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Aditya Birla Sun Life Insurance Claim Settlement Ratio

Aditya Birla Sun Life Insurance, a partnership between Sun Life Financial Inc. and Aditya Birla Group, is one such company in which policyholders rely upon due to their prompt and easy claim process. The company currently has a 98.07% Claim Settlement Ratio for individual claims in the Financial Year 2020-21.This indicates that the amount of claim is receive by the entitled family or person easily and quickly. 

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Let’s discuss the Aditya Birla Life Insurance Claim Settlement Ratio in detail: 

Why is Claim Settlement Ratio important?

The Claim Settlement Ratio (CSR) is the percentage of total claims settled by the insurance company in one financial year divided by total claim requests received in the same year. The claim settlement ratio of any company is an important consideration for the following reasons:

  1. Reliability of Company

    An insurance company with high CSR is sought by policyholders because that proves how trustworthy a company is in terms of settling claims. Moreover, it shows how responsible the company is towards acting upon their compensation commitments to their customers. However, it is recommended that you check the claim settlement ratio of any insurance company over the past five years.

  2. Assured Financial Future

    Checking the CSR of an insurance company is necessary also because as a policyholder, it is your duty to be doubly sure about the company you are availing the policies from, so that your family gets to enjoy the claim without any hassle after you are gone. 

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What is the Formula to Calculate Claim Settlement Ratio?

The Insurance Regulatory and Development Authority of India (IRDAI) publishes the annual CSR of all insurance companies in India for easy customer reference. However, below mentioned is the formula to calculate the claim settlement ratio:
Total number of claims settled divided by Total number of claims received, & multiplied by 100

For example: Consider that ABC, an insurance company, settled 950 claims in a financial year and the total number of claims received are 1000. In this case, the CSR of the company is:

CSR = 950/1000 x 100 = 95%

Aditya Birla Sun Life Insurance Claim Settlement Process

The claim process of Aditya Birla Sun Life Insurance can be done in both online and offline modes:

  1. Claim Intimation

    The nominee/claimant needs to intimate the claim process soon after the death of the life assured. He/she needs to submit the forms to the nearest accessible branch. Or he/she may register for claim intimation online by submitting policy number, name of the nominee and life assured, date and cause of the death of life assured and contact details to the customer support executive. Once registration of the claim is done, a claim intimation/reference number is generated which has to be kept with the nominee for future reference. 

  2. Document Submission

    While submitting the claim forms and details, the nominee needs to make sure he/she also submits the required documents that are needed for verification.

    Death Types Documents Required
    Natural Death (Non-early claim) Copy of Death Certificate, Nominee’s KYC & ID Proof/Relationship Proof, Original Policy Documents, Canceled Cheque with NEFT Details
    Natural Death (Early Claim) Medical Attendant Certificate, Employer’s Certificate (incase the life assured was employed)
    Unnatural Death (Early/Non-early Claim) FIR, Post Mortem Report
    Waiver of Premium Death (Early/Non-early Claim) Proposed Policyowner form, Relinquishment Deed must be executed on Rs. 200/- stamp paper and notarized.
  3. Decision on Claim

    When the company receives all the required documents and forms, the claim is processed. The company then makes a decision (subject to T&C), and communicates the same to the nominee/claimant.

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What Does Aditya Birla Life Insurance Claim Ratio Represent? 

Aditya Birla Life Insurance offers a smooth claim settlement experience to its clients. As discussed, the company has a good Claim Settlement Ratio of 98.07% in the FY 2020-21, which indicates that the insurance company settles claims very fast. Aditya Birla life offers a committed and dedicated claim assistance team available 24X7. The CSR values above 95% indicates a good number of positive reviews about the claim settlement. 

Aditya Birla Sun Life Insurance Claim Settlement Ratio of Last Five Years

Claims Settled Claim Settlement Ratio
2021-22 98.07%
2020-21 98.04%
2019-20 97.54%
2018-19 97.15%
2017-18 96.38%

The table above indicates the CSR for Aditya Birla Sun Life Insurance for individual insurance only and does not include group policies. The table displays the percentage of claims settled in relation to the total number of claims filed.

Points to Consider Before Filing Claim of Aditya Birla Life Insurance 

Below mentioned are a few points that you must consider while filing a claim at Aditya Birla Life Insurance:

  • You must provide accurate and updated details to the insurer when you are purchasing a policy.

  • If there is any significant change in your lifestyle, ensure that you update your insurer regarding the same.

  • Always pay your policy premiums on time, and do not delay your payments to avoid lapsation.

FAQ's

  • Is a high claim settlement ratio beneficial?

    Ans: Yes, the higher the claim settlement ratio, the more likely it is that your claim will be fulfilled. CSR, on the other hand, does not take into account the time it takes to pay an insurance claim. A company might have a high claim settlement percentage even if the cases take months to resolve.
  • Can I withdraw my Aditya Birla Sun Life Insurance policy?

    Ans: Yes, the policyholder can cancel the Aditya Birla Sun life insurance policy at any moment after the policy's commencement date. But, if the policy is canceled within the free look time, the insurance provider will not deduct any premiums.
  • What is the average claim amount?

    Ans: Average Claim Costs is the amount computed for any year by dividing the overall claim costs for that year by the total number of claims for that year.
  • When is a claim rejected?

    Ans: If the insurer has a cause to suspect you did not take reasonable care to answer all of the questions on the application truthfully and accurately, they may reject your claim. Failure to declare a pre-existing medical problem is a common example.

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