The financial instrument or an invisible product used to provide a coverage of human life against any risk is called life insurance. It is a contract offered by an insurance company and assured to provide financial security of the insured people by exchanging of paid premium. As per the contract to providing claims in case of any risk of life insured is important for life insurance company. For that, the company should be financially stable and perform well in their business. So, selecting an insurance company to insure is also an important thing for the life insured. Claim settlement ratio is one of the important factors helps to find the good life insurance company. In this article the review of Bharti AXA Life Insurance Claim Settlement Ratio is given in the financial year of 2018-19 and also provide the company’s claim history.

BHARTI AXA LIFE INSURANCE

Bharti AXA Life Insurance is a joint venture between the strong financial expertise of the Paris-headquartered AXA Group and Bharti Enterprises – One of the India’s leading business group with interests in Telecom, agriculture business and financial services.

Based on the regulatory framework prescribed for the insurance companies, AXA holds 49% of stake and Bharti holds the majority of stake 51% in the joint venture.

The vision of Bharti AXA Life insurance company is to be the most preferred insurance company for their Customers, Employees, Business Partners & Share Holders. Also, the mission of the company is to be a profitable top 10 life insurance company in India.

Claim Settlement Ratio of Bharti AXA Life Insurance

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)

It is an important factor while choosing the life insurance company to insure. Higher the claim settlement ratio indicates the better insurer to insure.

The claim settlement ratio of Bharti AXA Life Insurance Company in the financial year 2018-19 is 97.28%.

[caption id="attachment_2872" align="aligncenter" width="585"]Bharti AXA Life Insurance Claim Settlement Ratio Bharti AXA Life Insurance Claim Settlement Ratio[/caption]

Claim Details of Bharti AXA Life

The claim details of Bharti AXA Life Insurance Company are tabulated below.

Bharti AXA Life Claim Settlement 2018-19

Total No of Claims 1065
No of Claims Intimated 1058
No of Paid Claims 1036
No of Claims Rejected 22
No of Claims Pending 7

Form the above data Bharti AXA Life Insurance Company settled 97.28% of death claims against the total number of claims received by the company in the financial year 2018-19.

The company rejected 22 claims and the repudiation ratio is 2.07% in the year of 2018-19.

Bharti AXA paid 47 crores of the claim amount settled to their clients for 1036 claims in the year of 2018-19.

Claim Settlement Ratio of Bharti AXA Life for last 5 years

For life insurance companies, it is important to maintain higher and consistent claim settlement ratio as per the IRDAI guidelines.

Because, higher the claim settlement ratio indicates the better insurance company for the people to insure.

The details of Claim Settlement ratio of Bharti AXA Life for last 5 years are given below.

Financial Year

Claim Settlement Ratio

2014-15 80.90%
2015-16 80.02%
2016-17 92.37%
2017-18 96.85%
2018-19 97.28%

The graphical representation of Bharti AXA life for last 5 years is given below.

[caption id="attachment_2873" align="aligncenter" width="606"]Bharti AXA Life Graphical Representation of Bharti AXA Life Claim Settlement[/caption]

In the above details, Bharti AXA Life Insurance company’s claim settlement ratio has increased year on year. Since, the company started in the year of 2006, Bharti AXA issued 17,70,000 policies which is quite good.

From the above graph indicates the claim settlement ratio of Bharti AXA is stable and in the increasing state.

Review of Bharti AXA Life Insurance Company’s Claim Settlement Ratio

None of the life insurance company’s motive is to reject or holding the claim request received by them. It is people’s responsibility to honestly provide the details asked at the time of availing the insurance policy. Also, providing the required documents at the time of claim is important that it could avoid the claim pending.

At last, we concluded that Bharti AXA Life having good, stable and increasing claim settlement history. So, It is a good company to insure but the same time the company have to be increase the claim settlement ratio and try to decrease the number of claim intimated to becoming the top 10 insurance company in India as per the company’s mission.

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

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