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Aviva Term Insurance Claim Settlement Ratio

Aviva Life Insurance is a renowned life insurance company in India. This insurer has a high claim settlement ratio (CSR) of 98.75% in the financial year 2022-23, which means they have a commendable track record of quick and efficient claim settlement. Let’s understand here Aviva Term Insurance claim settlement ratio here.

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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 2022-23, Aviva Life Insurance had a claim settlement ratio (CSR) of 98.75%, 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.

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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.

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2 Years Aviva Term Insurance Claim Settlement Ratio

Here is the Claim Settlement Ratio (CSR) of Aditya Birla Term Insurance for 2 consecutive years:

S.No.	Year Wise Data	Claim Settlement Ratio (CSR)
1.	2022-23	98.%75
2.	2021-22	98.01%

Aviva Term Insurance Claim Settlement Ratio Performance for 2022-2023

Here is the Aviva Term Insurance Claim Settlement Ratio Performance for the financial year 2022-23:

Claims paid		Claims Repudiated
Number of Policies	% of Total Claims	Number of Policies	% of Total Claims
793	98.75%	10	1.25%

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.

FAQs

Q: What is Aviva Term Insurance Claim Settlement Ratio (CSR) in FY 2022-23?

Ans: Aviva Term Insurance Claim Settlement Ratio in FY 2022-23 is 98.75%.
Q: What is an Aviva Term Insurance Claim?

Ans: An Aviva term insurance claim occurs when your nominee requests the death benefit if you pass away during the policy term. If you survive the term, you may be eligible for a survival benefit if the policy includes one.
Q: What are the steps in the Aviva Life Insurance claim settlement process?
Ans: The steps in Aviva Life Insurance claim settlement process
- Claim Intimation: Send the Death Claim Form and required documents to Aviva Life Insurance.
- Document Submission: Provide relevant/necessary documents like the death certificate and nominee’s ID.
- Claim Settlement: Aviva reviews the documents and processes the claim based on their terms.
Q: How do you file an Aviva term insurance claim?

Ans: You can file an Aviva term insurance claim by calling them at 1800 103 7766.
Q: What are the guidelines for claim processing?

Ans: According to IRDAI regulations, an insurance company has up to 30 days to settle a claim after receiving all required documents. If an investigation is needed, the company has 90 days to complete it and an additional 30 days to make the final decision.
Q: Are there any exclusions in insurance policies?

Ans: During the first year of the policy, suicide is typically excluded from life cover. Additionally, certain rider benefits may be excluded based on the policy's terms and conditions.
Q: What is the process for a claim if the death occurs abroad?

Ans: The required documents for claims involving deaths abroad are similar to those for domestic claims, but the death certificate must be attested by the embassy of the country where the death occurred.
Q: Who can receive the claim?

Ans: The nominee will receive the claim benefits if the policy covers the policyholder. If the life assured is someone other than the policyholder, the claim will be paid to the proposer, assignee, or trustee.