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Aditya Birla Sun Life Insurance is a renowned life insurance company in the country. This insurer has a high claim settlement ratio (CSR) of 98.40% in the financial year 2022-23, which means they have a commendable track record of quick and efficient claim settlement. Let’s understand here Aditya Birla Term Insurance claim settlement ratio.
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Aditya Birla Claim Settlement Ratio denotes the percentage of claims the insurance company gained in a financial year. In the financial year 2022-23, Aditya Birla Sun Life Insurance had a claim settlement ratio (CSR) of 98.40%, which denotes a very 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 provider secured a 95% claim settlement ratio for 5 consecutive years, it suggests the company is trustworthy and will settle claims. You must buy a term plan from an insurer that has over 95% CSR for 5 consecutive years for quick claim settlement in the future.
*Note: The solvency ratio of Aditya Birla Life Insurance in FY 2022-23 is 1.78.
Term Plans
Here are some key points to understand the importance of Aditya Birla Term Insurance Claim Settlement Ratio (CSR):
Policyholder Trust: A high claim settlement ratio highlights trust and confidence among policyholders, assuring them that the insurer will reliably settle their claims without hassle.
Financial Security: A strong claim settlement ratio ensures that policyholders can depend on their insurance company (in this case, Aditya Birla Sun Life Insurance) to provide the promised financial protection during times of crisis or loss.
Customer Satisfaction: Efficient and timely claim settlement improves customer satisfaction, leading to higher retention rates and positive recommendations from satisfied clients. For example, if you choose to buy the ABSLI Income Suraksha Plan, you will be confirmed that in the case of your untimely demise, your nominees will not be devoid of the payout.
Industry Reputation: A high claim settlement ratio enhances the insurer’s reputation, helping them stand out in a competitive market and earning them a trusted status among customers.
IRDAI Compliance: Insurance companies must disclose their claim settlement ratio, which promotes transparency and assists policyholders in making well-informed decisions.
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Here is the Claim Settlement Ratio (CSR) of Aditya Birla Term Insurance for 5 consecutive years:
| S.No. | Year Wise Data | Claim Settlement Ratio (CSR) |
| 1. | 2022-23 | 98.40% |
| 2. | 2021-22 | 98.07% |
| 3. | 2020-21 | 98.04% |
| 4. | 2019-20 | 97.54% |
| 5. | 2018-19 | 97.15% |
Here is the Aditya Birla Term Insurance Claim Settlement Ratio Performance for financial year 2022-23:
| Claims paid | Claims Repudiated | |||
| Number of Policies | % of Total Claims | Number of Policies | % of Total Claims | |
| 6195 | 98.12% | 119 | 1.88% | |
Several factors influence Aditya Birla Term Insurance Claim Settlement Ratio. Here are some of them:
Claims Management Processes: The effectiveness of Aditya Birla's claims management system affects how efficiently it handles and settles claims.
Claims Handling Efficiency: The speed and accuracy of processing claims impact the overall settlement ratio.
Customer Service Quality: The level of support and service provided to policyholders affects the ease and satisfaction of the claims process.
Accuracy in Underwriting: Proper assessment and underwriting of policies ensure claims are managed fairly and accurately.
Financial Stability: Aditya Birla's financial health influences its ability to meet claims obligations reliably.
Regulatory Compliance: Adherence to industry regulations and guidelines affects how Aditya Birla handles claims.
Operational Practices: Differences in company policies and operational methods can lead to variations in claim settlement ratios.
Aditya Birla Sun Life Insurance claim settlement is an important service the insurer offers its customers. They offer an entirely customer-focused approach to claiming life insurance payouts. The process mainly includes the following steps:
Claim Intimation
Document Submission
Claim Settlement
It is important to understand the significance of the term insurance claim settlement ratio when buying a term plan. Here are 4 ways through which you can initiate a claim with Aditya Birla Term Insurance:
Report a new claim with Aditya Birla or keep track of your existing claim on the insurer’s official website.
You can call the insurer at 1800 270 7000 (for domestic customers) or +918045860777 (for NRIs) to file a claim.
*Note: Contact Policybazaar Insurance Advisor for any insurance-related help/guidance or to clear doubts/confusion.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
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Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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