claim settlement ratio 242 views October 21, 2020

Claim Settlement Ratio of Tata AIA

Tata AIA Claim Settlement Ratio

Tata AIA Life Insurance Company Limited is a joint venture of Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). This joint venture in India is the largest independent listed pan-Asian life insurance group in the world. Not only the cover benefits of Tata AIA Life Insurance are good, but even its claim settlement ratio. If we talk about the individual death claim settlement ratio of Tata AIA, it stands at an impressive 99.06% for the year 2019-20 (CSR Value taken From Tata AIA’s Website). Read this post to know the details of the Tata AIA claim settlement ratio.

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Tata AIA Individual Death Claim According to IRDAI Annual Report

In the financial year 2018-19, Tata AIA Life Insurance Company Limited pays the following individual death claim as per the data issued by the IRDAI in its annual report 2018-19.

Total ClaimsPaid ClaimsRepudiated ClaimsRejected ClaimsPending claimsUnclaimed
2,7002,67525000

Tata AIA Group Death Claim According to IRDAI Annual Report

In the financial year 2018-19, Tata AIA Life Insurance Company Limited pays the following group death claim as per the data issued by IRDAI in the annual report 2018-19.

Total ClaimsPaid ClaimsRepudiated ClaimsRejected ClaimsPending claimsUnclaimed
5865860000

Tata AIA Solvency Ratio in 2018-19

With the solvency ratio, you can know how good or bad your insurance company’s financial situation is. IRDAI maintains the solvency ratio of all the insurance companies in India. And similar to the claim settlement ratio of Tata AIA, the solvency ratio has the same importance. With this, you can find whether the company has enough funds to settle the claims in extreme situations or not. Check out this table below to know the Tata AIA Solvency Ratio for the financial year 2018-19.

DateQuarterly Solvency Ratio
30.06.2018 2.91
30.09.20182.68
31.12.20182.59
31.03.20192.68

What is Tata AIA Claim Process?

Tata AIA Life Insurance Company Limited provides a three-step simple claim procedure to the policyholders and nominees.

Step 1:- Online Claim Intimation

Here the policyholder/nominee has to fill in some basic details like.

  1. Policy number
  2. Reason for claim (Death, Critical Illness, Hospitalization, Surgery, or Death of life insured)
  3. Name of the life assured

Step 2:- List of Requirements

You need to submit a few documents to the insurer along with the claim form. Follow the below pointers to know all about them.

  1. Download the claim form
  2. Submit the self-certification form (for both Individual and non Individual)
  3. Death Certificate issued by the local government
  4. Medical Records (include admission notes, discharge or death summary as per the case, indoor case papers, test reports, etc.)
  5. Original policy document
  6. Claimant’s Photo ID, Age proof, Address proof, and relationship with the Life Assured
  7. Canceled cheque with name and account number printed or a canceled cheque with a copy of Bank Passbook/Statement
  8. In case of no nomination – Proof of legal title to the claim will apply (e.g. legal succession paper).

If the reason for death is an accident, the following additionals need to be submitted:-

  1. Postmortem report (Autopsy report)
  2. Chemical Viscera report
  3. All Police Papers (like Panchnama, Inquest, First Information Report (FIR) and Final Investigation Report)
  4. Newspaper cutting or photographs of the accident as evidence, if available

Note:- Please submit copies of the documents by the self-attestation of the claimant. In case the claim warrants the need for any additional requirement, TALIC reserves the right to call for the same. Notification and submission of the claim requirements do not mean an admission of the claim liability by the company. No agent is authorized to admit any liability on behalf of the company. Neither are they allowed to alter the documents or claims requirements. It is applicable if the Life Assured is in the hospital at the time of death or any time before the date of death.

Step 3:- Decision and Payment

Once Tata AIA Life Insurance Company Limited receives the claim request, it evaluates the same based on whether the case needs an investigation or not.

In the non-investigated method, the claim proceeds toward decision making and heads for the payment to the nominee or claimant. Whereas in an investigation evaluation process, your claim request will go through the following procedures:-

  1. Additional investigation or documentation
  2. If resolved, paid to the nominee or claimant and this would be counted under the claim settlement ratio of Tata AIA.
  3. If not resolved, the nominee or claimant will be intimated about the claim pending status

The claim amount will be paid to the nominee or claimant in two payment modes either National Electronic Fund Transfer (NEFT) or Cheque.

Track Your Tata AIA Claim Request

When you follow the above claim process and do the same, you can wait for the insurer’s approval. And in the meantime, you can track how further your request has gone. For this, just visit the Tata AIA Life Insurance Company Limited official website, go to its claim section and follow the steps as mentioned below:-

Individual Life Claims

  1. Enter the policy number, case number and captcha
  2. Then submit

Group Life Claims

  1. Enter claim number, name of the Master Policy Holder
  2. And submit

Note:- You can call the toll-free number 1800-267-9966 or send an email to Customercare@tataaia.com for any assistance during the claim process.

The Insurance Regulatory and Development Authority (IRDAI) articulates that your claim will be paid within 30 days from the date of receipt of all claim documents. In case the claim warrants an investigation, the insurance company has to complete it not later than 90 days from the date of receipt of claim intimation and the claim will be settled within 30 days after the completion of the investigation.

Moreover, if a claim is ready for payment, but it cannot be made because of conflicts or insufficiency of proof of title, the insurer may choose to pay the amount to the court. Or such an amount will earn interest at the rate applicable to a savings bank account.

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