Max Life Claim Settlement Ratio
  • Checkout the CSR Of Max Life
  • Claim Settlement Performance of Max Life
  • Explore the Claim Settlement process
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Max Life Term Insurance Claim Settlement Ratio

Buying a Term Insurance plan for the security of your family's financial future is one of the best gifts you can ever give them. People buy best term insurance plans in order to secure the future of their loved ones in their absence.

But, have you ever thought what will happen to your family if the term insurance company is unable to settle your claims on time and your family does not receive any financial support from them?

This scenario can leave them with very little hope to look forward to and make them struggle financially for a very long time.

Doesn't the mere thought bring shivers down your spine? Well, 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.

Claim Settlement Ratio is one of the most important factors to be considered while buying a term Insurance.

If you have decided to buy a Term Insurance plan from 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.

Claim Settlement Ratio of Max Life Insurance

Claim Settlement Ratio or CSR is the number of claims settled out of the total claims received by the insurance company. It is one of the aspects to consider while purchasing a term insurance policy. As per the IRDAI's Annual Report, the claim settlement ratio of Max Life Insurance was 99.35. This shows that the company has a strong claims-paying capabilities and financial reputation.

In the graph below, we have illustrated the yearly trend of the CSR of Max Life Term Insurance, over the past three years.

Claim Settlement Ratio of Max Life Insurance form 2018-2021

Claim Settlement Ratio of Max Life Insurance form 2018-2021

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 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 Max Life Insurance involves the following three steps:

  • Claim registration & document submission
  • Claim evaluation
  • Claim decision & settlement

Documents required to register a claim are:

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

Additional documents such as death summary attested by hospital authorities of 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.

Find Out What PolicyX.com Customers Are Saying

(Showing latest 5 reviews only)

- 4.3/5 (34 Total Rating)

February 10, 2022

Kalpana Gupta

Hyderabad

It is one of the best companies as they explained the benefits of the term insurance then suggested me the best suitable plan as per my needs. I am happy to be associated with this company.

November 22, 2021

Dinesh Chopra

Delhi

Amazing life insurance plans at very cheap prices. sales team is also very good. they explained the plan to me very well. I am very impressed.

October 5, 2021

Shreya Sharma

Delhi

Just got my claims settled. Thank god my husban chose ICICI term plan who understand how important the hassle-free claim is a blessing at this point when you have lost your everything. Thankyou ICICI for supporting me

September 13, 2021

Anshuman Dami

Bhopal

bought a term plan from icici pru after carefully considereing that covid like situation is imminent. my fam needed protection financially and now they have it

September 13, 2021

Vasundhara

Chandigarh

will be foreever grateful to policyx for helping me settle the claim...really needed all the support in this time

Last updated on June, 2022

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