Canceling Aegon Life Insurance: A Step-By-Step Guide

If you want to cancel your AEGON Life Insurance policy, you will need to submit a request for policy surrender or partial withdrawal. This can be done by visiting your nearest AEGON Life Insurance branch and submitting the relevant forms and documents. These documents include the original policy documents, a cancelled cheque with the policyholder's name, ID proof, and a policy surrender or cancellation form. It is important to note that the specific documents required may vary depending on the type of request and your individual circumstances.

Reasons for cancelling your policy

When it comes to cancelling your life insurance policy, there are several reasons why you might want to do so. Here are some common reasons for surrendering or cancelling your policy:

• Cost: The premiums may have become unaffordable due to changes in your financial situation. You may have lost your job, experienced a reduction in income, or had an increase in other essential expenses, making it challenging to continue paying for the insurance.
• Changed Circumstances: Your life circumstances may have changed, leading you to reevaluate your insurance needs. For example, you might have sold a property, paid off a mortgage, or made different investments that impact your overall financial plan and reduce your need for life insurance.
• Alternative Options: You may have found a more suitable or cost-effective insurance policy that better meets your current needs. Perhaps you've discovered a policy with better coverage, lower premiums, or additional benefits that align more closely with your financial goals and risk management strategy.
• Reduced Dependents: If your family situation has changed, such as adult children becoming financially independent or a change in marital status, you may feel that the level of coverage provided by your current policy is no longer necessary.
• Estate Planning: In the context of estate planning, you may decide to explore alternative strategies for transferring wealth or providing for your beneficiaries. This could involve setting up trusts, making direct gifts, or employing other financial instruments that render life insurance less critical in your overall plan.
• Health Improvements: If your health has significantly improved since taking out the policy, you may feel that the level of coverage is no longer required. Improved health can lead to a reduced risk profile, which can impact your perception of the necessity of the policy.

Remember, it's essential to carefully consider your reasons for cancellation and the potential implications before making any decisions. Review your policy documents, understand any penalties or consequences of surrendering the policy, and, if necessary, seek independent financial advice to ensure you're making the right choice for your circumstances.

Documents required

To cancel your AEGON Life Insurance policy, you will need to submit the following documents, along with the reason(s) for policy surrender and the surrender form, at the nearest AEGON Life Insurance branch:

• Original policy documents
• Cancelled cheque with the policyholder's name on it (if the cancelled cheque does not have a pre-printed name, account number, or if a new account is mentioned on the cheque, then a passbook copy/bank statement with the pre-printed name and account number is required)
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Policy surrender or cancellation form
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

For a partial withdrawal from the policy fund, you will need to submit the following documents, along with the reason(s) for the partial withdrawal and the payout form, at the nearest AEGON Life Insurance branch:

• Original policy documents
• Copy of CI or YPD submitted for the withdrawal request (carry original documents for verification in the branch)
• Cancelled cheque of the insured's name (if the cancelled cheque does not have a pre-printed name and account number or if a new account is mentioned on the cheque, then a passbook copy/bank statement with the pre-printed name and account number is required)
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

Where to submit documents

To cancel your Aegon Life Insurance policy, you will need to submit the following documents at the nearest AEGON Life Insurance branch:

• Original policy documents
• A cancelled cheque with the policyholder's name on it (if the cancelled cheque does not have a pre-printed name, account number, or if a new account is mentioned on the cheque, then a passbook copy/bank statement with the pre-printed name and account number is required)
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Policy surrender or cancellation form
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

Make sure to also submit a reason for your policy surrender.

If you are making a partial withdrawal from the policy fund, you will need to submit the following documents at the nearest AEGON Life Insurance branch:

• Original policy documents
• Copy of CI or YPD submitted for the withdrawal request (carry original documents for verification in the branch)
• Cancelled cheque of the insured's name (if the cancelled cheque does not have a pre-printed name and account number or if a new account is mentioned on the cheque, then a passbook copy/bank statement with the pre-printed name and account number is required)
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

Again, make sure to also submit a reason for your partial withdrawal.

Cancelling by phone

To cancel your Aegon Life Insurance policy by phone, you can call the customer care number for either domestic or international callers. For callers within India, the number is 1800-209-9090. International callers can use the number +91-22-6113-0400.

Before you make the call, make sure you have the following documents ready:

• Original policy documents
• A cancelled cheque with the policyholder's name on it (if the cancelled cheque does not have a pre-printed name, account number, or if a new account is mentioned on the cheque, then you will need to provide a passbook copy/bank statement with the pre-printed name and account number)
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• A policy surrender or cancellation form
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

Once you have all the required documents, you can proceed to call the customer care number. Inform the representative that you would like to surrender your life insurance policy and provide them with the reason(s) for cancellation. They will guide you through the rest of the process and let you know if any additional steps are required.

It is important to note that the process for cancelling an Aegon Life Insurance policy may vary depending on your location and the specific terms of your policy. Therefore, it is always a good idea to review your policy documents or contact Aegon directly to clarify any questions you may have about the cancellation process.

Cancelling by email

To cancel your Aegon Life Insurance policy by email, you will need to contact the customer care team at [email protected].

In your email, be sure to include the following information:

• Your reason(s) for cancelling your policy
• Your latest contact details

You will also need to attach the following documents to your email:

• The original policy documents
• A cancelled cheque with the policyholder's name on it (if the cancelled cheque does not have a pre-printed name, account number, or if a new account is mentioned on the cheque, then a passbook copy/bank statement with the pre-printed name and account number is required)
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• A policy surrender or cancellation form
• An NRE bank statement reflecting any premiums paid from the NRE account

Once you have sent the email, you may need to wait for a confirmation response from the customer care team. It is important to keep a record of all correspondence in case there are any issues with the cancellation process.

Frequently asked questions