Bharti AXA Life Insurance Claim Settlement Ratio

The claim settlement ratio (CSR) is a critical metric that calculates the number of claims an insurance company settles within a specified period. It measures the percentage of claims paid out by the insurer in relation to all claims received during a particular timeframe and reflects the insurance company's performance. To calculate the CSR, the total number of claims paid out is divided by the total number of claims received.

An insurance provider with a high CSR has a track record of fulfilling its obligations to policyholders by settling claims according to the policy's terms. It is recommended for policyholders to check the CSR of an insurance company before purchasing a policy. A high CSR can provide assurance that the insurance company is reliable and financially stable.

Bharti AXA Life Claim Settlement Ratio

Bharti AXA Life Insurance is a joint venture between Bharti Enterprises, an Indian business conglomerate, and AXA, a global insurance firm. The company offers a range of insurance products and has a strong digital presence.

Bharti AXA claim settlement ratio indicates the percentage of claims settled by the insurer against the total number of claims received in a financial year. As per the IRDAI's (Insurance Regulatory and Development Authority of India) annual report for the financial year 2021-22, Bharti AXA claim ratio is 97.96%.

Other Life Insurance Claim Settlement Ratio

Types of Bharti AXA Claim Settlement Process

A policyholder or the policyholder's nominee may submit claims in a number of different methods. Depending upon their convenience, they can opt to have their claims handled offline or online. A claim can be submitted in the following methods by an insured party:

• Offline claim (Branch visit or via post)
• Online claim

Bharti AXA Life Insurance Claim Settlement Process

Step 1: The first and foremost step is to report the claim. The policyholder or the nominee can report the claim using any of the mentioned processes as per their convenience.

• The claimant can opt for an offline course where they would have to visit the nearest Bharti AXA branch with the claim form and the documents or post them to the branch office.
• Claimants can also inform the Bharti AXA team about the claim by visiting their official website and uploading the needed documents.

Mandatory documents to be submitted depending on the claim:

• Claim Form
• Claimant’s statement form
• Policy document (original)
• Date of death/event of the life assured
• Cause of death/event
• Contact details
• Current address proof of the claimant
• Photo ID proof
• Claimant’s valid bank passbook/statement or cancelled cheque with pre-printed name and bank account number
• Succession certificate (in case of absence of a nominee)

Step 2: The team carefully reviews the claimant's details after receiving it, and they personally help the claimant at each step. The team may also request specific additional documents if they are required for the claim's investigation through a phone call, SMS or letter.

Step 3: The company thoroughly scrutinises all documents related to the claim before reaching a decision on its approval. Once the claim is accepted, the policyholder or nominee is promptly notified of the payout.