The Annual Report 2017–18 from the IRDAI (Insurance Regulatory Development Authority of India) provides information about the state of the Indian insurance market and also identifies the firms that are doing particularly well. The (CSR) Claim Settlement Ratio is one of the factors that is used to evaluate the performance of insurance companies. This ratio compares the total number of claims that an insurance company is presented with to the total number of claims that it is able to effectively pay out. According to the IRDAI Annual Report for 2017–2018, the Tata AIA Life Insurance Company has a claim settlement ratio of 98%.
In the fiscal year, 2020-21, the claim settlement ratio for Tata AIA Life was exceptionally high, coming in at 98.02%. Claimants can choose to file their claims either online or offline while working with Tata AIA Life. Claimants can submit their requests for reimbursement either through the Tata AIA Life website or at any of the company’s branch offices. In order to prevent any instances of fraud from occurring, Tata AIA Life Insurance adheres to a claim settlement process that is both hassle-free and transparent.
The Claims Settlement Process of the Tata AIA Life Insurance Company
Notification of a Claim Filed Online
Claimants are required to submit their information using an online portal that can be found on the Tata AIA Life Insurance website under the heading “Claims.” The claimant notifies the insurance company about the claim by completing this form and sending it in.
Prerequisites for the Presentation of a Claim
After notifying the insurance company of the claim, the policyholder must next send in the necessary documentation so that the claim may be evaluated. The claims team will evaluate the claim request as well as the supporting documentation.
Claim Evaluation and Settlement Payment
A decision about the claim is reached when the papers connected to it have been evaluated in their entirety. The claimant is given information on the payment of the claim.
The claim settlement process for Tata AIA life insurance: Offline
Intimation of a claim for coverage under the Tata AIA Life insurance policy can be made to the claims staff at any Tata AIA Life branch office. In order to submit a claim, the policyholder or claimant may do it in person at the branch office. At every stage of the process of settling a claim, the claimant receives assistance from a skilled team of professionals that work for Tata AIA Life.