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.

#Life-Insurance
10:28 min read

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 settlement 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 strong claims paid ratio of 98.74% (Source: Annual Results Release FY18-19) in the entire private life insurance industry.

 

Further Max Life’s claim repudiation ratio is 2.16%, which is very low. The claim repudiation ratio denotes the percentage of total claims rejected by the insurer. Also, it has maintained the milestone achievement of 0.03% in the outstanding claims ratio in FY’17.

 

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

1. Max Life Insurance has a process called ‘Instaclaim’ to settle the death claims within one day from the claim receipt, subject to the following conditions:

 

        a) The amount of sum assured is below 50 lakhs and

        b) The policy has been in force for at least three years

        c) All the necessary documents shall be submitted before 3 pm on any working day in any of Max Life’s office from Monday to Friday.

 

2. Max Life Insurance has settled 99% of claims in the FY 2015-16.

 

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 of 6% 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 within five days of claim submission. 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 support@maxlifeinsurance.com

        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.

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