Max Life Insurance Co. Ltd(“Max Life/ “Company), announced the settlement of19,569 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 FY20to 99.65% in FY24, making it the Company’s new ‘India Ke Bharose Ka Number’*.
Max Life Insurance has contributed INR 8,679 crore to death claims on 202,830 policies since its inception. 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’s claims paid ratio improved from 99.51% in FY23 to 99.65% in FY24, thanks to intelligent systems that detect fraud, identify high-risk geographies, and assess false claims probability. Prashant Tripathy, CEO and Managing Director, Max Life, “This holistic approach ensures we are not just there for our customers in their time of need, but are also empowering them with reliability and security every step of the way.”
