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 to a large extent with its presence in 277 offices

Read more
Get ₹1 Cr. Life Cover at just ₹449/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
Get ₹1 Cr. Life Cover at just ₹449/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

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!

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

Claim Settlement Ratio or Claim Paid Ratio 

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. 

Max Life Insurance Claim Settlement Ratio History

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.

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 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: 

Max Claim Settlement Ratio

Death Claim Ratio Settles by Max Life in last 6 Years
Year Max Claim Settlement Ratio
2020-21 99.35%
2019-20 99.22%
2018-19 98.74%
2017-18 98.26%
2016-17 97.81%
2015-16 96.95%

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.

A Quick Look at Max Life Claim Ratio Importance - Promising Factors to be Considered 

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:

  1. Financial Stability

    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.

  2. Personalized Assistance

    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.

  3. InstaClaimTM 

    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. 

  4. Hassle-free Death Claim Process 

    ‘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. 

  5. Quality Service

    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. 

  6. Transparent Claim Filing information 

    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. 

  7. One of the Best CSR Record in the Industry – Claim Ratio of Max Life Insurance 

    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.

*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 - 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.

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. So, Max Life Settlement Ratio i.e., 99.35% indicates the smoothness of the claim settlement process of the insurer.

Types of Term Plans

Life insurance articles

Recent Articles
Popular Articles
Post Office Gram Suraksha Scheme Calculator

27 Jun 2022

A Post Office Gram Suraksha Scheme calculator is a useful online...
Read more
What happens if you stop paying life insurance premiums?

03 Jun 2022

Buying the best life insurance plan is a wise and learned...
Read more
Postal life Insurance Tax Benefits

26 May 2022

Postal Life Insurance is the oldest life insurer in the country...
Read more
How to Download PLI Statement Online?

24 May 2022

PLI or Postal Life Insurance was an initiative originally...
Read more
Is Life Insurance an Investment?

24 May 2022

The thumb rule to building wealth is to invest your money in...
Read more
How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid's future. However...
Read more
How to Cancel SBI Life Insurance Policy?
As per the Insurance Regulatory and Development Authority, you can cancel a life insurance policy taken within 15...
Read more
PLI Santosh Maturity Calculator
Maturity calculators have proven to be one of the simple tools for digital-savvy insurance buyers. Postal Life...
Read more
SBI Life Insurance 50,000 per year Plan for 5 Years
Life insurance is not only about the financial protection of the family but also about working for life’s...
Read more
Surrender Value in Insurance
Have you bought a life insurance policy which is not as per your requirement? Are you planning to terminate the...
Read more
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL