What Is The Bajaj Allianz Claim Settlement Ratio?

While purchasing an insurance policy, policyholders often get confused because the options are fathomless. But every policyholder should prudently pick up the best policy that will cater to all their requirements. The claim settlement ratio (CSR) is a pivotal factor that a policyholder can’t overlook while buying a policy. Every year, in its annual report the IRDA publishes the claim settlement ratios of various insurance companies.

The Bajaj Allianz claim settlement ratio is very impressive and it was 98.02% in 2019-2020. The process for the Bajaj claim settlement ratio is convenient and hassle-free.

Let’s explore what the Bajaj Claim Settlement Ratio is and what is its process?

Bajaj Allianz – An Eminent Private General Insurance Company in India

Bajaj Allianz is an eminent private general insurance firm in India. This is a joint venture between the Bajaj Group of India and Bajaj Finserv Limited. The company offers a spectrum of insurance products at an affordable price. The company has also started to offer a digital environment for the betterment of the customers. Bajaj Allianz has its presence all over India. According to the IRDAI, Bajaj Allianz life insurance claim settlement ratio is 98.02%.

This means for every 100 claims received, the company settles 98 claims. Bajaj Allianz maintains a healthy claim settlement ratio over the past few years and thus, it has a wide customer base.

What is the Claim Settlement Ratio (CSR)?

The claim settlement ratio is a buzzing word in the field of the insurance sector. The claim settlement ratio (CSR) indicates the number of claims an insurer used to settle in a year out of total claims. From the claim settlement ratio, you will get a clear picture of your insurance provider. Companies that have wholesome claim settlement ratios are the most trustworthy and honest. They ensure that your nominees will get the claims in a hassle-free way.

Always prefer a company that has a higher CSR value because this indicates the reliability of the insurer.

Calculating the Claim Settlement Ratio of Bajaj Allianz

Before purchasing a policy from Bajaj Allianz, every customer should know how to calculate the Bajaj Life insurance claim ratio.

Bajaj Allianz Claim Settlement Ratio = (Total Life Claims Settled/Total Life Claims Received) X 100

Bajaj Allianz claim settlement ratio for 2018-2019

It would be a wise decision if you check the ratios before purchasing a policy from an insurance company. This ratio implies the capability of an insurer to settle the claims of its claimants. A higher ratio portrays the company as more efficient and it never ditches the customers.

Let’s check out Bajaj Allianz term insurance claim settlement ratios in various financial years.

From the above table, you can check the claim settlement ratios of Bajaj Allianz.

Bajaj Allianz Claim Settlement Ratio in 2019-20= (Number of Claims Registered/Number of Claims Settled) X 100 = (12127/11887) X100 = 98.02%

This ratio is one of the deciding factors when purchasing a policy from an insurer.

What do you understand from the Bajaj Allianz Claim Settlement Ratio?

Bajaj term plan claim ratio occupies a pivotal role in your policy purchase decision. So, before purchasing a policy from Bajaj Allianz, you should have adequate knowledge about what this CSR indicates.

• The ratio is mentioned in percentage terms so that you can compare it with other companies’ ratios
• Bajaj Allianz claim settlement ratio suggests all settlements of various types of insurance policies that the company offers to its customers
• By deducting the ratio from 100, the repudiation percentage is calculated
• The claim settlement ratio is always for a particular financial year (from April one year to March the next year). The ratio changes every financial year

Bajaj Allianz Life Insurance Claim Settlement Process

The policyholder can request and submit the claim at any branch office of Bajaj Allianz. The company follows a simple 3-step process to settle the claims of the customers. A claimant or policyholder can generate and download the claim intimation form from the official website of Bajaj Allianz. Take a look at the below-mentioned steps for the claim settlement process of Bajaj Allianz.

Step 1: Claim Reporting

The policyholder or claimant needs to download the form from the website of Bajaj Allianz and then, needs to fill it properly. The nominee is also required to attach the relevant documents and submit the form and documents at the nearest branch of Bajaj Allianz.

Step 2: Claim Processing

After receiving your documents, the insurer analyzes your claim documents to avoid any possibility of deceit. If any additional documents are required, then the company will ask you to submit them immediately.

Step 3: Claim Settlement

Once your documents are received and the company has assessed the claim, the benefit amount is given to the nominee/claimant after the scrutinizing of the claim.

•       The documents that you need to submit while raising your claim from Bajaj Allianz
•       The policy documents
•       The original/copy of the death certificate issued by the local body
•       The claim intimation form
•       The address proof and photo ID of the claimant
•       Bank details
•       Copies of all medical reports

Bajaj Allianz is partnered with more than 6500+ hospitals (network hospitals) where policyholders can get cashless treatment facilities.

The Conclusion

Be it the ICICI prudential term plan claim settlement ratio or Bajaj Allianz Life Insurance Claim Settlement Ratio, CSR is a crucial factor that implies the probability of the claim getting settled. Sometimes insurers deny settling the claims and thus, policyholders may face difficulties in claiming their amount. So, before purchasing a policy, always check the claim settlement ratio and then take a firm decision.