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Tata AIA term insurance plans are the simplest type of life insurance plans that offer death benefits in case of unforeseen death of the policyholder during the policy term. These plans provide high life cover at low premium rates. However, before finalizing a term plan for any insurer, there are several factors that you should consider. One such important factor is the Claim Settlement Ratio (CSR) of that insurer.
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Note: Know more about what is term insurance first before reading this article.
Here are a few details related to the Tata AIA Term Insurance Claim Settlement Ratio that you should know before buying a term plan from TATA AIA.
Term Plans
Insurance providers receive thousands or sometimes lakhs of death claims on the plans bought from them. Not all claims are settled, some are rejected because of reasons like policy lapse, fraudulent requests, etc. Other death claims may be rejected because the company is not reliable.
In general, a Claim Settlement Ration or CSR is the % of the death claims that the company settles in a year out of total claims made by its customers. It helps determine the credibility of the company. The general rule says, the higher the CSR, the more the reliability of the company.
One can easily get the CSR of Tata AIA on the official website of the Insurance Regulatory and Development Authority of India (IRDAI), which is a regulating body of insurers in India. IRDAI publishes the CSR of all the insurance providers every year.
Currently, the CSR of TATA AIA is 98.02%.
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Here are a few aspects that tell you the importance of CSR concerning TATA AIA:
The main objective of purchasing term insurance is to provide financial protection in unfortunate cases. However, the entire purpose will be crushed if the company does not settle your claim. On the contrary, if your company settles most of the claims easily, then your family will have a simple, easy, and hassle-free claim procedure. In such cases, you can rest assured that your loved ones do not have to go through a difficult time for receiving the sum assured.
The CSR determines the ability of an insurance company to pay the life cover to your nominee/beneficiary. If the insurer has been maintaining a consistently high CSR over the last few years, then the company can settle the death claim easily.
Therefore, it is important to check the claim settlement ratio before purchasing a term plan from a specific insurance provider. To do the same, you can visit the IRDAI’s official website and check if the insurer has a high CSR or not.
Tata AIA Life Insurance Company provides a quick and smooth claim settlement process to its customers. As per IRDAI Annual Report 2020-21, the insurer has a CSR of 98.02% which indicates the fast settlement of claims by the company. The CSR above 95% indicates a good number of customer positive reviews and the reliability of the insurer.
| Tata AIA Term Insurance Claim Settlement Ratio 2020-21 | |||
| Claims Registered | Total Number of Claims | Claims Settled | Claim Settlement Ratio |
| 4648 | 4648 | 4556 | 98.02% |
The aforementioned table indicates that out of 4648 registered claims, TATA AIA Life Insurance Company has settled 4556 claims. This means the company has settled almost 98% of claims in the year 2020-21. This is a good number to rely on.
It is also important to check for the CSRs of the past few years before buying a term plan from Tata AIA. The below table shows the CSR of Tata AIA over the last 6 years.
| Tata AIA Term Insurance Claim Settlement Ratio 2015-21 | |||
| Financial Year | Claims Filed | Claims Settled | CSR (in %) |
| 2015-2016 | 3311 | 3205 | 96.80 |
| 2016-2017 | 2707 | 2599 | 96.01 |
| 2017-2018 | 2850 | 2793 | 98.00 |
| 2018-2019 | 2700 | 2675 | 99.07 |
| 2019-2020 | 2982 | 2954 | 99.06 |
| 2020-2021 | 4648 | 4556 | 98.02 |
The above-mentioned table shows that Tata AIA is maintaining consistency in its CSRs and provides hassle-free and fast settlement of claims. The CSR values of the past few years are above 95% which shows the quick settlement of death claims.
The CSR changes every year
Check the CSRs for at least 5 years to get a clear idea about the track record of the insurance company
The CSR should be consistent over the last few years
†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
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