Max Life FY14 claim ratio is 0.04% with just 4 unsettled cases

Tags: Companies
Private life insurer Max Life Insurance today said it had only four unsettled claims at the end of the last fiscal, which converts into a claim ratio of just 0.04 per cent, besides significantly reducing average claims settlement turnaround time.

"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 have achieved a 0.04 per cent outstanding claims ratio at the end of the past fiscal," Max Life Insurance senior director and chief operations officer V Viswanand said in a statement.

As of end March 2014, the company was left with just 4 outstanding claims, the release said, adding it also achieved average claims settlement turnaround time of just 6 days against 30 days permissible as per the regulations.

"We have made it our priority to keep the claims process simple and hassle-free", he said.

The company also said it has paid 99.95 per cent of all death claims within 10 days of receipt of relevant documents/ information during the year.

Fund value has been paid within 48 hours in 99.83 per cent of claims on unit linked policies, it added.

Additionally 100 per cent of death claims received on policies more than 3 year old have been paid, the release said.

EDITORIAL OF THE DAY

  • Public musn’t pay for domestic servants for our diplomats

    Nothing seems to have changed in the year and half since the fur that flew thick and fast over the case of diplomat Debjani Khobragade and her maid Sa

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

Economic integration in east Asia

As trade agreements within a global framework have become increasingly ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Gautam Gupta

The ‘fake’ issue needs to be taken seriously

E-commerce players are witnessing unbelievable growth globally. Competition is increasing ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture