Bajaj Allianz Life Insurance Claim Settlement Ratio

Over the years, the demand for life insurance products and life insurance providers has grown significantly. While this is a great sign considering the increasing inclination towards financial awareness, such demand has also led to the surfacing of numerous life insurers. While such providers are crafting customisable policies to cater to the tailored financial requirements of policyholders, your priority should be choosing the best life insurer. For your life and term insurance plan, you need an insurer that offers assurances of maximum claim settlement with slim to no chances of claim rejections. This is where the metrics of the Claim Settlement Ratio come into use.

Now, coming to life insurers - Bajaj Allianz, a provider founded in 2001 as a collaborative effort of Bajaj Finserv (NBFC) and Allianz SE, is a popular choice across the industry. While the insurer has a few good picks across its portfolio of financial products, as stated before, let’s explore the Bajaj Allianz Term Insurance Claim Settlement Ratio as the 1st step to determine its credibility!

What is the Claim Settlement Ratio?

The Claim Settlement Ratio or CSR of a life insurance company is given by -

(Total number of claims settled by an insurer in a year/ Total number of claims received by the insurer for the year) * 100

Generally, we recommend that you opt for an insurer with a CSR of 97 and above because this indicates a credible insurer.

What is the Bajaj Allianz Settlement Ratio for 2024?

(When it comes to Bajaj Allianz Claim Settlement Ratio 2024, please remember that this is only the 1st quarter of 2024, and to calculate the CSR of 2024, you will need to take a look at the data for the financial year 2022 - 2023. However, we recommend that you don’t just rely on a single year's data to determine the insurer's credibility. It’s always best to consider the data from the last 3 years (2020 - 2023 in this case) to get an accurate reading and insight into the consistency of performance.)

Overview of Bajaj Allianz Life Insurance

What is the significance of Bajaj Allianz Claim Settlement Ratio 2024?

Considering the data of Bajaj Allianz Claim Settlement Ratio from 2020 to 2023, we have a couple of insights that will prove helpful if you want to consider Bajaj Allianz as your life insurance provider.

1. Consistency: Bajaj Allianz’s Claim Settlement Ratio has consistently stayed at 98+/99+ over the last 3 years, which is an excellent sign for its existing and potential client base. Additionally, the numbers have been improving over the years.
2. Overall Performance: On an average and on a year-on-year basis, Bajaj Allianz's Claim Settlement Ratio has been beating the industry average by a solid margin. This consistency reflects its already-established credibility in the industry.

Why is the Claim Settlement Ratio important?

The Claim Settlement Ratio (CSR) of an insurer reflects its claim settlement track record and hence establishes its reputation as a credible life insurance provider. Now, you would always want an insurer with the best CSR because this minimises the risks of claim rejection. However, in the case of life insurance, the sum insured is often substantial (in crores), and thus, this makes CSR a more crucial metric.

On the other hand, please remember this - CSR is only one of the metrics used to determine the credibility of an insurer. While CSR is an essential and determining factor, you will also need to consider the Amount Settlement Ratio (ASR) and complaint volume of an insurer for the last 3 years and draw out an average to tally against the industry average. This will give you a comprehensive insight into the overall operational efficiency of the insurer and the accurate edge to decide the best life insurance providers to approach for your life insurance policy, term insurance plan, retirement plan, savings policy, ULIPs, Endowment plans, etc.

What is the Claim Settlement Process for Bajaj Allianz Life Insurance?

STEP 1: Visit their official site and click on “Claim Assistance”

STEP 2: Fill in their claim form by providing details like -

• Policy number
• Your name
• Email ID
• Pincode
• Phone Number

STEP 3: Upload your required documents (as mentioned below)

STEP 4: Click on their “Branch Locator” tab and seek the nearest branch to submit the downloaded claim form and the documents.

STEP 5: Keep track of your claim status via their official link.

You can also receive guidance on your claim settlement by calling their helpline number - 1800-209-7272, or drop them an email at claimsscanning@bajajallianz.co.in for assistance.

What are the documents required to settle claims for Bajaj Allianz Life Insurance?

When planning to file a claim to Bajaj Allianz Life Insurance, make sure you have the soft/hard (online/offline process) copies of the following documents handy -

1. For Death Claims

• Original policy documents
• Attested copy of death certificate issued by local municipal authority
• Death claim intimation form (the downloaded form)
• NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook
• Nominee's photo identity & address proof such as a copy of Passport, Voter identity card, Aadhar (UID) card, etc.
• Additional documents based on the cause of death (fill out this form, too)

- In case of Medical/Natural death

• Copy of Medical Records (Admission Notes, Discharge/ Death Summary, Test Reports etc.)
• Attending Physician’s statement
• Employer certificate (where applicable)

- In case of Accidental/Unnatural death

• First Information Report (FIR) or Panchnama/Police complaint
• Post Mortem Report
• Final Police Investigation Report (if any)

2. For Critical Illness Claim

a. Mandatory documents

• Attested copies of medical records/ indoor papers of the hospital
• Critical illness Claim form
• Hospital discharge summary
• Hospital bills
• NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook
• Claimant's photo identity & address proof such as copy of Passport, Voter identity card, Aadhar (UID) card, etc.

b. Additional documents

• Attending Physician’s statement

3. For Disability/Hospitalisation Claims

• Attested copies of medical records/ indoor papers of the hospital
• Disability Benefit Claim form
• Hospital discharge summary
• Hospital bills
• First Information Report (FIR), in case of disability claims
• NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook
• Claimant's photo identity & address proof such as a copy of Passport, Voter identity card, Aadhar (UID) card, etc.
• Additional documents - Attending Physician’s statement

Please note: Based on the underwriter’s decision, you may be required to submit some additional documents.

Conclusion

Bajaj Allianz Term Insurance Claim Settlement Ratio is well above our recommended numbers, as are its Amount Settlement Ratio (average: 93.0) and complaint volume (average: 5.0). However, in terms of being a term insurance provider, Bajaj Allianz is still catching up with the best in the industry because while plans from this stable are often affordable, they sometimes lack a few crucial features. So, if you are a brand loyalist and looking for the best term insurance plan from this stable, we suggest you pick the Smart Protect Goal (in case you are looking for a comprehensive plan) or the e-Touch policy (if you are looking for an affordable plan and don’t mind the missing Critical Illness Benefit Rider).