Li insurance is a contract between the life insurance company and the life insured, where the insurer promises to pay a sum of money or how much the life insured took a coverage himself to the designated beneficiary, upon the death of insured person. In this statement the important thing is the assurance of settled the coverage amount to the specified person due to the risk of life insured. For that, the selection of life insurance company is important in terms of settling the claim. Claim settlement ratio of life insurance company provided by the IRDAI is helps us to find better life insurance company to insure. In this article the review of Bajaj Allianz Life Insurance claim settlement ratio is given in the financial year of 2018-19 also provide the claim settlement history of that life insurance company.

BAJAJ ALLIANZ LIFE INSURANCE

Bajaj Allianz Life Insurance is made by a partnership between the two powerful and successful entities that made the company in one of the leading Life Insurance in India. They are Bajaj FinServ, One of India’s most diversified NBFC and Allianz SE, One of World’s Leading Asset manager and insurer.

They started the operations after getting the license from IRDAI on 2001 and expanded their presence across the country by less than two decades. This company has 582 branches and 80,000+ agents to serve millions of customers and having a comprehensive set of trusted partners through their online sales channel.

Bajaj Allianz Life Insurance’s mission is to become undisputed leader amongst non-bank promoted life insurance companies in top-line and profitability with the help of their promoters Bajaj FinServ Ltd and Allianz SE.

Claim Settlement Ratio of Bajaj Allianz Life Insurance

The process of pays out a risk coverage amount to the insured on the occurrence of the event specified in the contract, in a return of premium paid for the insured is called claim settlement of insurance company.

Claim settlement ratio is defined as number of claims settled to the insured against the number of claims filed to the insurer.

CSR = (Total no of claim paid during a financial year) / (Total no of claims received in that financial year)

While choosing the life insurance company to insure, it is an important factor to take into consider.

The Claim Settlement Ratio of Bajaj Allianz Life Insurance in the financial year 2018-19 is 95.01%

Bajaj Allianz Life Claim Settlement Ratio Bajaj Allianz Life Claim Settlement Ratio

Claim details of Bajaj Allianz Life Insurance



Bajaj Allianz Life Claim Settlement 2018-19

Total No of Claims 12767
No of Claims Intimated 12517
No of Paid Claims 12130
No of Claims Rejected 445
No of Claims Pending

250

From the above table Bajaj Allianz Life Settled 95.01% of death claims against total number of claims received in the financial year of 2018-19.

The company received a greater number of claims even though they rejected only 3.49% of claims and remaining 1.5% claim is in pending.

The company settled 349 crores for 12130 claims to their customers in the year of 2018-19, which is very high.

Claim Settlement Ratio of Bajaj Allianz Life for last 5 years

To know the history of claim settlement is important before insuring in to the life insurance company. For that IRDAI provide annual report of insurance companies every year, that contains the complete financial status of an insurance companies and also the indicators like claim settlement ratio, solvency ratio…etc.

The claim settlement ratio of Bajaj Allianz life for last 5 years is tabulated below.



Financial Year

Claim Settlement Ratio

2014-15 91.85%
2015-16 91.30%
2016-17 91.67%
2017-18 92.04%
2018-19

95.01%

The graphical representation of Baja Allianz Life’s claim settlement ratio for 5 years is given below.

Bajaj Allianz Life Claim History Graphical Representation of Bajaj Allianz Life Claim History

From the above figure, the claim settlement ratio varies year on year in the increasing state. But, the average claim settlement ratio is also good.

Review of Bajaj Allianz Life’s Claim Settlement Ratio

The basics of life insurance company is to provide financial security or claim if the insured person is no more. But insurance companies rejected and pending some of the claims due to some reason. None of the insurance companies aim is to reject their customer claims and also that’s depends on the details providing at the time of entering in to the insurance policy. People have a responsibility to provide correct details required at the time of taking the policy. At the time of claim, the pending can be avoided by providing required documents to settle the claim.

By using the above data, consistency and stability in claim settlement ratio of Bajaj Allianz is good but, for better claim settlement ratio the company have to reduce the number of claims intimated and also increase the number of claim settlement.

Source: IRDAI                                                                                                                                                 You can also read about Bajaj Allianz Life Insurance Company by using the link here BAJAJ ALLIANZ LIFE     To know the review of Bajaj Allianz Life before the financial year of 2009-14 by using this link  Bajaj Allianz Life Claim Settlement Review 2013-14

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