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With the help of a life insurance policy, you can protect yourself and your family against a number of risks, unforeseen events, and emergencies in life. It is the sum assured or the total coverage of the life insurance policy that helps your family through difficult times but also ensures financial support for their sustenance. This is when an insurance claim settlement ratio becomes important!
As per definition, the insurance claim settlement ratio (CSR) is the percentage of claims that an insurance company or insurance provider can fulfil in a financial year out of the total claims they received. Therefore, Claim Settlement Ratio is an important indicator of an insurer’s credibility since it shows that your insurance claim will be settled in a timely and effective manner.
The official website of the Insurance Regulatory and Development Authority of India (IRDAI) provides the claims settlement ratio of your insurance provider. With a Tata AIA Life Insurance policy, you can enjoy the security of having your claim settled on time and, thus, protect your family from a host of financial risks and emergencies!
Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V02)
Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan
(UIN110N163V09) | 4T&C apply
Tata AIA Individual Death Claim Settlement Ratio in The Last 4 Years
Financial Year |
Individual Death Claim Settlement Ratio (%)6 |
FY 2023-24 |
99.13% |
FY 2022-23 |
99.01% |
FY 2021-22 |
98.53% |
FY 2020-21 |
98.02% |
We have consistently improved our Claim Settlement Ratio over the years and these consistent figures highlight our unwavering commitment to settling claims promptly and efficiently.
When you purchase a life insurance policy from a life insurance policy provider, there are a number of factors you look at, such as the company’s offerings, the reviews by other customers and so on. However, the life insurance claim settlement ratio is the primary factor that should be researched and looked into when selecting a company as your life insurance provider.
Here are two important reasons why the claim settlement ratio can help you decide whether you should purchase your policy from the life insurance provider of your choice:
The calculation of the claim settlement ratio of your insurance provider is quite simple, and the figure can be arrived at with the help of the following formula:
Claim Settlement Ratio (CSR) = (Total number of approved claims / Total number of received claims) x 100
The figure that is arrived at is always represented as a percentage. Hence, when a life insurance provider has an insurance claim settlement ratio of 90%, in simple terms, it means that the company has settled 90 claims out of the 100 claims they had received. A high percentage, such as the Tata AIA Life Insurance individual death claim settlement ratio of 99.13%* in the FY 2023-24, is an indication of the company’s reliability.
A reputed life insurance provider will not only honour the claims filed by their customers and fulfil the settlement in the given regulatory Turn-Around-Time (TAT) but also ensure a smooth and convenient process for the customer to be able to file the claim swiftly. Insurance companies can also choose to make public the amount they have successfully paid out in claims and the number of policies for which they have effectively settled the claims.
Know more about how easy it is to submit a claim with Tata AIA Life Insurance.
With our easy claim initiative, you can call our helpline to schedule an appointment for claim service at your doorstep. Our agent will visit your residence and help in completing the documentation and quickly initiate the claim process.
With our Express claim service, the beneficiary can submit the necessary documents with our agent who will initiate the claim process and ensure that the claim amount is received within 4 hours~. | ~T&C apply.
Maturity claims and death claims are the two types of claims that you can file under a life insurance policy.
Under a life insurance policy, a death benefit is paid out to your family members, or the nominee/nominees named in the policy if you pass away during the policy term. Your nominee will be required to produce a set of documents requested by the company as proof of your death, such as the death certificate, doctor’s certificate and so on. The death benefit ensures that your family can sustain themselves financially in your absence.
A lot of life insurance policies such as savings plans, retirement plans, ULIPs and endowment plans come with maturity benefits which are paid out as per the policy once the policy is matured. Hence, when you want to file a maturity claim, you can receive the maturity amount or benefits you’re your life insurance company by submitting a set of documents required by the insurance company once the policy matures.
Many people tend to hide information to receive their claims without providing proof. However, this can raise suspicion and lead to an investigation. By the end of the investigation the claim can be rejected if the policyholder's fraud is revealed and will negatively influence the insurance company's Claim Settlement Ratio.
Spend some time understanding the terms and conditions of the insurance policy properly. If you are unable to receive your claim settlement because you could not understand any of the policy exclusions, it leads to claim rejection.
If you, the policyholder, hold back or hide important information that could affect the claim process in any way, it will be considered as a case of fraud. Since such an instance prevents your insurance company from settling your claim.
In case of your untimely death, your insurer will help your nominee receive the death benefits through the due process. However, if you have been unable to update the correct nominee details or mention any changes, the insurer will not be able to help your nominee.
When a life insurance provider has a claim settlement ratio of 90% or above, it is generally considered to be a good claim settlement ratio. This is because 90% is an indication that the insurance provider has settled 90 of the 100 claims they have received during a financial year.
The life insurance claim settlement ratio changes each year, depending on how many claims the insurer was able to settle. When buying a life insurance policy, this annual percentage, as well as the past records, are important since it tells whether the life insurance provider has been consistent in honouring the maximum number of claims possible for each year. To understand what a good claim settlement ratio is, take a look at the points below:
A high claim settlement ratio is a clear indicator that your insurer will accept and settle your claim when you need to have the claim settled on time. Though it is the solvency ratio that indicates a company’s financial capacity, the claim settlement ratio also identifies the insurer’s financial health. A good life insurance claim settlement ratio gives policy buyers a sense of security as the insurance company comes across as reliable and capable of paying out claims.
These are the documents that you may need to produce while filing a maturity claim:
These are the documents that you may need to produce while filing a death claim:
Having your life insurance claim rejected is not a desirable outcome. After all, if you have a life insurance policy, the death claim or the maturity claim are meant to serve an important purpose. While the maturity claim can be primarily used to fulfil your financial goals, the death benefit plays a crucial role in supporting your family in the event of your death. To ensure that your claim does not get rejected, know more about the reasons for life insurance claim rejection:
Any document you submit to the insurance company should always contain the right information, even if it is as minor as the spelling of your name. All the spellings, dates and other details should be as per the records on your official documents and identity proofs. Even details of your lifestyle and health records should be honestly revealed. Even all of the information about your nominee will have to be correct so that they do not face any hassles while filing the claim.
When you buy a life insurance policy, your timely premium payments ensure that you are able to receive life insurance coverage for yourself and your family. In case you miss out on any of the premiums, there are provisions such as the grace period and policy revival to help you activate your policy and continue the life insurance cover. However, it is always better to ensure that your premiums are always paid on time since your untimely demise, coupled with the unpaid premiums, can affect the coverage benefits, if not claim rejection.
Along the same lines of not paying your premiums on time, you can risk your family’s financial security if you allow the policy to lapse. While you can revive the policy, subject to the policy terms and conditions, a slight delay and sudden emergency can cause quite a lot of problems when your nominee tries to file the claim. If the policy has not been revived at all, then a lapsed policy cannot be eligible for any benefits. To ensure that this does not happen, it is preferred if you do not allow your policy to lapse at all.
Misrepresented, missing, and incorrect medical details on your medical records can be a major reason for your claims to be rejected. While hiding your smoking habits can mean lower premiums, it almost always turns out to be a major cause of claim rejection. If you have medical conditions, either past or existing, of any severity, ensure that your insurance company is aware of the same when you purchase the policy or whenever it is diagnosed. This can help your insurance company and policy support you in any possible way to ensure that your claim does not get rejected and that you may receive the benefits as stated.
Our customers trust us to be there when they need us the most. Here’s what some of them have to say:
Our experts are happy to help you!
The life insurance claim settlement ratio is calculated as the percentage of claims successfully honoured by an insurance company. It is the number of claims that have been settled by the insurer out of all the claims received by them in a single year.
Hence, if the claim settlement ratio of a company is 98%, it means that the company has settled 98 out of 100 claims for that year. The claim settlement ratio can change every year depending on the company’s efficiency at claim settlement.
The Individual death claim settlement ratio of Tata AIA Life Insurance in FY 23-24 is 99.13%*.
A claim settlement ratio of 90% or above is said to be a good claim settlement ratio for an insurance provider. However, each year, the claim settlement ratio can change, depending on how many claims the insurance company has been able to honour. And so, if you are looking for a reliable insurance company, you can look for a consistent track record of successful claim settlements in the last few years.
To file a claim, you can choose any of the following channels to reach out to us.
Email us at: customercare@tataaia.com
Call our helpline number - 1860-266-9966 (local charges apply)
Walk into any of the Tata AIA Life Insurance Company branch offices
Write directly to us at:
The Claims Department,
Tata AIA Life Insurance Company Limited
B- Wing, 9th Floor,
I-Think Techno Campus,
Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway,
Thane (West) 400 607.
IRDA Regn. No. 110
Your insurance claim can be rejected if you do not disclose all the information required for the insurance company to settle your claim. Likewise, misrepresentation or misstatement of facts also leads to claim rejection. This means that you have provided incorrect information on the proposal form or held back some crucial information from the insurance company regarding your health, risks, etc.
A death claim should be filed soon after the death of the policyholder during the policy term. Ensure that all the documents needed for the claim settlement, such as the death certificate, the policy document, etc., are procured on time so that the claim can be filed correctly.
Leaving the claim form incomplete and not providing all the details on the insurance proposal form are two of the most common mistakes people make while filing a claim and when purchasing an insurance policy. Unfortunately, both these mistakes can lead to claim rejection.
Please click here to know the list of documents needed for the claim intimation and settlement process.
Yes, Tata AIA Life Insurance enables you to file an online claim through our official website. Alternatively, you can also locate any of our office branches and pay us a visit to file your claim.
The life insurance claim settlement ratio is important because it is an essential indicator that your claims can be settled by your insurance provider in a timely and effective manner when needed. This ratio shows how many claims have been honoured by the insurance company in a given year as against the number of claims filed or received.
You can file a death claim and a maturity claim, depending on the situation and the type of claim that needs to be filed. For example, if the policyholder meets their untimely demise during the policy term, then the nominee can file a death claim. But if the policyholder survives the policy term, they can file a maturity claim on the maturity of the policy, if any.
Yes, you can track claim status through Tata AIA’s official website using your claim details.
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