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Max Life achieves 0.04% in outstanding claims ratio in FY14

Max Life Insurance also achieved average claims settlement turnaround time of 6 days against 30 days permissible as per the regulations

July 15, 2014 3:28 IST | India Infoline News Service
Max Life Insurance today announced a milestone achievement of 0.04% outstanding claims ratio in the FY2013-14.
In absolute numbers, this means that as on March 31, 2014, Max Life Insurance was left with just 4 outstanding claims. Max Life Insurance also achieved average claims settlement turnaround time of 6 days against 30 days permissible as per the regulations.
The Company is trending well on its promises of claims guarantee to its policyholders. For FY ’14, Max Life has paid 99.95% of all death claims within 10 days of receipt of relevant documents/ information. Fund value has been paid within 48 hours in 99.83% of claims on Unit Linked policies. Additionally,100% of death claims received on policies more than 3 year old have been paid.
Max Life Insurance offers Claims Guarantee to all its policyholders. As part of the Guarantee, the Company has committed to pay all claims within 10 working days of the receipt of all the death claim documents/clarifications from the nominee against 30 days permissible by the regulations. If the Company is unable to fulfill its above commitment, it will pay interest at the rate of 6% per annum. It also commits payment of all death claims having completed three continuous years from the date of issuance, except in case(s) of fraud.

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