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 to a large extent with its presence in 277 officesRead more
However, there is another thing that brings to 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!
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Claim Settlement Ratio (CSR) is a decisive metric that aids in assessing the insurance company’s commitment to deliver insurance claim settlements on time. In Financial Year 2020-21, the Max Life Insurance Claim Settlement Ratio is 99.35% as per IRDAI Annual Report. The CSR value helps you analyses how capable the insurance company is, in ensuring that your loved ones can live their lives comfortably if you are not around them.
It is said that the higher the claim settlement ratio, the better it is for you! A 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 the Max Life claim settlement ratio. It has 99.35% CSR in the year 2020-21 with 1.14% of claims repudiated, which clearly indicates the quality of service offered by the insurer.
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 a 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. Let’s discuss the Max Life Insurance Claim Ratio of last few years:
|Death Claim Ratio Settles by Max Life in last 6 Years|
|Year||Max Claim Settlement Ratio|
The above table shows its consistency in providing smooth and fast claim settlements. The CSR of the last 5 years is above 95%. This is one of the major aspects to consider while looking for a life insurer or a life insurance policy. max life insurance claim settlement ratio in 2021 indicates the settling of death claims in an easy and hassle-free way.
There is no dearth of insurance providers in India. Plenty of insurers has 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:
The company has robust financial strength. In the assessment year 2021, it achieved its best finances. The sum assured in force (individual) is Rs. 1,087,987 Crores with Rs 1,00,000 Crores assets under management in the Financial year 2020-21. Moreover, the claim ratio of Max Life in 2020-21 was also at the higher side than the last year i.e. 2019-20.
Personalized 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.
In 2021, Max Life has also introduced InstaClaimTM, which promises to settle all the claims of death within a day of getting the receipt of the claim, subjected to the below conditions:
Claim amount is up to 1 Crore on all the eligible policies
Claims are majorly for plans that have finished 3 constant years
All the required documents should be submitted before 3 PM on any working day
The claim process doesn’t permit any verification for the field.
‘Claims Guarantee’ is introduced by Max Life Insurance for a hassle-free process of death claims. If the company does not settle its claim within 10 days of receipt of the documents from the nominee, it pays the insured money along with an added interest on the full due amount.
The insurer’s foremost concern is its customers and it has left no stone unturned to make them happy. As of 2021, no customer complaint was pending for resolving from the insurer’s end. That speaks to the quality of service offered by the company. With 24X7 service of customer support, Max Life provides easy solutions to the customer’s complaints and queries. It has maintained the lowest customer incidences across the insurance market.
The official website of Max Life Insurance features a dedicated claim center that offers important information. Your nominee can reach out to the nearest branch office or can also download the claim from the claim section of the website.
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 2019-20 and 2020-21 as 99.22% and 99.35% respectively. These figures mean that you are ensured of getting your claims on time or in the hour of need.
Some hallmarks of life insurance plans offered by Max Life Insurance are:
Convenience - it ensures a 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.
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. So, Max Life Settlement Ratio i.e., 99.35% indicates the smoothness of the claim settlement process of the insurer.
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