Prices Increasing soon Prices Increasing Soon

Max Life Insurance Term Plan Claim Settlement Ratio

Buying a term insurance policy in case of any eventuality helps you to ensure that your loved ones remain financially stable if you’re no longer with them. But have you thought of any way through which you can be sure that you have financed in the suitable term plan? Yes, there is one factor i.e., Claim Settlement Ratio. Max Life Insurance is one of the leading insurance providers that offer comprehensive term insurance plans at affordable premium rates.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

However, its claim settlement ratio is another thing that brings the attention of the customer. This company has been maintaining consistent CSRs in past few years. Let’s discuss the Max Life Term insurance plan claim settlement ratio in detail:

What is Claim Settlement Ratio of Max Life Term Insurance?

Claim Settlement Ratio (CSR), also called CPR i.e., Claim Paid Ratio is an important metric that assesses the commitment of insurance companies to settle claims on time. This ratio helps you determine how effective the insurance company is, and how this helps your family to live their lives restfully in your absence. The selection of an insurance company with a good or high claim paid ratio/claim settlement ratio is very crucial for your family’s financial protection.

Why Claim Paid Ratio is Important?

The higher the death claim settlement/paid ratio of company, the more credible the insurance company is. And, at the same time, you will be assured that the insurer has a good ability to manage high risks. All in all, a high claim settlement ratio is an indication of an insurer’s dedication to its customers. Max life term insurance ranks amongst the company’s lists with the CSRs of above 90%. The claim settlement ratio for the financial year 2020-21 is 99.35%.

Max Life Term Insurance Claim Settlement Ratio of Last 6 Years

As per the IRDAI Annual Reports, Max Life has been able to maintain a CSR among private companies for the past 5-6 years. The CSR in the year 2020-21 is 99.35% with 1.14% of repudiated claims, which indicates the value of customer service accessible by the company.

Financial Year Claims Paid (%)
2015-16 96.95
2016-17 97.81
2017-18 98.26
2018-19 98.74
2019-20 99.22
2020-21 99.35
Five things to know before buying Term Plan Five things to know before buying Term Plan

What is the process of filing the Max Life Term Insurance Claim Settlement Ratio?

The Max Life term insurance claim settlement process is consists of 3 quick steps:

  • Claim Settlement and Submission of Documents

  • Evaluation of Claim

  • Claim Decision and Settlement

What are the Important Documents Required for Claim Settlement Process?

  • Original Documents of Policy

  • Attested/Original death certificate copy issued by the local municipal authority

  • NEFT mandate application attested by the Bank authorities

  • Cancelled Cheque

  • Bank passbook along with the photo ID of a nominee

  • Death/Discharge Summary attested by the Hospital

  • FIR/Post-Mortem Report/Viscera Report

Why Buy Term Life Insurance from Policybazaar Why Buy Term Life Insurance from Policybazaar

Important Points Related to Max Life Term Plan CSR Process

Max Life Term Insurance has made significant efforts to improve the process of claim settlement and experience. The claims’ paid procedure is faster and more convenient. This process includes the following features:

  1. Transparency in Filling Claim Application

    Max Life's official website offers the option of a dedicated claims assistance team. The claim center on the site provides the required information easily. The form can be downloaded from the claim section of the website by the nominee and the nominee can also visit the nearest branch office where Max expert advisors will make you understand the claim procedure and register a claim.

  2. Assigning a Claim Relationship Officer

    Max life offers a dedicated claim assistance relationship officer whose primary responsibility is to ensure that your loved ones receive claims on time.

  3. InstaClaim

    Max has introduced a new feature called InstaClaim, which settles all the claims within a day of getting the receipt of a claim, subject to the below T&Cs:

    • The amount of death claim on all entitled plans should be up to 1 crore

    • Death claims are for plans that have been completed 3 consecutive years

    • All compulsory documents should have been give in to before 3 PM on all working days

    • The claim doesn’t warrant any verification in the field

  4. Best CSR History in the Insurance Industry

    Max Life CSR is one of the best out of all the private insurance companies in India. The company has an impressive CSR of 99.22% and 99.35% in 2019-20 and 2020-21 respectively.

Different types of Plans


Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
22 Feb 2024

Tata AIA 50 Lakh Term Insurance

Ensuring the financial well-being of your family requires

Read more
22 Feb 2024

SBI Life 75 Lakh Term Insurance

SBI Life Insurance Company offers a variety of sum assured to

Read more
22 Feb 2024

Kotak 50 Lakh Term Insurance

Securing your family's financial future involves detailed

Read more
22 Feb 2024

SBI Life 70 Lakh Term Insurance

Many people are confused about the ideal life cover amount and

Read more
22 Feb 2024

PNB 50 Lakh Term Insurance

Securing your family's financial stability involves thoughtful

Read more
07 Mar 2014

1 Crore Term Insurance - Buy ₹1 Cr Term Insurance Plan...

Term insurance is a type of insurance plan that offers financial security to your loved ones in the event of your

Read more
27 Jun 2018

What Is Difference Between Term Insurance And Life Insurance

Life insurance plans help you create wealth, protect your family for the entire policy term, and save on your

Read more
12 Jun 2018

Claim Settlement Ratio of Term Insurance Plan Providers

Claim Settlement Ratio (CSR) is an important parameter in the selection of an insurance policy. If you are going

Read more
24 Mar 2020

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL