8 Things That Make Max Life's Claim Payment Process Unique

Simply put, the claim paid ratio can be one of the statistics we can rely on while choosing a life insurance company.

Max Life Insurance has consistently achieved a claims paid ratio (claim settlement ratio) of 99.65% in FY'23-24 (Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2023-2024).

1. Max Life Insurance has introduced InstaClaim^TM, wherein we endeavour to settle all death claims within one day of receiving the claim receipt, subject to the following conditions:

a)Claim amount on all eligible policies is upto Rs.1 crore

b) Claims are for policies that have completed three continuous years

c) All mandatory documents have been submitted before 3:00 PM on a working day

d) The claim does not warrant any field verification

For cases that warrant field verification, Max Life Insurance will pay the claim in 5 working days after the receipt of all mandatory documents. Otherwise, Max Life Insurance will pay interest on death claim amount for every day of delay beyond 5 working days. All claims that qualify instaclaim will be paid within 1 working day from the date of submission of mandatory documents else Max Life Insurance will pay interest at the Bank rate as on beginning of the financial year in which the claim has been received (4.65% p.a. for FY’20-21) for every day of delay beyond 1 working day.

2. Max Life Insurance has achieved claims paid ratio of 99.65% of claims in the FY 2023-24 (Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2023-2024).

3. Max Life has introduced ‘Claims Guarantee’ for a hassle-free death claim process. If the company does not stand up to its commitment to settling claims within ten days of receipt of the documents from the nominee, it promises to pay the insured amount with an added interest on the total amount due.

4. Fund value for death claims on all Unit Linked policies is paid within 48 hours (in working days) from claim intimation.

5. The claim center on the website crisply offers the necessary information. Your nominee can either download the claim from the website’s claim section or walk to the nearest branch of the insurer. The vast network of Max Life’s agents/advisors will not only help you in buying the policy but will also help your loved ones at the time of claim. 6. Max Life appoints a personalized service in the form of a dedicated Claims Relationship Officer. It is especially useful in case of the settlement of a death claim to avail death benefit, where every possible help is provided to the nominee to withdraw insurance money in time.

7. There are a number of ways through a claim can be registered with the insurer:

a) Through an agent

b) Visit nearest Max Life Insurance Company office

c) Write to Max Life at support@maxlifeinsurance.com

d) Call on 1860-120-5577

8. With 24x7 customer support services, Max Life provides speedy resolution to queries and complaints. It maintains one of the lowest customer incidences throughout the industry.

Quick and hassle-free claim settlement is the promise that Max Life makes with its all policyholders.