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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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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.
Term Plans
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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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% |
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% | |
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
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.
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.
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.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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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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