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Max Life Insurance sustains its leadership in Claims Management in the Life Insurance industry - 29/01/2016

Market leader in outstanding Claims Ratio (0.07%) in FY’15, according to the latest IRDAI Annual Report

Leads private life insurance space in Claims Payment Ratio at 96.03%

New Delhi, January 22, 2016: Max Life Insurance, the leading non-bank promoted private life insurer, is pleased to announce the significant achievement of being the market leader with regard to outstanding claims ratio of just 0.07% as on 31st March 2015, as per the latest IRDAI Annual Report. This means that out of the total 9145 claims received during the year, only 6 claims were pending. For the FY’14-15, the Company has paid a total of Rs. 245.46 crore in claims.

Max Life Insurance also leads the private life insurance space in payment percentage at 96.03%. The company reported a repudiation percentage of just 3.90%. According to the IRDAI Annual Report, this is amongst the best performance in claims management in the Indian Life Insurance sector.

Commenting on the achievement, V Viswanand, Senior Director and Chief Operations Officer, Max Life Insurance, said, "We at Max Life understand that as a life insurance company, being able to empathize and respond quickly are imperative factors for us to live up to the Claims Guarantee and Service Promise we made to our customers. I am delighted that Max Life Insurance has been able to prove its customer centricity through such an outstanding claim settlement performance. We stand true to our promise of honest advice and therefore, have been able to consistently improve our performance on these critical customer service parameters."

About Max Life Insurance Co. Ltd. (www.maxlifeinsurance.com)

Max Life Insurance, the leading non-bank promoted private life insurer, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading insurers in the world. Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 15 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers'. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital. In the financial year 2015, Max Life recorded Gross Written Premium of Rs. 8,172 crore with sum assured of Rs. 2, 26,701 crore and Asset Under Management of Rs. 31,220 crore as on 31st March 2015.

For more information, please contact

Max Life Insurance Co. Ltd.
Mohua Mandal
+91 9673995848
mohua.mandal@maxlifeinsurance.com

Ketchum Sampark
Varun Chopra / Arpita Sharma
+91 9811241427 / 8826585643
varun.chopra@ketchumsampark.com
arpita.sharma@ketchumsampark.com

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