Max Life Insurance Co. Ltd. today claimed that it has paid 15,342 death claims amounting to Rs. 563 crore in FY 2019-20, thus achieving an all-time high individual death claims paid ratio of 99.22% in the company’s last five-year performance. Since inception, Max Life has paid individual death claims of Rs. 3,238 crore to family members of its 1,12,946 policyholders. In FY 19-20, out of a total 15,463 death claims received, only 120 were rejected and 1 case was pending for closure at the end of the financial year. The Company has consistently improved its claims paid ratio in the last 5 years to breach the remarkable 99% mark this financial year, thereby reiterating its commitment towards cementing customer trust.
“It gives us immense satisfaction that we were able to take our claims paid ratio to our all-time high of 99.22% for FY 19-20 in comparison with last 5 years. 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 3 years”, said Mr. Prashant Tripathy, MD & CEO of Max Life.
