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Claim Settlement Ratio 807 views October 21, 2020
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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.
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 Claims | Paid Claims | Repudiated Claims | Rejected Claims | Pending claims | Unclaimed |
---|---|---|---|---|---|
2,700 | 2,675 | 25 | 0 | 0 | 0 |
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 Claims | Paid Claims | Repudiated Claims | Rejected Claims | Pending claims | Unclaimed |
---|---|---|---|---|---|
586 | 586 | 0 | 0 | 0 | 0 |
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.
Date | Quarterly Solvency Ratio |
---|---|
30.06.2018 | 2.91 |
30.09.2018 | 2.68 |
31.12.2018 | 2.59 |
31.03.2019 | 2.68 |
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.
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.
If the reason for death is an accident, the following additionals need to be submitted:-
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:-
The claim amount will be paid to the nominee or claimant in two payment modes either National Electronic Fund Transfer (NEFT) or Cheque.
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:-
Group Life Claims
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.