Bajaj Allianz Term Insurance Claim Settlement Ratio (CSR)


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Updated on Apr 24, 2023

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Bajaj Allianz Term Insurance Claim Settlement Ratio

Looking to buy insurance from Bajaj Allianz Life Insurance Company? Take a look at its impressive CSR and decide the best for your loved ones.

Life insurance is one such product that is an absolute necessity for every family. Uncertainty lies ahead at any step of life, creating sudden opportunities for unforeseeable expenditures, sometimes even permanent income loss. Therefore, the only ray of hope is to brace ourselves for the unpredictability that may show up any moment. For this, life insurance helps. Considering its huge demand by several families in India, the product is sold by numerous companies. To make an informed and wise decision, it helps to know the Claim Settlement Ratio (CSR) of each.

Bajaj Allianz Life Insurance Co. is one such firm specializing in various insurance plans custom-made to suit the requirements of every family. It deals in life insurance policy, general insurance, and motor insurance, among others. In terms of Bajaj Allianz Claim Settlement Ratio, it stands at an impressive 99.02% for the Financial Year (FY) 2021-22. Here we discuss more about what this means for the company and more importantly for its policyholders. Read on.

About Bajaj Allianz Term Insurance Company

Bajaj Allianz is one of the leading and popular general insurance companies in India which was formed as a result of a joint collaboration between the Bajaj Group of India and Bajaj Finserv Limited.

The company enjoys a pan-India presence with branches in over 1,100 towns and major cities of the country. Besides, Bajaj Allianz also provides its valued customers the facility of network hospitals, which means that no matter where the policyholder may be residing (even temporarily), they can avail the service of emergency hospitalization (if required) at any leading network hospital in alliance with Bajaj Allianz anywhere in the country.

What is CSR (Claim Settlement Ratio)?

CSR, as it is popularly known, refers to the total percentage of received claims settled by an insurance company in a given financial year. Every financial year, an insurance provider receives a certain number of claims from its policyholders. Out of the total received, it is able to successfully settle (reimburse the amount payable to the insured) a certain number of claims in that fiscal year. Those successfully settled claims are calculated as a percentage and compose the CSR of the company.

What Does a High Claim Settlement Ratio Mean for the Insurer?

While looking for the best insurance company to buy insurance plans from, it is important to always first look at its CSR. This is because a high CSR for the company directly reflects its credibility in the market.

An insurer’s repute in the insurance industry is determined by its ability to settle the maximum number of claims received by its policyholders in a particular financial year. Based on the total number of approved claims in that year, it can be assessed whether or not the company is worth investing in with regard to insurance. Ideally, an insurance company must have higher approved claims than the ones rejected to enjoy the trust of its prospect buyers and to be considered reliable.

What is the Latest Claim Settlement Ratio of Bajaj Allianz Term Insurance?

Now that we know that CSR is indeed an important deciding factor in the fate of an insurance company, let us look at the latest CSR percentage of Bajaj Allianz Life Insurance Co., one of the leading names in the insurance market.

As on FY 2021-22, the claim settlement ratio of Bajaj Allianz was calculated at 99.02%. This is highly commendable with respect to a number of other insurers in the market. The company enjoys this high CSR value because of its prompt and hassle-free claim-settlement process. This means that as soon as the company receives claims filed by its policyholders, it ensures that it is settled within a day. In case no further enquiry is required on part of the company into the claim received, it is approved for the insured as soon as possible.

Bajaj Allianz Life Insurance Claim Settlement Ratio Over 5 Years

We learned above the CSR of Bajaj Allianz in the FY 2021-22, which is highly impressive. Now let’s take a quick look at the company’s CSR values over the last 5 financial years. This would help give you an idea of the company’s performance in the insurance market in the recent past, thereby helping you make a wise and informed decision.

Financial Year Total Number of Claims Received by Bajaj Allianz Total Number of Claims Settled by the Company Claim Settlement Ratio
2015-16 1,161 1,068 91.30%
2016-17 16,239 14,887 91.67%
2017-18 14,315 13,176 92.04%
2018-19 12,767 12,130 95.01%
2019-20 12,127 11,887 98.02%
2020-21 14,333 14,115 98.48%
2021-22 N/A N/A 99.02% (as per company website)

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How to Calculate the Claim Settlement Ratio of Bajaj Allianz Term Insurance?

There is a simple formula prescribed by the Insurance Regulatory and Development Authority of India (IRDAI) to compute the CSR of any insurance company. Knowing this simple method helps since it’s useful to determine the CSR of any insurer that you may be considering for buying insurance plans from.

Claim Settlement Ratio = (Total Number of Life Claims Settled by the Insurer / Total Number of Life Claims Received) x 100

Based on the above formula, the claim settlement ratio of Bajal Allianz has also been computed, and the latest data received, as per the company’s official website, is 99.02%.

Read More: Bajaj Allianz General Insurance Company Limited

Summing it Up

The claim settlement ratio of any insurance company is an indication of its reliability among customers and its credibility in the competitive market. Hence, it is vital for the company to continue displaying healthy CSR data year after year. This is possible only when the insurer settles claims for its customers both promptly and successfully by approving the claims received.

Bajaj Allianz, in this case, is a perfect example of prompt and efficient service, with a remarkable CSR percentage of 99.02%. This means that out of every 100 cases received in a fiscal year, for example, the company is able to settle 98 cases. We hope that the data presented in this blog would help give you a clear picture of the credibility of Bajaj Allianz and assist you in making an informed choice for you and your family.

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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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