With the availability of numerous term insurance companies, selecting an appropriate and suitable term insurance plan is quite a difficult task. Sometimes you end up selecting an insurance plan that doesn't meet your complete requirements due to a lack of awareness. This carelessness of yours may cause a lot of stress to your family members.
Although there is no standard parameter to decide which companies are at the top, however, by doing some research, you can definitely check the claim settlement ratio and analyse the claim settling ability of the Term insurance companyyou are going to invest in.
An insurer's claim settlement ratio is the number of claims settled out of multiple claims made in a given financial year. Higher CSR of insurance businesses is desired for improved claim settlement processes. Always verify the CSR while picking an insurer as it's also a sign of the insurer's trustworthiness.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
As per IRDAI, Bajaj Allianz Term Insurance Claim Ratio is 99.04%. The number of claims settled out of the total claims received by the insurance company is known as the Claim Settlement Ratio. CSR is one of the aspects to consider while purchasing a term insurance policy. 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 the 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.