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Max Life Insurance Company Limited is a joint venture between Axis Bank Limited and Max Financial Services Limited (a part of Max Group, an Indian Multi-business corporation). It offers long-term savings options through its multi-distribution channels. Max Life Insurance total individual claim paid ratio for the FY 2020-21 is 99.35%. The company ensures that the claims are handled in an easy way for the life assured’s family.
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Read on to know more about Max Life death claim process and its documentation:
Max Life Insurance offers an easy and convenient claim intimation, documents submission and settlement process. The insurance company believes in being Fairest, Fastest, and Friendliest while processing claims and they also ensure that the claim amount is received by the eligible individual/family easily and quickly. Max Lie Insurance assigns a dedicated and committed claims relationship office for every death claim to assist claimants through each step of the claim process. The company has a claim settlement ratio of 99.35% in the Financial year 202--21 as per the IRDAI Annual Report. To know the Max Life insurance death claim status, you can contact the insurer via mail or by visiting their office. Let’s understand about Max Life claim process in detail:
Max Life Insurance policy provides financial support to you and your families in case of any unforeseen event like death and disability. It is recommended that one should always buy life insurance from insurers that offer a high claim settlement ratio. The higher CSR means the fast death claim settlement. Insurer offers both online and offline options to file a death claim. Let’s discuss them in detail:
Below are the 3 quick and easy steps involved in the Max Life Insurance Online Claim process:
The nominee should inform the insurer about the claim in written form. Submit the information about your claim on the Max Life Insurance official website. Fill out the requested information such as policy number, life insured details, claim information, claimant’s details, and contact details of the claimant. The nominee can get the claim intimation application by visiting the nearest branch office of the company or can also download it from the official website of the insurer.
After submitting all the requested information, it is important to upload the documents with the provided information. The nominee will be asked to provide a few documents to the company such as the insured’s age, death certificate, policy documents, and any other documents requested by the company.
As per IRDAI, the insurance company should settle the claim within 30 days of receiving the receipt of all the documents submitted by the company. However, in some cases insurance company requires further investigation. Under these cases, the company has to complete its process within 6 months from the date of receiving the written application of intimation.
In order to know the Max Life Insurance death claim status, follow all the above-mentioned steps.
Max Life Insurance also provides the facility of requesting the claim at the branch office of Max Life Insurance. The process is as follows:
In order to request a claim at the branch office of Max life, the nominee is required to register the claim and submit all the relevant information and documents so that the claim can be processed easily in the future.
After the claim registration and submission of required documents, the claim is evaluated by the claim assistance team.
An appropriate decision will be made and the claim will be settled on the basis of the claim evaluation.
Below are a number of unique features offered by Max Life Term Insurance Claim Process:
Max Life has launched InstaClaim service, which settles all the death-related claims within 1 day of getting the receipt of claims, based on the below conditions:
Amount of claim on all entitled policies is up to 1 Crore
Claims are majorly for the plans that have finished 3 continuous years
All the required documents should be submitted before 3 pm on all working days
The claim doesn’t permit any verification for the field.
The claim settlement ratio of Max Life Insurance is 99.35% in the Fiscal year 2021-22.
The insurer has also launched the ‘Claims Guarantee’ option for an easy and hassle-free Max Life Death claim process. If the insurer does not settle claims within 10 days of receiving the receipt of the documents from the nominee, they pay the money with an interest on the total due amount.
Fund charge for all death-related claims on all ULIPs is paid within 2 days i.e., 48 hours from intimation of claim.
The claim center option on the insurer’s website offers important information. The nominee can either download the claim application from the website or visit the nearest insurer’s branch. Max Life advisors/agents will help you in purchasing the policy and also assists your dear ones during a claim.
Max life offers a tailored service in form of an enthusiastic claims relationship officer. This is mainly helpful in the case of Max life claim settlement to benefit death payout, where every type of assistance is offered to the insured’s nominee to withdraw money of insurance in time.
There are multiple ways by which a claim can be filed with the insurance company and you can also get to know Max Life Insurance Claim Status:
Through Advisor/Agent
Visiting nearest Max Life Branch
Through mail
Calling on toll-free number (1800-200-5577)
24X7 customer service is provided by Max Life Insurance for a faster resolution to claim-related complaints and queries.
Submit the following documents for an easy Max Life Term Insurance Claim Process:
Original policy documents
Attested/Original copy of death certificate issued by a local municipal authority
Death Claim application form
NEFT form attested by the authorities of the bank
Canceled cheque or bank passbook
Photo ID proof of nominee such as passport copy, PAN card, Aadhar card, Voter ID, etc.
Additional Documents are required in case of death
In case of natural death
Form C i.e., Statement of Attending Physician
Medical reports such as death/discharge summary, test reports, admission notes, etc.
In case of Unnatural/Accidental Death
FIR/Panchanama/Police Complaint copy
Copy of Post Mortem Report/Viscera and autopsy report
FPIR (Final Police Investigation Report) copy/charge sheet
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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