Bajaj Term Insurance Claim Settlement Ratio
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 Baja claim settlement ratio through this article. But first, let’s learn what is it.
What Is A Claim Settlement Ratio?
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.
Claim Settlement Ratio of Bajaj Life Insurance
The claim settlement ratio of bajaj 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 Life Insurance, over the past three years.
Bajaj Life Insurance Claims Settlement Performance for 2020-2021
| 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 |
Claim Process of Bajaj Term Insurance
Step 1 - Visit the official website of Bajaj 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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