Max Life Insurance Co. Ltd. (“Max Life”/ “Company”), has announced that the Company has disbursed 30,830 death claims worth INR 2,009 crore in the financial year 2021-22, achieving a Claims Paid Ratio of 99.34% during the tumultuous and unpredictable pandemic. With this, the Company has surpassed the coveted 99% benchmark for the third year in a row. Over the last five years, Max Life’s claims paid ratio has seen a rise from 98.26% in FY’18 to 99.34% in FY’22, making it the Company’s new ‘India Ke Bharose Ka Number’+.
Max Life Insurance – Individual Death Claims Paid Ratio (%)
Mr. Prashant Tripathy, MD & CEO, Max Life said, “To accomplish a 99.34% claims paid ratio in a year that was marred by the second wave of the pandemic reflects our unwavering commitment to fulfil our promise to the customers. We believe that we are in the business of trust, and our new claims paid ratio as the ‘India ke Bharose Ka Number’ lives up to our purpose of securing lives and protecting the future goals of our customers.”
During the pandemic, Max Life strengthened its digital servicing initiatives to deliver contactless, paperless experience. Implemented in FY22, cutting-edge technology partnerships have helped Max Life automate claims and disbursals that have provided customers with swifter, frictionless services and superior customer experience. This has enabled Max Life to deliver goodwill to build long-term trust, in turn, enhancing customer satisfaction and improving its Net Promoter Scores (NPS).
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners.
Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per public disclosures and annual audited financials for FY21-22, Max Life has achieved a gross written premium of INR 22,414 crore. As of 31st March 2022, the Company had INR 1,07,510 crore of assets under management (AUM) and a Sum Assured in Force of INR 1,174,515 crore.
For more information, please visit the Company’s website at www.maxlifeinsurance.com
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Corporate Office: 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) -122 002. You can call us on our Customer Helpline No. 1860 120 5577.
Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co. Ltd.
1 Basis IRDAI Annual Report 2017-18
2 Basis IRDAI Annual Report 2018-19
3 Basis IRDAI Annual Report 2019-20
4 Basis IRDAI Annual Report 2020-21
5 Source: Max Life Annual Audited Financials FY 21-22
* Bharose Ka Number is Max Life’s Brand Campaign on the Claims Paid Ratio. Claims Paid Ratio is a ratio of the death claims paid against the number of death claims received in a Financial Year.