Max Life Insurance Paid 96.23% Death Claims in FY 2015-16

Max Life Insurance, one of the leading life insurers in India, today announced a milestone achievement of Claims Paid Ratio of 96.23% in the FY 2015-16 as compared to 96.03% in FY14-15. The Outstanding Claims Ratio stood at 0.04% as on 31st March 2016, which means that only 4 claims were pending of the total 9,244 claims received during the year. This is best ever claim performance of the company and maintains the improving trend. During FY15, Max Life Insurance recorded claims paid ratio of 96.03% which was amongst the high payment ratio in the industry.

In addition, Max Life Insurance paid 6,045 group insurance claims worth Rs.43.15 crore. The claims paid ratio for group insurance stood at 99.29% in FY16.

Commenting on the achievement, V. Viswanand, Senior Director and Chief Operations Officer, Max Life Insurance, said, “We believe payment of death claim is the biggest moment of truth in life insurance business. I am delighted that Max Life Insurance has been able to further improve its performance on this critical customer service parameter. As a Life Insurance company we truly understand the importance of standing by our customers and responding to their needs at the time of a loss. At Max Life we have made it our priority to keep the claims process simple and hassle-free. Being able to empathize and respond quickly are imperative factors for us. Quick and comprehensive response to our customers if they have any query or concern is another area of focus for us.”

The Company is trending well on its promises on claims management to its policyholders. For FY ’16, Max Life has paid 99.43% of all death claims within 10 days of receipt of complete documents/ information. Since inception, Max Life Insurance has paid Rs.1,596 crore in death claims to over 65,000 families to provide them financial security in face of eventualities of life.