Claim Settlement Ratio of 99.23% ^~

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Claim Settlement Ratio

Name: Claim Settlement Ratio
Brand: Bajaj Allianz Life Insurance
Rating: 4.7 (18764 reviews)

The claim settlement ratio is an important metric that helps evaluate an insurance company’s credibility be reflecting its claim resolution history.

The claims paid ratio or the claim settlement ratio is computed by dividing the total number of claims settled by an insurer by the total number of claims received by the insurer in a given year.. Read More

In order to receive the payout from the policy in case of an unfortunate event, your beneficiaries will need to raise a claim with the insurance company from whom you have purchased the plan. The insurer will evaluate the claim application and then pay out the sum assured in case the claim is genuine and policy was in force, when the said event occurred. This process forms the basis of the claim settlement ratio of an insurer. Read Less

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Shruti Gujarathi has 5 years of experience in the BFSI sector, and as Manager- Digital Marketing at Bajaj Allianz Life Insurance, manages digital and content marketing. She has had hands-on experience in content strategy, performance marketing and Strategic Alliances over a career spanning 10 years.

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Good Settlement Ratio
Why It Is Important?
How It Is Calculated?
Documents Required
Claim Settlement Process
Factor Influencing
Why Bajaj ?
Conclusion
FAQs

What Is Good Settlement Ratio

The Claim Settlement Ratio denotes the percentage of claims that an insurer has paid vis-à-vis the total claims made on it in a financial year. For instance, if an insurance company receives 100 claims and settles 90 of them, the Claim Settlement Ratio would be 90%.

A good Claim Settlement Ratio is one that is as close to 100% as possible. This would mean that the insurance company has settled most of the claims that were presented on it. This would indicate a quicker claim settlement process which would foster trust in the insurance company.

Why Is Claim Settlement Ratio Important

The Claim Settlement Ratio is an important parameter when comparing insurance companies. Here are some reasons why ¹ –

Fosters trust in insurance company

A company attains a high Claim Settlement Ratio by settling its claims. This shows that the company is reliable in times of claim and increases the claim settlement probability for policyholders. This fosters trust among policyholders.

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Promotes transparency

The Claim Settlement Ratio is published every year. This gives transparency to policyholders as they can review the claim settlement history of insurance companies and choose the right company.

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Shows credibility

An insurance company maintaining a consistently high Claim Settlement Ratio is seen as a credible company which honours most of its claims. This also increases the reputation and goodwill of the company and can make it a preferred choice among customers.

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Shows customer-first approach

A company having a high Claim Settlement Ratio can be seen as one that keeps its customers first which is why it settles their claims easily. This makes prospective policyholders more likely to choose the insurer over others.

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How Is the Term Insurance Claim Settlement Ratio Calculated?

The term insurance claim settlement ratio is calculated using a simple formula as follows –

Claim Settlement Ratio (CSR) = (total number of claims paid in a given year / total number of claims raised in the year) X 100

For instance, in a financial year, if 100 claims are raised on the insurance company out of which the company has paid 95 claims, the term plan claim settlement ratio would be calculated as – (95 / 100) X 100 = 95%

Documents Required

Some of the documents required for death claims are as follows –

The original policy document
Attested copy of the death certificate issued by the local authorities
The claim form, filled and signed
An NEFT Mandate form is signed by bank authorities for direct transfer of death claim. Else, the claimant can also submit a copy of the cancelled cheque or bank passbook
A photo identity and address proof of the nominee is also required like the Aadhaar Card, passport, voter’s ID card, etc.

In the case of medical or natural death, the following additional documents would be required –

Copy of the medical records of the insured like the discharge summary, admission notes, etc.
Statement from the attending physician in the form issued by the insurance company
Employer’s certificate, if applicable

In the case of accidental deaths, the following additional documents would be required–

Police FIR, panchnama or police complaint
Post mortem report
Final police investigation report, if any

Please note, that the list of documents required may differ from insurer to insurer. Please check with your insurer for more details.

Claim Settlement Process

The claim settlement process of a death claim under a term insurance plan is as follows –

Step	Description
1. Report the Claim	In case of an unfortunate event, covered under the policy, the nominee or any other claimant should inform the insurance company of the same. This is called reporting the claim.
2. Fill the Claim Form	To inform the insurance company, the claimant should fill out and submit the claim form. The form is usually available on the insurer’s website and also at the branch office.
3. Attach Required Documents	The claim form should be attached with a set of relevant documents.
4. Document Verification	Once the form is submitted, the insurance company reviews the claims and verifies the documents. If any document is missing, the insurer sends a notice to submit the missing document within the specified time.
5. Decision on the Claim	Once the documents are verified, the claim is settled or rejected. In the case of claim rejection, the insurance company cites the reason for rejection.
6. Return of Premium on Maturity	In the case of the return of premium term insurance plans , the insurance company usually sends a discharge voucher before the maturity date. You have to fill out the voucher and send it to the insurer for a refund of the premium on maturity.

Factor Influencing Claim Settlement Ratio Plain

Some of the factors that may affect the Claim Settlement Ratio of insurance companies are as follows ²

Underwriting practices

Insurance companies that follow strict underwriting practices issue the policy knowing the expected risks. This reduces the chances of fraud and claims are settled easily. The correctness of claim settlements means a higher Claim Settlement Ratio by reducing the likelihood of future fraudulent claims ^³ .

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Claim process

Insurance companies having a simple claim process settle their claims quickly. This is because policyholders have to follow simple steps for claim settlement and their payout may be credited quickly.

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Customer service

Insurance companies with a dedicated customer care platform to handle claim-related queries can settle claims quickly. Open communication could lead to a better customer experience and could favourably impact Claim Settlement Ratio ^³ .

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99.29%

Claim Settlement Ratio ^~

1 Day

Claim Approval ^%

AAA

CARE Stable Rating ^$

₹1,23,734Cr

Assets Under Management (AUM) ^**

3.85 Cr

Number of Lives Covered ^#

359% as at 31 March 2025

Solvency Ratio ^{^}

Disclaimer: ^~ Individual Death Claim Settlement Ratio for FY 2024-2025, ^% 96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices, ^$ For details refer to press release published by CARE , ^** All figures as on 31 January 2025, ^{^} Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150%, ^# Individual Group.

Conclusion

The claim settlement process is crucial to get your family through tough times. It is also important to have all the necessary documents in order, so your beneficiaries do not face any hassles when raising a claim with the insurer. Ultimately, the claim settlement ratio is an important factor to consider when you buy term insurance.

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¹ Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

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*Benchmark: Nifty 500 Multicap Momentum Quality 50 Index past 5 CAGR Returns, as on 31st December 2024. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01) are only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

Nifty 500 Multicap Momentum Quality 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01)

In addition to the already existing funds, Nifty 500 Multicap Momentum Quality 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multicap Momentum Quality 50 Index Fund.

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For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

¹ ©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

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Claim Settlement Ratio

What Is Good Settlement Ratio

Fosters trust in insurance company

Promotes transparency

Shows credibility

Shows customer-first approach

How Is the Term Insurance Claim Settlement Ratio Calculated?

Documents Required

Claim Settlement Process

Underwriting practices

Claim process

Customer service

Why Bajaj Allianz Life Insurance ?

Claim Settlement Ratio ~

Claim Approval %

CARE Stable Rating $

Assets Under Management (AUM) **

Number of Lives Covered #

Solvency Ratio ^

Conclusion

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Claim Settlement Ratio ^~

Claim Approval ^%

CARE Stable Rating ^$

Assets Under Management (AUM) ^**

Number of Lives Covered ^#

Solvency Ratio ^{^}