Max Life Insurance Co. Ltd (“Max Life/ “Company), today announced the settlement of 19,569 individual death claims worth INR 1254.39 crore during the Financial Year 2023-24. With this, the Company has achieved an all-time high individual death claims paid ratio of 99.65%. Over the last five years, Max Life’s claims paid ratio has seen a rise from 99.22% in FY20 to 99.65% in FY24, making it the Company’s new ‘India Ke Bharose Ka Number’*.
Since inception, Max Life Insurance has paid INR 8,679 crore towards death claims on 202,830 policies. Committed to process claims as rapidly as possible, Max Life settles around 48% per cent of non-early claims (claims made on policies older than three years) on the same day. Max Life uses intelligent systems to detect fraud, identify high-risk geographies, and assess the probability of false claims based on non-disclosure. This has enabled Max Life’s claims paid ratio to improve from 99.51% in FY23 to 99.65% in FY24.
Max Life Insurance – Individual Death Claims Paid Ratio (%)(Consistent improvement over the last 5 years) |
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FY 2019-20 |
FY 2020–21 |
FY 2021–22 |
FY 2022–23 |
FY 2023–24 |
99.22%1 |
99.35%2 |
99.34%3 |
99.51%4 |
99.65%5 |