terms and conditions of the policy, one may return the policy document to the Company for cancellation along with a letter stating the reasons for disagreement within:

• 15 days from the date it was received, if the policy is not purchased through Distance Marketing (see note below)
• 30 days from the date it was received, in case purchased through Distance Marketing

On cancellation of the Policy during the free look period, the insurer will return the premium paid subject to the deduction of: a) Proportionate risk premium for the period of cover b) Stamp duty paid and c) Medical costs incurred, if any. The Policy will terminate on payment of this amount and all rights, benefits and interests under this Policy will stand extinguished. (Distance marketing includes every activity of solicitation (including lead generation) and sale of insurance products through the following modes: (i) Voice mode, which includes telephone-calling (ii) Short Messaging service (SMS) (iii) Electronic mode which includes e-mail, internet and interactive television (DTH) (iv) Physical mode which includes direct postal mail and newspaper & magazine inserts and (v) Solicitation through any means of communication other than in person.)

There is a grace period of 15 days for Policies under monthly mode and 30 days as grace period for Policies under all the other modes from the premium due date to pay the premium. In case of death / terminal illness / critical illness during the grace period, the benefit payable will be reduced by an amount equal to the outstanding premium (Outstanding premium means the unpaid premium that was due during the grace period)

If the due policy premium remains unpaid even after the expiry of Grace Period, the Policy will lapse with effect from the Due Date of the first unpaid Policy Premium(“Lapse Date”) and no benefit is payable in case of any of the covered contingencies.

The insured can apply for revival of the lapsed Policy within two years from the due date of the first unpaid Policy Premium (“Revival Period”). The revival shall be subject to the following conditions:

• Satisfactory evidence of insurability and
• Payment in full of an amount equal to all the Policy Premiums due but unpaid till the Effective Date of Revival. The Effective Date of Revival is the date on which the above requirements are fulfilled and acceptance of the same by the Company. No interest will be charged on revival of the lapsed policy.