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Max Life Insurance claim settlement ratio over the years

Max Life Insurance has been a mainstay in the Indian life insurance sector for many years, and has a proven track record for over the course of many years.

This article will aim to give the reader an understanding of Max Life Insurance’s claim settlement ratio over the course of the last few years, as knowing the claim settlement ratio is crucial for a customer before buying any life insurance policy.

First, let us understand what a claim settlement ratio is.  Quite simply, a claim settlement ratio is the percentage of claims an insurance company settles in a given period of time.

For instance, if an insurance company gets a 100 claims a year and settles 95 of those 100 claims, the insurance company has a claim settlement ratio of 95%.

Let us now look at Max Life Insurance’s claim settlement ratio over the years.

2015-16

96.95%

2016-17

97.81%

2017-18

98.26%

2018-19

98.74%

2019-20

99.22%  

2020-21

99.35%

2021-22

99.34%

Source

As you can see, the company boasts of a very impressive claim settlement ratio throughout the years, and are only improving their CSR over the years. This is a promising sign that implies that your insurance claim will most likely be settled by the company. Further, it is also important to note that the applied claim should be genuine.

In 2016, the total number of claims made by Max Life customers stood at 9821, and the number of claims settled by the company stood at 9606. Rejected claims stood at 212. By 2020, the company’s settled claims went up to 19,922 claims settled, doubling their claims settled from 2016.

As of 2022, Max Life Insurance has the highest claim settlement ratio amongst all its competitors in the Indian insurance sector, making it a reliable life insurance company.

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