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When it comes to providing financial security for your family, investing in a Term Insurance Plan should be your priority. A Term Insurance Plan is a contingency, ensuring your family remains financially sustained in your absence. But how can you be sure that you have invested in the right term plan and is there an indicator?
Thankfully, there is one thing – Claim paid Ratio, or #IndiaKeBharoseKaNumber.
What is Claim Settlement Ratio/Claim Paid Ratio?
Claim Settlement Ratio (CSR) or Claim Paid Ratio (CPR) is a definitive metric of an insurer's commitment to timely insurance claim settlements. The CSR helps you analyse how efficient the insurer is in ensuring your family has everything to carry their lives forward in your absence.
A high claim settlement ratio or claims paid ratio, among other factors, speaks highly of an insurer and makes a lot of difference for your family in difficult times.
Why should you Consider Claim Paid Ratio?
Claim paid Ratio indicates the percentage of claims paid out within a financial year. In other words, the claim paid ratio indicates how often the insurer has kept its promise.
Max Life has a high claim settlement ratio of 99.51% in the financial year 2022-23, indicating it has fulfilled 99.51% of the claim requests received.
Max Life's Claim Settlement Ratio also indicates it has a streamlined and robust claim settlement process in place.
The primary purpose of a life insurance plan, especially term insurance, is to provide financial support to your family in your absence.
When you purchase a term plan or any other insurance product from an insurer with a high claim settlement ratio:
- You can be sure that the entire experience of claim filing to disbursement will be simple, convenient, and transparent
- In case of an unexpected mishap, your loved ones will have the assurance of a quick disbursal of the life insurance benefit
As a rule of thumb, you must consider the claims process before purchasing insurance from an insurer.
Why is Claims Paid Ratio Important?
A high claims paid ratio indicates the insurer’s commitment to its policyholders and that the insurer has a reliable risk management system in place to handle claims. This gives you greater confidence that your claim will be successful when you need to make one.
With a high claim settlement ratio of 99.51% (Source - Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023), Max Life Insurance ranks among the list of insurers with the highest claim settlement ratio.
Why Is Claims Paid Ratio Important?
A high claims paid ratio indicates the insurer’s commitment to its policyholders and that the insurer has a reliable risk management system in place to handle claims. This gives you greater confidence that your claim will be successful when you need to make one.
With a claim settlement ratio of 99.51% (Source - Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023), Max Life Insurance ranks among the list of insurers with the highest claim settlement ratio.
Max Life's Claim Settlement/Paid Ratio Through the Years
Max Life Insurance has made significant efforts to improve the claim settlement process and experience for our policyholders over the last five years.
Below is the table that depicts the CSR of Max Life over the last five financial years as reported by IRDAI, Max Life Public Disclosures, and Annual Audited Financials.
|
Claim Paid % FY'18-19 ^ |
Claims Paid % FY'19-20 ^ |
Claims Paid % FY'20-21 ^ |
Claims Paid % FY'21-22^ |
Claims Paid % FY'22-23## |
Ratio |
98.74% |
98.22% |
99.35% |
99.34% |
99.51% |
The latest claim paid ratio (claim settlement ratio) for max Life Insurance is 99.51%## for FY 202-23.
^IRDAI Annual report FY’18-19 , FY’19-20, FY’20-21, and FY'21-22
##Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023
Know Your Claim Settlement Process at Max Life Insurance
Max Life Insurance's claim paid process includes the following features:
1. Transparent Claim Filing Information
Max Life Insurance's website features a dedicated claim centre page that offers the necessary information easily.
The nominee can file a claim from the website's claim section directly or reach out to the nearest Max Life Insurance branch, where our experienced advisors can help them go through the claim process smoothly.
Max Life Insurance's claim paid process includes the following features:
1. Transparent Claim Filing Information
Max Life Insurance's website features a dedicated claim centre page that offers the necessary information easily. The nominee can file a claim from the website's claim section directly or reach out to the nearest Max Life Insurance branch, where our experienced advisors can help them go through the claim process smoothly.
2. Assignation of a Dedicated Claims Relationship Officer
For every claim, Max Life Insurance appoints a dedicated Claims Relationship Officer (or CRO). to ensure your family members receive timely claim settlement.
Max Life Insurance Claims Relationship Officer will assist the nominee(s) by compiling and submitting the necessary claim documentation, timely evaluation, and claim disbursement.
3. InstaClaimTM
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) Maximum claim amount is Rs. 1 crore
b) Policies completed three continuous years
c) All mandatory documents have been submitted before 3:00 PM on a working day
d) The claim does not require field verification
In cases where field verification is required, Max Life Insurance will pay the claim within 5 working days of receiving all required documents. Otherwise, Max Life Insurance will pay interest on the death claim amount for every day of delay beyond 5 working days. Max Life Insurance will pay interest at the Bank rate as at the beginning of the financial year in which the claim has been received (4.65% p.a. for FY’20-21) for every day of delay beyond 1 working day.
4. Supporting Education for Underprivileged Children
As part of our contribution towards building a more sustainable and equitable society, Max Life Insurance introduced a unique initiative called 'Protect a Smile'. In this case, Max Life Insurance funds 1-Year education of an underprivileged child for every death claim it settles for its Term Insurance Plans during the rest of the current financial year. Max Life Insurance will help them become a knowledgeable citizen of tomorrow. Max Life Insurance partnered with AICAPD and is working towards the upliftment of economically and socially underprivileged children.
a. Max Life Insurance will fund 1-Year Education of an underprivileged child.
b. This is only applicable for all Max Life Term Plan-related death claims settled during the financial year as per Company Policy, subject to revision over time.
c. It also includes all expenditures on Tuition Fees and school kit.
All these measures aim to ensure timely payment of claims and simplify claims settlement experience for our policyholders. At the same time, our endeavours also help us fulfil our social responsibility of supporting the future of underprivileged children. These efforts also reflect in the year-on-year growth of the Claims Paid percentage.
Furthermore, Max Life Insurance had the latest individual claim paid ratio (claim settlement ratio) of 99.51%* for the FY 2022-23,
*Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023
All these measures aim to ensure timely payment of claims and simplify claims settlement experience for our policyholders. At the same time, our endeavours also help us fulfil our social responsibility of supporting the future of underprivileged children. These efforts also reflect in the year-on-year growth of the Claims Paid percentage.
Furthermore, Max Life Insurance had the latest individual claim paid ratio (claim settlement ratio) of 99.51%* for the FY 2022-23,
*Source - Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023
Know Your Claim Settlement Ratio or #IndiaKeBharoseKaNumber
When buying term insurance, it's important to understand the claim settlement ratio. This metric helps you choose an insurer that is reliable and trustworthy. Term insurance is the most cost-effective way to provide financial security for your family, and the peace of mind that comes from knowing your insurer has a good claim settlement ratio means your family will be taken care of in case something happens to you.
At Max Life Insurance, the claim paid ratio or claim settlement ratio means being #IndiaKeBharoseKaNumber - ensuring a seamless and hassle-free insurance benefit disbursement to your family. We have exceeded all expectations of the last 5 years by achieving the latest claim settlement ratio or claim paid ratio of 99.51%* for FY 2022-23. At Max Life, your claim settlement will be quick and definitive.
*Source - Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023
ARN:- Jun23/bg/20H