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Bajaj Allianz Claim Settlement Ratio

Policyholders may find innumerable plans when purchasing any insurance policy, but picking the right one is significant. Claim settlement ratio (CSR) is an essential factor that policyholders should consider before investing in a life insurance policy.

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IRDA publishes an annual report with the claim settlement ratio of every insurance company. The higher the CSR, the better the claim processes. The process for the Bajaj Allianz claim settlement ratio is hassle-free.

Bajaj Allianz Life Insurance

In India, Bajaj Allianz is a private general insurance firm. The firm is a joint venture between the Bajaj Group of India and Bajaj Finserv Limited. It has created its niche in providing a wide range of insurance at an affordable premium.

Bajaj Allianz is an insurance company that offers an efficient digital environment to its customers. The company has a pan India presence. As per IRDA, Bajaj Allianz claim settlement ratio is 98.02 % which is considered a high CSR. It means for every 100 claims received, 98 cases are settled. Bajaj Allianz has been consistent with its claim ratio over the years, which has also been the reason for its vast customer base.

What is the Claim Settlement Ratio?

When a policyholder purchases the insurance, there is a trust involved to secure their family's future. The main worry of any policyholder is what if the claim is not settled or takes a lot of time to process. It is when this ratio becomes essential.

The claim settlement ratio of an insurer is the number of claims settled against several claims filed in a particular financial year. For better claim settlement processes, higher CSR of insurance companies is preferred. When choosing the insurer, make sure to check the CSR. It is also an indicator of the insurer's reliability. 

Bajaj Allianz CSR

Customers must know how the Bajaj Allianz claim settlement ratio is calculated. CSR is indicated in percentage. CSR is calculated by dividing the number of settled claims by the total number of received claims by the insurance company in a financial year. In simple terms: 

Bajaj Allianz Life Claims Ratio = Total Life Claims Settled / Total Life Claims Received.

(Total Life Claims Received = Life Claims registered in the financial year plus pending life claims at the beginning of the year)

For example, let us consider the Bajaj Allianz claim settlement ratio for 2018-19 according to the IRDA report.

Bajaj Allianz Life Claim Settlement Ratio for 2018-2019
Pending Claims carried forward to next year Claims Registered Total Claims Claims Settled Claim Settlement Ratio
250 12517 12767 12130 95.01%

Though the above formula is essential to calculate CSR, it is sensible to look for ratios before purchasing the insurer. This ratio indicates the ability of the insurer to settle the claim efficiently. A higher claims ratio is an indication of efficiency.

What Does It Represent?

Below is Bajaj Allianz claims ratio during the past few years:

Bajaj Allianz Life Claim Settlement Ratio based on the number count
Financial Year  Claims Registered Claims Settled Ratio in %
2015-16 1161 1068 91.30
2016-17 16239 14887 91.67
2017-18 14315 13176 92.04
2018-19 12767 12130 95.01
2019-20 12127 11887 98.02

The above table represents Bajaj Allianz claim settlement ratio for the past years for individual policies. This table represents claims registered and claims settled in the previous year.

The Bajaj Allianz claims ratio for year 2019-20 is (B)/ (A)*100 i.e. 12127/11887*100= 98.02 %

Where, A= claim registered during the year -12127

B= Claim settled during the year - 118877

This ratio is the primary determinant factor when purchasing the insurance policy. 

What Info Do We Get from Bajaj Allianz CSR?

The policyholder must consider the Bajaj Allianz claim settlement ratio before buying a suitable plan. The plan chosen must be in harmony with the financial planning and life goals. 

Along with it, below are some of the factors to be considered:

  • CSR does not show the type of policies that are covered in settled claims.

  • It is always denoted in the form of a percentage.

  • The repudiation percentage is calculated by deducting the ratio from 100.

  • The claims ratio is only for the given financial year as per the norm.

In Conclusion

The claim settlement ratio is essential for all the policyholders as it shows the probability of the claim getting settled. When a policyholder purchases life insurance the main purpose is the security of their loved ones. But if the insurer cannot settle the claim in due time, the hassles may make everything cumbersome. Hence CSR is an indicator that will help to choose the right policy.

FAQ's

  • Does Bajaj Allianz have an extensive network of hospitals for insurance claim settlement?

    Ans: Yes, Bajaj Allianz has a vast network of hospitals with 6500+ hospitals for policyholders.
  • How to check Bajaj Allianz claim status?

    Ans: The Bajaj Allianz claim status can be checked online, visit the official website. Click on the general insurance claim system. Upload the necessary documents. Your status will appear on the screen. 
  • What are the leading indicators to check the reliability of an insurer?

    Ans: The leading indicators to check the reliability are the claim settlement ratio, claim repudiation ratio, and claim pending ratio.
  • What are the reasons for policy claims getting rejected?

    Ans: Careless attitude of insurer or policyholder, missing or incorrect information, hiding medical history, policy lapse are the reasons for getting policy claims rejected.
  • What is the best claim settlement ratio?

    Ans: Anything above 80% is considered an excellent settlement ratio. Bajaj Allianz claim settlement ratio is 98.02%.

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