Aviva Term Insurance Claim Settlement Ratio

What is Aviva Term Insurance Claim Settlement Ratio?

Aviva Term Insurance Claim Settlement Ratio (CSR) denotes the percentage of claims the insurance company gained in a financial year. In the financial year 2023-24, Aviva Life Insurance had a claim settlement ratio (CSR) of 98.98%, highlighting Aviva Term Insurance’s good record of settling claims in the previous financial year. IRDAI releases the claim settlement ratio for life insurance every year for all insurance providers. The following formula is used to calculate the claim settlement ratio:

Claim Settlement Ratio = (Number of settled claims / Number of received claims) x 100

If a term Insurance company has a 95% claim settlement ratio for five consecutive years, it is considered reliable, and the company pays claims consistently to the nominees of the deceased policyholder. To ensure smooth claim settlements in the future, choose a term plan from an insurer with this track record.

*Note: The solvency ratio of Aviva Life Insurance in FY 2022-23 is 1.85.

What is the Importance of Aviva Term Insurance Claim Settlement Ratio?

Here are some key points to understand the importance of Aviva Term Insurance Claim Settlement Ratio (CSR):

• Policyholder Trust: A high claim settlement ratio builds trust, showing policyholders that the insurer will reliably settle claims without issues.

• Financial Security: A strong ratio ensures the insurer provides promised financial protection during a crisis or loss.

• Customer Satisfaction: Efficient and timely claim settlement boosts customer satisfaction, leading to higher retention and positive recommendations.

• Industry Reputation: A high claim settlement ratio improves the insurer’s reputation, making them stand out and gaining customer trust.

• IRDAI Compliance: Disclosing the claim settlement ratio promotes transparency and helps policyholders make informed choices.

3 Years Aviva Term Insurance Claim Settlement Ratio 

Here is the Claim Settlement Ratio (CSR) of Aviva Term Insurance for 3 consecutive years:

What are the Steps Involved in Aviva Life Insurance Claim Process?

Aviva Life Insurance claim settlement is an important service the insurer offers its customers. They provide a customer-focused approach to claiming life insurance payouts. The claim settlement process mainly includes the following steps:

• Claim Intimation 

• Document Submission 

• Claim Settlement 

How to File Aviva Term Insurance Claim? 

When buying a term plan, it is important to understand the significance of the term insurance claim settlement ratio. Acquiring your family members with Aviva Term Insurance's claims process is equally crucial. 

Here are 4 ways through which you can initiate a claim with Aviva Life Insurance:

• File claim online: Report a new claim with Aviva Life Term Insurance or keep track of your existing claim on the insurer’s official website. 

• Call Aviva Life Insurance: You can call the insurer at 1800 103 7766 to seek assistance filing a claim.

*Note: Contact Policybazaar Insurance Advisor for any insurance-related help/guidance or to clear doubts/confusion.

What are the Factors Affecting Aviva Term Insurance Claim Settlement Ratio?

Several factors influence Aviva Term Insurance Claim Settlement Ratio. Here are some of them:

• Claims Management Processes: Aviva Life Insurance’s claims management system's efficiency impacts how well it handles and settles claims.

• Claims Handling Efficiency: The speed and accuracy of processing claims affect the overall settlement ratio.

• Customer Service Quality: The level of support and service provided to policyholders influences the ease and satisfaction of the claims process.

• Accuracy in Underwriting: Proper assessment and underwriting ensure that claims are managed fairly and correctly.

• Financial Stability: Aviva's financial health affects its ability to meet its claims obligations reliably.

• Regulatory Compliance: Adherence to industry regulations and guidelines impacts how Aviva Term Insurance handles claims.

• Operational Practices: Variations in company policies and operational methods can lead to differences in claim settlement ratios.

How to Buy Aviva Term Life Insurance from Policybazaar? 

Here are the steps to buy Aviva Term Life Insurance from Policybazaar:

Step 1: Visit the official website of Policybazaar

Step 2: Click on Term Insurance

Step 3: Enter personal details, like your name, DOB, and contact number

Step 4: Click on ‘View Plans.’

Step 5: Answer questions about smoking, income, occupation, and education

Step 6: Select Aviva Life Term Insurance plan from the list of options available

Step 7: Complete the purchase by paying with your preferred method

Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.

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