Bajaj Allianz Term Insurance Claim Settlement Ratio
- Check the CSR of Bajaj Allianz
- Status of Bajaj Allianz CSR 2020-21
- Claim Process of Bajaj Allianz
With the availability of numerous term insurance companies offering so many term plans, selecting a reliable company can be tricky. Deciding the best term insurance company is important because, after your demise, the insurer’s claim-settling ability settles your claim swiftly. But is there a parameter that can tell us if the company settles the claim on time or not? Yes, there is. You can assess how many claims a particular insurer settles by looking at the claim settlement ratio of the company.
Let’s learn about the Bajaj Allianz claim settlement ratio through this article. But first, let’s learn what is it.
An insurer’s claim settlement ratio is the number of claims settled out of the claims filled in a given financial year. Higher CSR of the insurers makes them reliable. Always verify the CSR while picking an insurer as it’s also a sign of the insurer’s trustworthiness.
The claim settlement ratio of bajaj allianz term insurance was 98.48 in IRDAI’s Annual Report for 2020-21, showing the company’s strong claims-paying capabilities and financial reputation.
In the graph below, we have illustrated the yearly trend of CSR of Bajaj Allianz Life Insurance, over the past three years.
| Parameters | Claims pending at the start of the period | Claims intimated | Total Claims | Claims Paid | Claims Repudiate | Claims Rejected |
| No. of Policies | 2 | 14,331 | 14,333 | 14,115 | 213 | 0 |
Step 1 - Visit the official website of Bajaj Allianz Life Insurance Company.
Step 2 - Click on "Customer Service" and then select "Claim Assistance".
Step 3 - Scroll your cursor to the ‘Read More’ section.
Step 4 - Fill in all the required personal details such as Name, Address, Pincode, Email-ID, Policy number, and Phone number
Step 5 - Then, proceed to Download Form.
Step 6 - Submit all the required documents to the nearest office branch.
Step 7 - After analyzing all the documents and information provided by you, the insurer will send you the approval via SMS, or email.
Step 8 - If information is found to be incorrect, the company can reject the claim within 30 days.
Step 9 - Once the claim is approved, the company will transfer the claim amount to the registered bank account.
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Bajaj Allianz has a claim settlement ratio of 99.04% as per IRDAI report 2022-23.
Yes, the company offers flexible term insurance plans that can be customized to meet your individual requirements. You can choose optional riders like critical illness cover, accidental disability cover, and waiver of premium benefits to enhance your coverage.
It totally depends upon the plan you opt for, pre-existing conditions may have certain waiting periods before they are covered under Bajaj Allianz term insurance plans.
Bajaj Allianz Term Plans have multiple benefits like, on death or terminal illness of the insured during the policy tenure, the Sum Assured is given in equated monthly installments for such time which will be equal to the term of the plan chosen.
There are two ways of renewing your policy: online and offline.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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