TATA AIA Life Claim Settlement Ratio From 2006 to Present

TATA AIA life insurance claim settlement ratio in 2021-2022 is 98.53%. It is one of the most important factors to consider while selecting an insurer. Every year IRDA declares their annual report which has CSR of all the 24 life insurance companies.

TATA AIA Life Claim Settlement Ratio Trend - 2006 to 2022
TATA AIA Life Claim Settlement Ratio Trend – 2006 to 2022

TATA AIA Life Insurance Claim Settlement Ratio From 2006 to 2022

Claim settlement is always a top priority for any insurer. We have made a list of Individual death claim settlement ratios by amount of claims paid and by number of claims paid by TATA AIA Life Insurance.

TATA AIA Life Claim Settlement Ratio by Number of Claims From 2006 to 2022

Financial YearTotal Claims RegisteredTotal Claims SettledClaim Settlement Ratio in %Claims Repudiated (Not paid)
2020-214648455698.02%90 (1.94%)
2019-202982295499.06%28 (0.94%)
2018-192700267599.07%25 (0.93%)
2017-182850279398.00%57 (2.00%)
2016-172707259996.01%108 (3.99%)
2015-163311320596.80%106 (3.20%)
2014-153873365994.47%177 (4.57%)
2013-144711422589.68%340 (7.22%)
2012-134884412584.46%592 (12.12%)
2011-125107428783.94%791 (15.49%)
2010-114184342881.93%714 (17.07%)
2009-103495273278.17%452 (12.93%)
2008-092700165261.19%750 (27.78%)
2007-08166492955.83%413 (24.82%)
2006-07127978361.22%303 (23.69%)

TATA AIA Life Claim Settlement Ratio by Amount of Claims From 2006 to 2022

Financial YearTotal Claims Amount (₹ in Crore)Total Claims Settled Amount (₹ in Crore)Claim Settlement Ratio in %Claims Repudiated (Not paid) in Cr.
2020-21546.33478.4087.57%63.53 (11.63%)
2019-20231.96222.4795.91%9.49 (4.09%)
2018-19150.7214596.12%6 (3.88%)
2017-18140.25131.8494.00%8.41 (5.99%)
2016-1784.9476.5490.10%8.40 (9.89%)
2015-1692.4187.0994.24%5.32 (5.76%)
2014-1598.5888.2789.54%7.84 (7.95%)
2013-14114.1294.8083.08%12.76 (11.18%)
2012-13127.8095.8274.98%23.32 (18.24%)
2011-12114.9082.7872.05%29.58 (25.75%)
2010-1182.8061.3674.11%19.59 (23.66%)
2009-1075.565268.82%12.03 (15.92%)
2008-0944.1528.3664.24%5.08 (11.51%)
2007-0828.2815.2753.99%6.66 (23.55%)
2006-0721.9912.5557.07%5.85 (26.60%)

What is a Claim Settlement Ratio?

  • Claim Settlement Ratio (CSR) is the percentage (%) of claims paid by an insurer out of the total number of claims filed in a year. Higher the CSR, the more reliable the insurance company is.
  • Every year IRDAI publishes their annual reports which contain CSR of all the 25 life insurance companies.

How is a claim settlement ratio calculated?

Claim settlement ratio is calculated by the following formula:

Claim settlement ratio (CSR) = (Total number of claims paid in a year / Total number of claims filed in a year) X 100

Let’s understand this with the help of an example,

Suppose an insurance company A receives 1,000 claims within a year, out of which it settles 900 claims and rejects 100 claims.

So, the claim settlement ratio of company A would be = (900/1000) X 100 = 90%

What is the claim settlement process of TATA AIA Life insurance?

TATA AIA life follows a simple, quick and hassle free claim settlement process.
Know more >

TATA AIA Life Claim Settlement Ratio FAQs

What is the claim settlement ratio?

It is the percentage of claims paid against the total number of claims filed in a financial year.

Which insurer has the highest claim settlement ratio?

Max life insurance has the highest claim settlement ratio in 2021 with 99.22% followed by HDFC Life and TATA AIA life with 99.07% and 99.06% respectively.

What is a Good Claim Settlement Ratio?

Up and above 95% CSR can be considered as a good insurer to go with.

Why is claim settlement ratio important?

It helps you to select the reliable insurer who can pay the sum assured to your nominee.

How is the claim settlement ratio calculated?

CSR is calculated by dividing the total number of claims settled by the total number of claims filed in a financial year.

Can the claim intimation and payout be made online?

Absolutely. You can intimate the claim online while claim payout will be made through NEFT.

What is the time frame within which the claim has to be reported?

The claim has to be reported as soon as possible so as to get the claim amount on time.

This covers all the points on TATA AIA life insurance claim settlement ratio. In case you have any suggestions or questions, please write in the comment box and we will get back to you.

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