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.
As per IRDAI, Max Life Term Insurance Claim Ratio is 99.51%. 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
Max Life Insurance Claims Settlement Performance for 2020-2021
|Parameters||Claims pending at the start of the period||Claims intimated||Total claims||Claims paid||Claims repudiate||Claims rejected|
|No. of Policies||1||20,051||20,052||19,922||129||0|
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:
Documents required to register a claim are:
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.