Life Insurance Brand Bajaj Allianz Reaches Near-Perfect Claim Settlement Rate of 99.29% in Fiscal Year 2024-25, Emphasizing its Commitment to Customers.
Bajaj Allianz Life Aceing 99.29% Claim Settlement Ratio in FY 2024-25
Bajaj Allianz Life's commitments to expediency, transparency, and customer satisfaction remain steadfast. Regularly informing customers about the importance of timely and accurate disclosures, updated nominee details, and contact information are key aspects for the speedy resolution of claims. The company managed to settle 96% of eligible non-investigative claims within a single day following notification. A user-friendly digital landscape and streamlined processes simplify claim submission and tracking across various channels, ensuring a hassle-free user experience.
Tarun Chugh, the Managing Director and CEO of Bajaj Allianz Life, expressed victory at the accomplishment. "At Bajaj Allianz Life, our client-first vow forges every decision we make, illustrating our dedication in consistently delivering Claim Settlement Ratios over 99% for the past four years. Claim settlement is the crucial turning point for our customers, and it is the ultimate testament to our commitment. We are relentless in our pursuit of even greater advancements. By continuously optimizing our internal processes, adopting new-age technologies, and fostering innovation, we aim to be a reliable ally in helping our customers achieve their Life Goals" (Chugh, 2025).
Key benchmarks of a desirable life insurer encompass aspects like Solvency Ratio and Assets Under Management. By March 31, 2025, Bajaj Allianz Life's Solvency Ratio was 359%, while the Assets Under Management amounted to ₹11.23 lakh crore[5]. The company has retained its top-tier issuer rating of AAA (Stable) from CARE Ratings for three consecutive years, underscoring the assessors' view on its unyielding creditworthiness and consistent performance[5]. Bajaj Allianz Life lately announced its record-breaking PAR Bonus of ₹11,833 crore for over 11 lakh eligible policyholders.
Empowering with Precision and Progress: Bajaj Allianz Life
A premier and swiftly developing private life insurer in India, Bajaj Allianz Life has engendered trust through its pioneering value-packed insurance products backed by a cutting-edge digital ecosystem. Bajaj Allianz Life embodies its spirit of Life Goals. Transformed, through technology and tech-driven, state-of-the-art services, it continues on its mission of customer delight.
The company boasts a tremendous customer base of over 3.78 crore individuals and groups, secured through a vast distribution network of 596 branches, 1.57 lakh agents, 410 institutional partners including 34 bank partners, and its proprietary sales channels. Bajaj Allianz Life Insurance manages Assets Under Management to the value of over ₹1,26,434 crores with an Individual Claim Settlement Ratio of 99.29% and a formidable Solvency Ratio of 359% (as of March 31, 2025)[2].
96% of non-investigative claims notified were processed within one day in FY'25, with one day starting from the claim notification before 3 PM on a working day (excluding Non-NAV days for ULIP)[2].
*Statistics last updated as of 30th April, 2025.
Sources:
- Bajaj Allianz Life Insurance Solvency Ratio.
- Bajaj Allianz Life Insurance Claim Settlement Ratio
- Bajaj Allianz Life Insurance: Through the FinExpertz lens
- Bajaj Allianz Life Insurance Claim Settlement
- Bajaj Allianz Life Insurance Annual Report
Tarun Chugh, the CEO of Bajaj Allianz Life, emphasizes their dedication to delivering Claim Settlement Ratios over 99%, stating that this commitment is a result of the company's focus on innovation in finance and business. Bajaj Allianz Life aims to further optimize its processes and adopt new-age technologies to strive for even greater advancements, demonstrating their commitment to customer satisfaction and insurance innovation.
