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.
||Claims Paid (%)
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:
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
Bank passbook along with the photo ID of a nominee
Death/Discharge Summary attested by the Hospital
FIR/Post-Mortem Report/Viscera Report
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:
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.
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.
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
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.