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TATA AIA Claim Settlement Ratio

Tata AIA Life Insurance Company Limited, a collaboration between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA), is renowned for its quick and hassle-free claims settlement process. The insurer offers their customers a comprehensive range of insurance products and services. The CSR (Claim Settlement Ratio) of Tata AIA Life Insurance means the percentage of claims settled by the company against the total number of claims received in a fiscal year. 

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As per the annual report of IRDAI (Insurance Regulatory and Development Authority of India) for the financial year 2021-22, the claim settlement ratio of TATA AIA Life Insurance is 99.01%.

Let’s discuss the TATA AIA Claim Settlement Ratio in detail.

Tata AIA Life Insurance Claim Settlement Ratio: Modes of Filing Claims 

The policyholder or his/her nominee may submit death claims in various ways. Based on their convenience, they can file claims online or offline. A Tata AIA claim can be submitted in the following ways by the policyholder: 

  • Online Claims 

  • Offline Claims 

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Types of Tata AIA Life Insurance Claims 

Death claims and maturity claims are the two types opf death claims that can be filed under a Tata AIA life insurance plan: 

Death Claims: A death benefit is paid to your family members/nominee in case of an unfortunate death during the policy term. Your nominee is required to provide a set of documents requested by the insurer as death proof like a certificate of doctor, or death certificate. The death benefit makes sure that your family members can live comfortably financially in your absence. 

Maturity Claims: Various life insurance plans like retirement plans, saving plans, ULIPs and endowment plans offer maturity benefits which are paid out when the plan is matured. Thus, when you wish to register a maturity claim, you can get the maturity benefits by submitting documents requested by the company when the plan matures 

What is the Importance of Claim Settlement Ratio (CSR)?

The Claim Settlement Ratio (CSR) is a percentage that tells us how many claims an insurance company has successfully paid out compared to the total number of claims received in a year. It's important to consider a company's CSR for two reasons:

  • Reliability of Insurer: A company with a high CSR is considered trustworthy because it shows they are good at paying claims. It demonstrates that the company takes its responsibility seriously and fulfills its promises to customers. It's a good idea to check the CSR of an insurance company over the past five years to get a clearer picture.

  • Family’s Financial Security: Checking the CSR is important because, as a policyholder, you want to make sure the company you choose will provide the promised claim to your family without any problems after your death. By looking at the CSR, you can ensure that your loved ones will have a secure financial future.

How To Calculate Claim Settlement Ratio Of TATA AIA Life Insurance?

The Insurance Regulatory and Development Authority of India (IRDAI) shares the annual Claim Settlement Ratio (CSR) of insurance companies in India to help customers make an informed decision. The CSR is calculated using a simple formula, as mentioned below:

CSR = (Total number of claims settled / Total number of claims received) x 100

For example, if ABC insurance company settles 850 claims out of 1000 claims received, in one financial year, the CSR of ABC would be:

CSR = (850 / 1000) x 100 = 85%

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What Is The Claim Settlement Process Of TATA AIA?

TATA AIA offers an easy way of settling claims and the process in mentioned as follows:

  1. Claim Intimation

    The nominee or claimant should inform the insurance company about the claim soon after the death of the insured person. They can submit the necessary forms to the nearest branch or register the claim online. To register online, they need to provide the policy number, name of the nominee and insured person, date and cause of death, and contact details to the customer support. Once the claim is registered, a claim reference number is generated, which should be kept by the nominee for future use.

  2. Document Submission

    When submitting the claim forms and details, the nominee should ensure that all the required documents are included. These documents will be used for verification purposes by the insurer.

    Death Types Documents Required
    Natural Death (Non-early claim) Copy of these documents:
    • Death Certificate
    • KYC & ID Proof/Relationship Proof of Nominee
    • Original Policy Documents
    • Canceled Cheque along 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
  3. Claim Settlement

    After the insurance company receives all the necessary documents and forms for the claim, they review and process it. The company then makes a decision based on the terms and conditions of the policy, and informs the nominee or claimant about the settlement decision.

What does Tata AIA Claim Settlement Ratio Represent?

TATA AIA provides a prompt and convenient process for settling claims. Their high Claim Settlement Ratio of 99.01% in the financial year 2022-22 shows that they settle claims quickly. TATA AIA also has a dedicated team available round-the-clock to assist with claims and other queries. However, in general, a Claim Settlement Ratio above 95% indicates that the insurance company has the capacity to settle claims without any hassle.

Let us have a look at how the TATA AIA Claim Settlement Ratio has carried out during the past 5 years:

TATA AIA Claim Settlement Ratio based on the number count
Financial Year  Ratio in %
2018-19 99.07
2019-20 99.06
2020-21 98.02
2021-22 98.53
2022-23 99.01

The table shows TATA AIA's Claim Settlement Ratio (CSR) specifically for individual insurance, not group policies. It reveals the percentage of claims that were successfully settled compared to the total number of claims made. The table also highlights that TATA AIA's CSR has consistently remained above 95% for the last 5 years, indicating an excellent claim settlement process by the insurance company.

What Information Do We Get With The CSR Of TATA AIA?

Each policyholder consults the TATA AIA Claim Settlement Ratio (CSR), before obtaining a plan for himself and his family. It is an important factor and gives us an insight into the company’s reliability, but it is necessary to contemplate the following factors:

  • It is a numerical term and has no way of depicting the types of claims that have been settled.

  • It is a percentage depiction; thus, it does not provide an accurate number of claims settled.

  • The claim settlement percentage, when it is not a cent per cent value, can be used to determine the percentage of claims repudiated.

  • The statistics only cover the time of one financial year, that is, from April till March.

What are the Documents Required for Tata AIA Life Insurance Claim Settlement? 

Here is a list of documents that you are required to provide to the insurer while filing a maturity claim: 

  • ID Proof of the Policyholder 

  • Copy of the Bank Statement 

  • Duly filled claim application form 

  • Bank account details of policyholder 

  • Original policy document 

  • Cancelled bank cheque 

Here is a list of documents that you are required to provide while filing a death claim: 

  • Original policy documents 

  • Photo ID of nominee 

  • Cancelled bank cheque 

  • Health Records 

  • Statement of the Physician 

  • Duly filled claim application form 

  • Bank statement’s copy 

  • Death certificate issued by the policyholder 

Wrapping It Up!

The TATA AIA Claim Settlement Ratio is an evaluation of the company’s potential to settle claims registered and assist its customers with necessary financial aid when required. The previous 5 year’s ratios have presented a good claim settlement record and therefore, the company can surely be counted as credible.

FAQs

  • Q: Who is responsible for the tabulation of the TATA AIA Claim Settlement Ratio?

    Ans: The IRDA Authorities are responsible for calculating the Claim Settlement Ratio of TATA AIA along with all the other Insurance companies of the country. They publish it annually in their report.
  • Q: What is the time frame for considering the TATA AIA Claim Settlement Ratio?

    Ans: The statistics that are tabulated are strictly recorded in a time frame of one financial year, starting from the month of April to the next month of March according to Indian standards.
  • Q: How many insurers operate in India for comparison with the TATA AIA Claim Settlement Ratio?

    Ans: Every year, the IRDA in its annual report updates the total number of registered Insurance companies in the country. According to its latest report published on the 10th of February 2021, there are 23 life insurance companies, including TATA AIA, and a total of 58 Insurance companies in the Indian market.
  • Q: How are insurance penetration and density measured in India?

    Ans: Insurance penetration is measured by mathematically dividing the premium percentage by the annual GDP of the country. Meanwhile, insurance density is the per capita premium measurement.
  • Q: How does the size impact the TATA AIA Claim Settlement Ratio?

    Ans: The consistent CSR performance of a company with vast customer cover indicates the company’s financial stability and high potential.
  • Q: What are the reasons for rejecting a life insurance claim?

    • Incorrect information
    • Unpaid premiums
    • Lapsed Policy
    • Missing or misrepresented Medical Details

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