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Private life insurer Max Life Insurance today announced a milestone achievement of 0.04 per cent outstanding claims ratio in FY 2013-14.
In absolute numbers, this means that as on March 31, 2014, Max Life Insurance was left with just four outstanding claims.
Max Life Insurance also achieved an average claims settlement turnaround time of just six days against 30 days permissible as per the regulations.
V. Viswanand, Senior Director and Chief Operations Officer, Max Life Insurance, said, “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.”
For FY ’14, Max Life has paid 99.95 per cent of all death claims within 10 days of receipt of relevant documents/ information. Fund value has been paid within 48 hours in 99.83 per cent of claims on Unit Linked policies. Additionally,100 per cent of death claims received on policies more than three year old have been paid.
Claims guarantee
Max Life Insurance offers Claims Guarantee to all its policyholders. As part of the Claims 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 cent 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 the 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. It 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.
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