Max Life Insurance achieves 0.04% per cent in Outstanding Claims Ratio
Meets all Claims Guarantee parameters
New Delhi, July 15, 2014, Max Life Insurance, one of the leading life insurers in India, today announced a milestone achievement of 0.04% Outstanding Claims Ratio in the FY 2013-14. This is amongst the best performance in claims management in the Indian Life Insurance Sector. 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 just 6 days against 30 days permissible as per the regulations.
Commenting on the achievement, V. Viswanand, Senior Director and Chief Operations Officer, Max Life Insurance, said, “As I am delighted that Max Life Insurance has been able to adhere to all parameters of our Claims Guarantee, an industry first initiative launched two years ago with a purpose to make the claims process simple and easy for our customers. We understand that a true measure of a life insurance company is how appropriately it responds to customers’ needs at the time of a loss. We feel that our customers should receive the best and most professional service at that critical moment of life. That’s why we have made it our priority to keep the claims process simple and hassle-free. Empathy and speed of response are critical to our living up to the Claims Guarantee we made to our customers.”
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.
Additionally, Max Life Insurance commits to pay fund value in case of death claims under the Unit Linked life insurance policies within 48 hours of the intimation by the nominee. To make the claims process hassle-free, the Company also assigns a dedicated Claims Relationship Officer for each death claim case. The Company also makes an advance payment of maturity/ living benefits – One month in advance for guaranteed maturity benefit products and within 72 hours from the maturity date for ULIPs.
About Max Life Insurance Co. Ltd. (www.maxlifeinsurance.com)Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India Ltd. is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection. A financially stable company with sound investment expertise, Max Life Insurance has a strong customer-centric approach focused on advice-based sales and quality service.