TATA AIA Claim Settlement Ratio

Nearly all the policyholders for once examine the Claim settlement ratio before buying an insurance policy that is suitable for their family and serves their needs accordingly. The basic reason behind it is that Claim settlement is the salient service provided by an insurer.  A customer can get a hand at the claim settlement ratio of every company in the annual report of IRDA.

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TATA AIA Claim Settlement Ratio is the measure of claims settled in a financial year by the company.  According to the Annual Report of the Insurance Regulatory and Development Authority of India published on 10th of February 2021 The TATA AIA Claim Settlement Ratio for the year 2019-20 is 99.06%. 

TATA AIA CSR

It is crucial for every customer to have knowledge about how the TATA AIA Claim Settlement Ratio is calculated. It is the number of claims settled against the total number of claims registered in one financial year. It is attained by putting the terms in a mathematical statement and calculating the answer. Here the total number of claims registered is the sum of claims that are pending at the start of a financial year and the number of claims registered during a financial year. When expressed:

  • TATA AIA Claim Settlement Ratio = Total TATA AIA Claims Settled/ Total TATA AIA Claims registered.

(Total TATA AIA Claims Registered + Claims pending at the beginning of the year + the claims filed during the year)  

As an example, let us consider the TATA AIA Claim Settlement Ratio for the financial year 2018-19 as per the IRDA annual report:

TATA AIA Claim Settlement Ration for 2019-2020
Pending Claims carried Over Claims Registered Total Claims  Claims Settled Claim Settlement Ratio
0 2982 2982 2954 99.06%
Source: IRDA Annual Report 

Though the above method is of great significance and can be counted on when checking for a suitable insurance provider, yet it is always good to also have a look at the Claim settled amount. It is a representation of the insurer’s ability to fulfil the financial claims of the policyholder at the time of need without any complications.

What does Tata AIA Claim Settlement Ratio Represent?

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

TATA AIA Claim Settlement Ratio based on the number count
Financial Year   Claims Registered Claims Settled Ratio in %
2015-16 3311 3205 96.80
2016-17 2707 2599 96.01
2017-18 2850 2793 98.00
2018-19 2700 2675 99.07
2019-20 2982 2954 99.06

Above are the stats, which represent the TATA AIA Claim Settlement Ratio for individual policies from the year 2015 to 2020. It displays figures of the total claims registered, total claims settled, and also the claim settlement ratio of the consecutive years. Here is an example to illustrate the calculation of the claim settlement ratio for the financial year of 2019-20:

  • Claims registered during the year (A): 2982

  • Claims settled during the year (B):       2954

The TATA AIA Claim Settlement Ratio for 2019-20 = (B)/(A)*100 i.e. 2954/2982*100 = 99.06%. 

A good CSR is essential but being consistent in performance is also no less of a criterion. A company that shows consistency in its claim settlement ratio without astonishing differences is comparatively considered more reliable. The above statistics depict a good and consistent performance by the TATA AIA Claim Settlement Ratio.

Along with the Claim Settlement Ratio, it is also necessary to check the ratio of Amount settled as it portrays the financial strengths of the company.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

TATA AIA Claim Settlement Ratio based settled amount
Financial Year  Total Claim Amount (Rs Crore) Claim Amount Paid (Rs Crore) Ratio in %
2015-16 92.41 87.09 94.24
2016-17 89.94 76.54 90.10
2017-18 140.25 131.84 94.00
2018-19 150.72 145 96.12
2019-20 231.96 222.47 95.91

The Index above depicts the TATA AIA Claim Amount Settlement Ratio for individual policies from the year 2015 to 2020. The total claim amount is based on the assured sum for the registered claims. Here is an example of the Ratio of the claim amount settled in the year 2019-2020:    

  • Amount of registered claims during the year (A): Rs. 231.96 Crore

  • Amount of settled claims during the year (B):       Rs.222.47 Crore

The TATA AIA Claim Settlement Ratio for 2019-20 = (B)/(A)*100 i.e. 222.47/231.96*100 = 89.74%. 

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What information do we get with Tata CSR?

Each policyholder consults the TATA AIA Claim Settlement Ratio, 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, 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 the month of April till the next month of March.

About TATA AIA Life Insurance Company

TATA AIA Insurance Company is a TATA Sons firm conducted in conjunction with the American international Assurance Group Lt. The Company provides various term insurances for retirement plans, child future, savings plans along with its highlight policy of Life Insurance known as the Maha Raksha Supreme Policy. The visionary company wishes to provide a healthier and happier future to its customers and aspires to be the most eminent insurance provider in the country. An impressive figure of 99.06% as the TATA AIA Claims Settlement Ratio gives an insight into the company’s credibility and how well they have stood up to their aim. 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Over to you

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 years’ statistics have presented a good picture and the company can surely be counted as credible. On the contrary, the low claim settlement ratio depicts flawed executive strategies in the company which is absent in the case of TATA AIA Life Insurance company.

FAQ's

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

    A1. 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.
  • What is the time frame for considering the TATA AIA Claim Settlement Ratio?

    A2. 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 the Indian standards.
  • How many insurers operate in India for comparison with the TATA AIA Claim Settlement Ratio?

    A3. 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.
  • How are insurance penetration and density measured in India?

    A4. 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.
  • How does the size impact the TATA AIA Claim Settlement Ratio?

    A5. The consistent CSR performance of a company with vast customer cover is an indicator of the company’s financial stability and high potential.

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