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8 Things That Make Max Life's Claim Payment Process Unique

From the policyholder’s perspective, a life insurance ‘company’ must never fall short of expectations, especially at the time of claim settlement.

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From the policyholder’s perspective, a life insurance ‘company’ must never fall short of expectations, especially at the time of claim settlement. The sole purpose of an insurance policy is to provide financial support to the family in case of a mishap. If the experience at the moment of truth fails, (i.e. at the time of claim), it is not worth it at all. Even a personal recommendation about the insurance company does not always mean that the policyholder will be immune from a bad experience during a claim settlement.

However, you can choose a life insurer carefully to avoid last mile hiccups by looking at the claim paid ratio of an insurance company. It is the ratio that indicates the smoothness of the insurer’s claim settlement process.

What is a Claims Paid Ratio?

The claim paid ratio of a life insurance company tells you about the number of claims paid by an insurance company compared to the number of claims received by the company in the same year. 

Claim paid ratio is measured as:

Claim Paid Ratio = Total claims paid / Total claims received

Simply put, the claim paid ratio can be one of the statistics we can rely on while choosing the life insurance company.

Max Life Insurance has consistently achieved claims paid ratio (claim settlement ratio) of 99.34% in FY'21-22 (Source: As per Annual Audited Financials FY’21-22).

A quick look at Max Life’s Claim Settlement Process will help you understand why it is unique:

1. Max Life Insurance has introduced InstaClaimTM, wherein we endeavour to settle all death claims within one day of receiving the claim receipt, subject to the following conditions:

a) Claim amount on all eligible policies is upto Rs.1 crore

b) Claims are for policies that have completed three continuous years

c) All mandatory documents have been submitted before 3:00 PM on a working day

d) The claim does not warrant any field verification

For cases which warrant field verification, Max Life Insurance will pay claim in 5 working days after the receipt of all mandatory documents. Otherwise, Max Life Insurance will pay an interest on death claim amount for every day of delay beyond 5 working days. All claims that qualify instaclaim will be paid within 1 working day from the date of submission of mandatory documents else Max Life Insurance will pay interest at Bank rate as on beginning of financial year in which claim has been received (4.65% p.a. for FY’20-21) for every day of delay beyond 1 working day.

2. Max Life Insurance has achieved claims paid ratio of 99.34% of claims in the FY 2021-22  (Source: As per Annual Audited Financials FY 21-22).

3. Max Life has introduced ‘Claims Guarantee’ for a hassle-free death claim process. If the company does not stand up to its commitment of settling claims within ten days of receipt of the documents from the nominee, it promises to pay the insured amount with an added interest on the total amount due.

4. Fund value for death claims on all Unit Linked policies is paid within 48 hours (in working days) from claim intimation.

5. The claim center on the website crisply offers the necessary information. Your nominee can either download the claim from the website’s claim section or walk to the nearest branch of the insurer. The vast network of Max Life’s agents/advisors will not only help you in buying the policy but will also help your loved ones at the time of claim. 

6. Max Life appoints a personalized service in the form of a dedicated Claims Relationship Officer. It is especially useful in case of the settlement of a death claim to avail death benefit, where every possible help is provided to the nominee to withdraw insurance money in time.

7. There are a number of ways through a claim can be registered with the insurer:

        a) Through an agent

        b) Visit nearest Max Life Insurance Company office

        c) Write to Max Life at

        d) Call on toll-free number at 1800-200-5577

8. With 24x7 customer support services, Max Life provides speedy resolution to queries and complaints. It maintains one of the lowest customer incidences throughout the industry.

Quick and hassle-free claim settlement is the promise that Max Life makes with its all policyholders.

ARN:- Jun/Bg/21

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