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.

Other Term Insurance Claim Settlement Ratio

Claim Settlement Ratio of Max Life Term Insurance

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

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

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.

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What Our Customers Have to Say

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September 29, 2023

I needed help with rider options after the purchase of my term insurance policy and was guided immediately by the customer care team

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May 1, 2023

I seek help from PolicyX when it comes to purchasing any kind of insurance because they provide me with the best quotes and options for insurance

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Priya Sharma


December 14, 2022

PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process. Had great experience dealing with them

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December 9, 2022

I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.

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Prerna Kumari


July 11, 2022

Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.

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Priya Sangwan


July 11, 2022

IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.

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Priyanshi Deewan


July 6, 2022

I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...

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Rishabh Kumar


July 6, 2022

I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of Insurance Web Aggregator.