June 17: Max Life Insurance Co. Ltd. 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. 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 policyholders. 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.
Mr. Prashant Tripathy, Managing Director & Chief Executive Officer, Max Life said, “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. 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.”
