Axis Max Life Term Insurance Claim Settlement Ratio
  • CSR of Max Life
  • Claim Settlement Process of Max Life
  • Documents Required for Filing Claims
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varun saxena
Written By:
varun

varun saxena

Term & Life Insurance

I am a passionate content writer with over three years of experience in the insurance domain. An avid learner, I always tries stays ahead of the industry's trends, ensuring my writing remains fresh and includes the latest insurance shifts. Through my work, I strive to engage with targeted insurance readers.

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Reviewed By:
Raj Kumar

Raj Kumar

Health Insurance

Raj Kumar has more than a decade of experience in driving product knowledge and sales in the health insurance sector. His data-focused approach towards business planning, manpower management, and strategic decision-making has elevated insurance awareness within and beyond our organisation.

Axis Max Life Claim Settlement Ratio

Claim settlement ratio of Axis Max Life Insurance denotes how many claims the company settled in comparison to all the claims they received in a year. It is important to judge the CSR of a company before buying a term policy from them because you might not be present at the time when your policy gets rejected to sort it out.

All the insurance companies claim to offer you the best services, but, one of the aspects that many potential policyholders fail to evaluate is their claim settlement ratio.

If you have decided to buy a Term Insurance plan from Axis Max Life Insurance, then we will help you to evaluate and analyze the claim settlement performance of the company. Read along to find out more.

Axis Max Life Insurance Claim Settlement Ratio

As per the IRDAI’s Annual Report 2021-22, the claim settlement ratio of Axis Max Life Insurance was 99.35%. This shows that the company has a strong claims-paying capability and financial reputation.

Axis Max Life Insurance Claims Settlement Performance for 2020-2021

ParametersClaims pending at the start of the periodClaims intimatedTotal claimsClaims paidClaims repudiateClaims rejected
No. of Policies120,05120,05219,9221290

Claim Settlement Process Of Axis Max Life Insurance

Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process.

The life insurance claim Settlement process at Axis Max Life Insurance involves the following three steps:

  • Claim registration & document submission

    The first step of claim settlement is to inform Axis Max Life Insurance either offline by visiting a nearby office or online by emailing or calling their customer representative.
  • Claim evaluation

    After submitting all of your documents as asked by the claim relationship officer, it’s time to evaluate your claim by the company.
  • Claim decision & settlement

    After evaluating your documents from all the aspects, the company will start initiating the process of claim settlement.

Documents Required for Initiating Claim Settlement Process of Axis Max life Insurance

  • Original policy document.
  • Original/attested copy of death certificate.
  • Form A - Death claim application form.
  • NEFT mandate form attested by bank authorities.
  • Canceled cheque/passbook of bank account.
  • Nominee’s photo ID.

Additional documents such as death summary attested by hospital authorities, FIR and post-mortem report are crucial in case of accidental deaths.

Note: Depending upon the TnCs of the plan, you might be required to submit some additional documents as well. We recommend that you should check the specific plan brochure for the same.

Explore other Axis Max Life Term Insurance

Axis Max Life Term Insurance offers one of the best term insurance plans to cater to the unique needs of every customer. You can buy their term plans with high life cover at pocket-friendly costs. Get a 5% discount for online purchases and 100% claim assistance with Axis Max Life Term Insurance plans. Below is the list of term plans offered by Axis Max.

Axis Max Life Smart Term Plan Plus by Axis Max Life Insurance is a unique term insurance plan to meet the changing demands of customers at various lif...

Unique Features

  • 7 Plan Options
  • Cover Continuance Benefit
  • Inbuilt Terminal Illness Cover

Axis Max Life Smart Term Plan Plus (Pros)

Axis Max Life Smart Term Plan Plus
  • Choice of Plan Variant
  • Cover Continuance Benefit
  • Special Exit Value

Axis Max Life Smart Term Plan Plus (Cons)

Axis Max Life Smart Term Plan Plus
  • 1 year WP for suicide
  • No policy loan
  • No pre-existing illness cover

Axis Max Life Smart Term Plan Plus (Other Benefits)

Axis Max Life Smart Term Plan Plus
  • Option to Choose Whole Life Cover
  • Inbuilt Terminal Illness Cover
  • Special Discount for Females

Axis Max Life Smart Term Plan Plus (Eligibility Criteria)

Axis Max Life Smart Term Plan Plus
  • Entry age - 18 years
  • Max entry age - 65 years
  • Min sum assured - Rs 2 lakhs
  • Max maturity age - 100 years
  • PPT - RP/SP/LP

Axis Max Life Smart Secure plan is a non-linked, non-participating, individual pure risk premium life insurance plan that is specifically designed to ...

Unique Features

  • 100% return of premium
  • Loyalty Discount of 5%
  • Increase your Sum Assured

Axis Max Life Smart Secure Plus Plan (Pros)

Axis Max Life Smart Secure Plus Plan
  • Income Protector
  • Rider Options
  • Premium Return (ROP)

Axis Max Life Smart Secure Plus Plan (Cons)

Axis Max Life Smart Secure Plus Plan
  • Limited Maturity Benefit
  • Plan Complexity
  • No Loan Benefit

Axis Max Life Smart Secure Plus Plan (Other Benefits)

Axis Max Life Smart Secure Plus Plan
  • Enhance Cover at Milestones
  • Accelerated Critical Illness Benefit
  • Accident Cover

Axis Max Life Smart Secure Plus Plan (Eligibility Criteria)

Axis Max Life Smart Secure Plus Plan
  • Entry Age - 18 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - Adaptable
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP

Have you ever heard of a term plan that gives you a 12-month grace period before paying your next premium? Axis Max Life Smart Total Elite Protection ...

Unique Features

  • Cover continuous benefit
  • Terminal illness cover
  • Early exit benefit

Axis Max Life Smart Total Elite Protection (Pros)

Axis Max Life Smart Total Elite Protection
  • Special Exit Value
  • Accident Cover
  • Terminal Illness Cover

Axis Max Life Smart Total Elite Protection (Cons)

Axis Max Life Smart Total Elite Protection
  • 1 year WP for suicide
  • No policy loan
  • No pre-existing illness cover

Axis Max Life Smart Total Elite Protection (Other Benefits)

Axis Max Life Smart Total Elite Protection
  • Cover continuance benefit
  • Insta payment
  • Choose policy term

Axis Max Life Smart Total Elite Protection (Eligibility Criteria)

Axis Max Life Smart Total Elite Protection
  • Entry age - 18 years
  • Max entry age - 65 years
  • Min sum assured - 1
  • Max maturity age - 85 years
  • PPT - RP/SP/LP

Axis Max Life Premium Return Protection Plan is a simple term insurance plan that offers coverage along with a 'Return of Premium' benefit. The plan o...

Unique Features

  • Return of Premium Plan
  • Flexible-Premium Payment Term
  • 1 Crore Max Sum Assured

Axis Max Life Premium Return Protection (Pros)

Axis Max Life Premium Return Protection
  • Terminal Illness Benefit
  • Smart Exit Benefit
  • Acceleration Death Benefit

Axis Max Life Premium Return Protection (Cons)

Axis Max Life Premium Return Protection
  • 1 Year WP for Suicide
  • No Policy Loans
  • No Pre-existing Conditions

Axis Max Life Premium Return Protection (Other Benefits)

Axis Max Life Premium Return Protection
  • Death Benefit in Instalments
  • RP
  • WOP & 3 Riders
  • Additional Cover for Spouse

Axis Max Life Premium Return Protection (Eligibility Criteria)

Axis Max Life Premium Return Protection
  • Entry Age - 18 Years
  • Max Entry Age - 84 years
  • Minimum Sum Assured - Adaptable
  • Maximum Maturity Age - 85 years
  • Premium Payment Term - RP/SP/LP

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Axis Max Life Term Insurance Claim Settlement Ratio: FAQs

1. What is the CSR of Max Life?

As per the IRDAI report 2022-23, the claim settlement ratio of Max Life is 99.51%

2. How many steps one has to follow for claim settlement with Max Life?

Max Life has a three-step claim settlement process.

3. How to calculate Max Life Term Insurance Premiums?

You can calculate Max Life Term Insurance Premiums with the help of PolicyX Term Insurance Calculator.

Term Insurance Companies

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varun saxena

Written By: Varun Saxena

I am a passionate content writer with over three years of experience in the insurance domain. An avid learner, I always tries stays ahead of the industry's trends, ensuring my writing remains fresh and includes the latest insurance shifts. Through my work, I strive to engage with targeted insurance readers.