Max Life Insurance has launched InstaClaim™, an initiative that endeavours to pay death claims in just 1 day for policies up to Rs. 50 Lakhs where all minimum mandatory documents are received. Death claims shall be eligible for InstaClaim™ provided the policy duration is more than 3 continuous years and it does not warrant any further verification.
Manik Nangia, Director & Chief Operations Officer, Max Life Insurance said, “Through our InstaClaim™ initiative, our endeavour is to pay eligible death claims up to Rs. 50 Lakhs in only 1 day.Additionally, we assign a dedicated claims officer for every claim, who provides guidance, to help claimants and make claims process easy and simple. In a country which has low protection penetration, high claims paid ratio provides the assurance to life insurance customers that their families will be safe in case of any eventuality and thus encourages them to opt for pure protection products.”
As per IRDAI annual report for FY 2017-18 , Max Life Insurance has further improved claims paid ratio with individual death claims paid ratio from 97.81 % to 98.26% during the fiscal year, thus making it a company that has maintained a strong claims paid ratio consistently for the past 5 years.
In FY 2017-18, the company received total 10,332 individual death claims and has paid 10,152 individual death claims amounting to Rs. 353 crore, while only 178 death claims were rejected primarily because of medical non-disclosures and only two cases were pending due to ongoing investigation.