Bhubaneswar- Max Life Insurance Co. Ltd(“Max Life/ “Company), today announced 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, which also becomes Max Life’s new ‘Bharose Ka Number’. 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.
Since inception, Max Life has paid individual death claims of Rs. 3,238 crore to family members of its 1,12,946 policy holders.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.
Commenting on the accomplishment, Mr. Prashant Tripathy, Managing Director & Chief Executive Officer, Max Life said, “At Max Life Insurance, we are committed to financially protecting our customers. Payment of death claim is the biggest moment of truth in a life insurance contract and is the ultimate manifestation of a life insurer’s devotion towards its customers and overall reliability. 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, which becomes the new ‘Bharose ka Number’ for our policy holders. 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.