Guide To ACKO Life Flexi Term Plan

Ever find insurance processes a bit of a headache? With complex concepts and lengthy processes, understanding the insurance world can sometimes leave you scratching your head. Well, not anymore!

We at ACKO believe in making things simple and transparent for a hassle-free experience. So, let's simplify the process of understanding the ACKO Life Flexi Term Plan's endorsement, cancellations, claims process, and even downloading documents, just as it should be.

Term insurance is one of the most common and purest forms of life insurance. This affordable financial backup for life's uncertainties ensures your loved ones are financially secure if you pass away during the policy term. 

In today's time, term insurance purchases have witnessed significant growth. Some of the compelling reasons to invest in term insurance include:

ACKO Life Flexi Term Plan is a unique plan that offers flexible coverage for your changing lifestyle! Whether you need to increase your coverage or bring it down to match your changing circumstances, this term plan caters to your evolving needs.

This one-of-a-kind term plan (non-linked, non-participating, individual and pure-risk premium insurance plan) functions distinctly. 

Let us dive into the detailed steps and processes of ACKO Life Flexi Term Plan Endorsement. 

Nominee Assignment and Allocation

Nominee Management Post-Policy Issuance

Managing nominees' post-policy issuance is easy. You can edit, add, delete, or update details directly on the Acko app anytime. Follow these simple steps for nominee management.

If you want to review your nominee details, follow these steps for a quick and easy process.

Sum Assured Increase or Decrease

The ACKO Life Flexi Term Plan brings flexibility to a whole new level. You can adjust the sum assured – increase or decrease, whenever you need. Here's when you might consider increasing your sum assured:

On the flip side, you might find yourself needing less coverage when:

Note: Sum assured decreases are permitted after five years from getting the policy, while increases are allowed starting from the first year.

The payout option lets you choose how your nominee receives the claim amount. 

You can choose from the following payout options: 

To check the payment schedule, follow these steps: 

You must submit the required documents to our support email [email protected]  or simply dial 18002101992 to file a claim. Our ACKO Claims team will handle the processing for a seamless experience and keep you updated. The list of required documents is as follows:

1. Filled and signed claim form

2. KYC documents of the nominee

3. Cancelled cheque copy of the nominee's bank account

4. Copy of death certificate attested by issuing authority

5. In case of natural death

6. In case of unnatural death

7. In case of accidental death

8. In case of the death of a nominee, a legal heir certificate, KYC documents and a cancelled cheque copy will be required.

1. Filled and signed claim form

2. Certification of disability from civil surgeon along with percentage of disability or photograph of the injured reflecting disability

3. Copy of FIR or Medical legal certificate (MLC)

4. Hospital discharge summary, including operation theatre notes

5. Medical reports, case histories, investigation reports, and treatment papers as applicable

6. Name and address of the attending Medical Practitioner

7. KYC documents of the claimant

8. Cancelled cheque copy of the claimant's bank account

1. Filled and signed claim form

2. Medical Certificate from the treating Doctor detailing the Nature of the Critical Illness

3. Hospital discharge summary, including operation theatre notes

4. Medical reports, case histories, investigation reports, and treatment papers as applicable

5. Name and address of the attending Medical Practitioner

6. KYC documents of the claimant

7. Cancelled cheque copy of the claimant's bank account

*Additional documents, depending on the nature of the claim, will be requested as and when required (if applicable)

Alternatively, you can quickly review the details of the claim requirements by following these steps:

A free look period, also called free look provision, is the period given to the policyholder at the beginning of the term. It allows the policyholder to review and assess the document and cancel it if not satisfied with no penalty. 

You can cancel your ACKO Life Flexi Term Plan within 30 days of receiving the policy document (during the freelook period). 

Here are the steps to download insurance policy documents. 

At ACKO, we've simplified the insurance process to a new level for your seamless experience. From managing ACKO Life Flexi Term Plan's endorsement and cancellations to term insurance claim settlements process and document downloads, everything is just a click away on the ACKO app. 

Disclaimer: The plans, services, features, processes, and other details mentioned on this page are subject to availability and changes. Please check the applicable policy wordings before making any insurance-related decisions. Feel free to reach out to us at [email protected] for any queries.