Max Life Insurance commits to pay claims within 10 working days of the receipt of all the death claim documents/clarifications from the nominee, provided that there is no non disclosure/mis-statement in the proposal form and/or health declaration form by the policyholder. If the company is unable to fulfill its above commitment, it will pay interest at the rate of 6% per annum.
Max Life Insurance commits to pay the account value amount in case of death claims under the unit linked insurance policies within 48 hours of the intimation by the nominee.
Max Life Insurance also commits to pay death claims arising out of the policies that have completed continuous three years from the date of the issuance except in cases of fraud. To make the claims process easy and hassle free, the company will also assign a personalized claims relationship officer for each death claim cases.
Commenting on the announcement, Max Life Insurance, Executive Director & COO, Rajit Mehta said, “Life insurance is, in the ultimate analysis, a business of paying claims and supporting the customer's family when they need us the most. As the life insurance sector matures and number of policyholders increase, the number of claims, both maturity and health & death claims, increase. To be true to our promise to policyholders, Max Life Insurance has set up an effective claims settlement process, making it simple, quick and hassle-free. This is especially important because claimants, who are dealing with an unplanned incidence such as loss of some loved one, need our reassurance and support, not the pressures of complicated follow-ups.”
Key Highlights
-- Account value Payments on all ULIP claims will be paid within 48 hours of the intimation of the death by the nominee
-- No Repudiation of policies with duration over 3 years from the date of issuance of the policy, except in cases of fraud
-- Claim Payment - 100% in 10 working days provided all documents have been furnished
-- Personalized Claims Relationship Officer (death claims)
“Customer centricity and Service Excellence is a key milestone in becoming the most admired life insurance Company. This claims guarantee is a part of the company’s journey of implementing the policy of ‘Treating Customer Fairly’ (TCF), a proactive step towards service excellence. The TCF policy aims to raise the company’s standards of interactions with customers at every touch point right from the pre-sales engagement to the payment of benefits. Claims is the most important factor to build trust and confidence with the customers and distributors. This initiative thus ensures that the Company is able to retain its existing policyholders and continue to provide them with solutions for all their life stage needs,” he further added.
The fact that Max Life Insurance has a complaint incident ratio of 0.2 per thousand in the financial year 2012 is a testimony to the fact that the company has endeavoured to acquire a reputation for a customer centric organization and have put in place multiple customer processes. The claims processes in Max Life Insurance have always been re-engineered at regular intervals. This includes – set-up of regional claims support unit, jet processing for accident claims, availability of claim forms on channel partners’ intranet, regionalization of claims communication and changes to the investigation grid.
About Max Life Insurance Co. Ltd. ( www.maxlifeinsurance.com )
Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection to thirty lakh customers. It has a country-wide diversified distribution model including the country's leading agent advisors, exclusive arrangement with Axis Bank and several other partners. Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital.
In the financial year 2011-12 Max Life Insurance had a market share of 8.6%. The Company has been one of the fastest growing life insurance companies with total revenue of Rs. 6,391 crore and enterprise profit of Rs.733 crore for the Financial Year 2011-12. The Company’s share capital of Rs. 2,127 crore with a solvency margin of 534% is indicative of its financial strength and stability. As on 31st March 2012, Max Life Insurance had assets under management of Rs.17,215 crore.
