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.

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