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 Claim Settlement Ratio

Claim settlement ratio of 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 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.

Max Life Insurance Claim Settlement Ratio

As per the IRDAI's Annual Report 2021-22, 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.

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

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

    The First step of claim settlement is to inform max life insurance either through offline by visiting a nearby office or online by emailing or calling to 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.

Other Term Insurance Claim Settlement Ratio

Documents Required for Initiating Claim Settlement Process of 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 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.

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What Our Customers Have to Say

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Sanjeev

Hyderabad

May 20, 2024

SUD Life term plan truly stands out my expectations as I got SUD Life term plan along with additional riders at very affordable premiums.

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Sumit

Coimbatore

May 20, 2024

I am impresses with the hassle free and quick claim settlement process of SUD Life. Thanks to PolicyX who guided me to get my claim settled.

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Barkha

Delhi

May 20, 2024

Bought SUD Life Family Income Benefit Rider plan to secure the future of my plan financially even in my absence.

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Geetanjali

Kolkata

May 20, 2024

I was looking for a term plan to secure the future of my family. So I contacted PolicyX and one of their representatives Mr. Vaibhav helped me choose SUD Life term plan.

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Armaan khan

Agra

May 17, 2024

I recently purchased a Pramerica term insurance policy from Policyx.com. The customer service team was very helpful in answering all my queries and guiding me through the application process. I...

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Rahul Yadav

Indore

May 17, 2024

PolicyX’s dedicated support made renewing my Bandhan Life Insurance policy easy. I’m absolutely delighted with the service offered by PolicyX Insurance Advisor.

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Priyanshu Sharma

Delhi

May 17, 2024

I bought a Bandhan Life Insurance through PolicyX, and I must say the level of communication and assistance I have received has been truly impressive.

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Yash Tomar

Bhopal

May 17, 2024

After getting advice from the PolicyX experts, I chose a Bandhan Life Insurance term plan. Thank you, PolicyX, for helping me buy a term plan at such a low premium.

Varun Saxena

Written By: Varun Saxena

Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.