1. What should one do to ensure a smooth claim settlement process for my term insurance plan?

To ensure a smooth claim settlement, inform the insurance company of the death timely. Moreover, submit all the relevant documents with the claim form. If any document is missing, the insurance company will inform you of the same. Get the missing document and submit it as soon as possible for quick claim settlements.

2. Where can I get claim form required for claim submission?

You can get the claim form by: Downloading from the claims section on the insurer’s website Visiting the nearest company branch Contacting your Agent or insurance intermediary

Claim Settlement Ratio of 99.23%^~

Calling From	Phone Number (Toll Free)
AUSTRALIA	80037371371
CANADA
HONG KONG
ISRAEL
MALAYSIA
NEW ZEALAND
PHILIPPINES
SINGAPORE
THAILAND
UNITED KINGDOM
BRUNEI	8014605
INDONESIA	0018030160202
JORDAN	080023194
OMAN	80074363
TURKEY	00800142030059
VIETNAM	1800400070
UNITED STATES	18339680951
Calling us from INDIA	18002097272
Rest of the World	+912067871700 (Call charges apply)

Claim Settlement Ratio

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

Claim Settlement Ratio of 99.23%^~

Get One Day Claim Approval^%

AAA:Stable Rating by CARE^$

Number of lives covered^#

Check Your Premium!

Gender*

Male

Female

Other

Tobacco/Nicotine*

I agree and consent to the Terms & Conditions, Privacy Policy

^~,%,$,#,T&C Apply | BJAZ-WB-EC-08612/24

Customer rating

Rated by customers

Get Your Life Goals, Done!

Tailored Life Insurance Solutions for your long-term Life Goals.

Term Insurance

ULIP Plans

Savings Plans

Guaranteed Return Plans

Retirement Plans

Child Plans

Written ByShruti Gujarathi

AboutShruti Gujarathi

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.

Reviewed ByRosy Pathak

AboutRosy Pathak

Rosy Pathak, AVP- Product and Brand Marketing at Bajaj Allianz Life Insurance carries over 17 years of experience in Marketing and a demonstrated history of working in the insurance industry. She is skilled in Product Management, Planning and Strategy, Project Management, Marketing and Communication.

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 why¹ –

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.

Read Less

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.

Read Less

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.

Read Less

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.

Read Less

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 follows²

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.

Read Less

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.

Read Less

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.

Read Less

99.23%

Claim Settlement Ratio^~

1 Day

Claim Approval^%

AAA

CARE Stable Rating^$

₹1,09,829Cr

Assets Under Management (AUM)^**

4.19 Cr

Number of Lives Covered^#

432%

Solvency Ratio^{^}

Disclaimer:^~Individual Death Claim Settlement Ratio for FY 2023-2024, ^%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 March 2024, ^{^}Solvency ratio 432% as at 31 March 2024 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.

Frequently Asked Questions

Read All

Life Insurance Guide

Articles
Calculators
Podcasts
Videos

Customer Speaks

Happy with the services

I have invested in various products of Bajaj Allianz Life Insurance - I am happy with the services, returns and diversified product portfolio.

Rashmi Bhavnani

Satisfied, Trust

I am a happy customer who is satisfied with the after sales service. I have full trust in Bajaj Allianz Life Insurance Company.

Shrikant A Karande

Happy with the returns

I was introduced by my advisor to invest in Bajaj Allianz Life Insurance .I have invested in the same and am happy with the returns and services.

Kavita Goplani

Very Happy

I am a 7 year old customer of Bajaj Allianz Life Insurance and very happy about the services.

Dhruv Soni

References:

https://www.livemint.com/insurance/why-is-looking-at-a-life-insurance-company-s-claims-settlement-ratio-important-explore-key-reasons-irdai-11709228758950.html
href="https://www.insurancesamadhan.com/blog/behind-the-numbers-the-role-of-claim-settlement-ratio-in-term-insurance/#Factors_Affecting_CSR">https://www.insurancesamadhan.com/blog/behind-the-numbers-the-role-of-claim-settlement-ratio-in-term-insurance/#Factors_Affecting_CSR
https://www.indmoney.com/articles/insurance/term-insurance-claim-settlement-ratio

Reviewed by Life Insurance Experts

Bajaj Allianz Life is a trusted insurance partner

At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

Popular Searches

Disclaimers:

The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read the sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us: customercare@bajajallianz.co.in

Bajaj Allianz Life Term Insurance with tax benefit up to Rs 46,800

Buy Term Insurance

Bajaj Allianz Life Term Insurance with tax benefit up to Rs 46,800^*

99.23% Claim Settlement Ratio^~

Premium Holiday¹

Buy Term Insurance

GET LIFE COVER & SAVE TAXES UPTO ₹46,800^$$

Upto 16% Discount on first year premium³

>Get ₹1 Cr Term Plan @ ₹15/day^{^2}

>Get ₹2 Cr Term Plan @ ₹21/day^{^3}

Disclaimer:

^~Individual Death Claim Settlement Ratio for FY 2023-2024

^{^2} Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V02) considering Male aged 25 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Direct Sales Channel | Standard Life | Indian Resident | 1st Year Premium is Rs. 5,118. 2nd Year onwards premium Rs. 5,548. Total Premium Rs. 1,66,010 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Direct Sales Channel Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

^{^3} Above illustration is for Bajaj Allianz Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V02) considering Male aged 23 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 2,00,00,000 | Direct Sales Channel | Standard Life | 1st Year Premium is Rs. 7,195. 2nd Year onwards premium is Rs. 7,800. Total Premium is Rs. 2,33,395| Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage : 40, Income Payout Percentage : 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Direct Sales Channel Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

³ 5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

^$$Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Tax Benefit is calculated at the rate of 31.20% after considering deduction of Rs. 150,000/- under Section 80C of the Income Tax Act 1961 (under old tax regime)

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.

Bajaj Allianz Life Insurance Co. Ltd. | Bajaj Allianz Life eTouch II (UIN- 116N198V02) | IRDAI Reg. No. 116

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272

Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.

The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo.

Website Compatible Browsers: IE11, Firefox, Safari, Opera, Chrome

Disclaimer

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

Disclaimer

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

Frequently Asked Questions

Life Insurance Guide

Articles

Calculators

Podcasts

Videos

Customer Speaks

Popular Searches

Claim Settlement Ratio^~

Claim Approval^%

CARE Stable Rating^$

Assets Under Management (AUM)^**

Number of Lives Covered^#

Solvency Ratio^{^}