Max Life Insurance on Tuesday said that it paid 15,342 death claims amounting to ₹563 crore in the financial year 2019-20. The insurance company thus achieved an all-time high individual death claims paid ratio of 99.22% in the last five years.
The company said it has consistently improved its claims paid ratio in the last five years to breach the remarkable 99% mark this financial year.
Since inception, Max Life has paid individual death claims of ₹3,238 crore to family members of its 1.12 lakh policyholders. In FY 19-20, out of a total 15,463 death claims received, only 120 were rejected and one case was pending for closure at the end of the financial year.
“Our commitment to our customers has been validated by our consistency in achieving a claims paid ratio of above 98% in each of our immediate last three years,” said Managing Director and Chief Executive Officer Prashant Tripathy.
“Our continued investments in the areas of strengthening underwriting capabilities, technological interventions and an overall robust claims ecosystem will ensure continued progress for our customers and shareholders in the coming years,” said Tripathy.
Amid coronavirus outbreak and a nationwide lockdown of over two months, the Max Life Insurance strengthened its personalised claims services by enabling claimants to intimate claims online or from home via email and WhatsApp.
Two years ago, the insurance company assigned a dedicated claims officer to handhold the nominees throughout the claim settlement process. This online claim option is in addition to this initiative, the company said.
Payment of death claim is the biggest moment of truth in a life insurance contract and is the ultimate manifestation of a life insurer’s devotion towards its customers and overall reliability, Tripathy added.