Max Life Claim Settlement Ratio Trend

If we talk about life insurance companies in India, Max Life Insurance is one of the pioneering insurers, which has been serving the insurance industry with gusto. The company is a result of the collaboration between Max Financial Services Limited and Mitsui Sumitomo Insurance Company Limited. The insurer is quite popular in the market for providing comprehensive life insurance solutions through its innovative products. Within a very short span of time, Max Life Insurance has expanded its wings at a large extent with its presence in 143 cities with 210 offices.

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However, there is another thing that brings our attention is Max life claim settlement ratio! The insurer has been a consistent performer in terms of claim settlement ratio. Let’s get a little more hint on it!

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Max Life Insurance Claim Settlement History

It is said that the higher the claim settlement ratio, the better it is for you! Higher claim settlement ratio means the insurer is capable enough to pay off your claims. In this regard, Max Life has consistently been receiving a green signal with more than 95% of max life claim settlement ratio. It has 98.26% CSR in the year 2017-18 with 2% of pending claims, which clearly indicates the quality of service offered by the insurer.

Trends in Max Life Claim Settlement Ratio

Consistency is what makes an insurer worth reliable. It is very crucial to an insurer to maintain a good CSR track record year on year and attract its customers. As higher claim settlement ratio is considered to be a good sign, Max Life Insurance has shown its inclination towards the settlement of death claims as a consistent performer, even in past claims. If we consider the CSR trend of the insurer in the last 5 years, it’ll say about its reliability only. Here you go:

Death Claim Ratio Settles by Max Life in last 5 Years

Year

Claim Settlement Ratio

2017-18

98.26%

2016-17

97.81%

2015-16

96.95%

2014-15

96.03%

2013-14

93.86%

2012-13

94.25%

The above table shows its consistency in providing smooth and fast claim settlement. Most of the time, the CSR is above 95%, excluding a year or two. This is one of the major aspects to consider while looking for a life insurer or a life insurance policy.

Promising Factors to be considered

There is no dearth of insurance providers in India. Plenty of insurers have stepped into the business by introducing innovative products every passing day. But this may confuse a person so easily at the time of choosing life insurance. In this regard, if you are looking for a life insurance provider, Max Life insurance can be a good option. Here’s why:

Financial Stability

The company has a robust financial strength. In the assessment year 2017, it achieved its best finances in the decade. The GWP of the company touched Rs. 10,780 crore, which was higher by 17% than the year 2016. On the other hand, the net profit also grew by 50% and reached to Rs. 660 Crore. Moreover, the CSR rate was also at the higher side than the past years.

Personalized Assistance

Personalised claim assistance is another alluring factor of life insurance policies offered by Max Life. A dedicated office is appointed with 5 working days after a claim is registered.  This aids in fast and hassle free claim settlement.

Quality Service

The insurer’s foremost concern is its customers and it has left no stone unturned to make them happy. As of 2017, no customer complaint was pending for resolving form insurer’s end. That speaks the quality of service offered by the company.

One of the Best CSR Record in the Industry

Max life claim settlement ratio is one of the best amongst the various private insurers in India. The insurer has an impressive rate of CSR in the year 2016-17 and 2017-18 as 97.81% and 98.26% respectively. These figures mean that you are ensured of getting your claims on time or in the hour of need.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Some hallmarks of life insurance plans offered by Max Life Insurance are:

  • Convenience of buying- it ensures quick, easy and hassle-free buying experience with multiple channels
  • Instant Policy Issuance- The insurer is one of the best issuance TATs in the market
  • Say no to Paperwork- No paperwork is required while buying or paying for insurance policies of Max Life
  • Quick Claim Assistance- Dedicated claim settlement officers ensure a hassle-free and quick settlement process
  • Ease of Paying- Pay as you like through credit cards, debit cards, net banking, digital wallet according to your convenience.

strong>In the Bottom Line!

Therefore, if you’re looking for a reliable insurance company, consider the aforementioned pointers, especially the Max life claim settlement ratio factor in which, Max Life Insurance always excels.

Written By: PolicyBazaar

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