Prices Increasing Soon
Buying a term insurance policy in case of any eventuality helps you to ensure that your loved ones remain financially stable if you’re no longer with them. But have you thought of any way through which you can be sure that you have financed in the suitable term plan? Yes, there is one factor i.e., Claim Settlement Ratio. Axis Max Life Insurance is one of the leading insurance providers that offer comprehensive term insurance plans at affordable premium rates.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
However, its claim settlement ratio is another thing that brings the attention of the customer. This company has been maintaining consistent CSRs in past few years. Let’s discuss the Max Life Term insurance plan claim settlement ratio in detail:
Claim Settlement Ratio (CSR), also called CPR i.e., Claim Paid Ratio is an important metric that assesses the commitment of insurance companies to settle claims on time. This ratio helps you determine how effective the insurance company is, and how this helps your family to live their lives restfully in your absence. The selection of an insurance company with a good or high claim paid ratio/claim settlement ratio is very crucial for your family’s financial protection.
Note: Now that you know that what is Claim Settlement Ratio of Max Life Term Insurance, you should also get to know about what is term insurance to buy a term plan for your loved ones.
Term Plans
The higher the death claim settlement/paid ratio of company, the more credible the insurance company is. And, at the same time, you will be assured that the insurer has a good ability to manage high risks. All in all, a high claim settlement ratio is an indication of an insurer’s dedication to its customers. Max life term insurance ranks amongst the company’s lists with the CSRs of above 90%. The claim settlement ratio for the financial year 2020-21 is 99.35%.
As per the IRDAI Annual Reports, Max Life has been able to maintain a CSR among private companies for the past 5-6 years. The CSR in the year 2020-21 is 99.35% with 1.14% of repudiated claims, which indicates the value of customer service accessible by the company.
| Financial Year | Claims Paid (%) |
| 2015-16 | 96.95 |
| 2016-17 | 97.81 |
| 2017-18 | 98.26 |
| 2018-19 | 98.74 |
| 2019-20 | 99.22 |
| 2020-21 | 99.35 |
Secure Your Family Future Today
₹1 CRORE
Term Plan Starting @
Get an online discount of upto 15%#
Compare 40+ plans from 15 Insurers
The Max Life term insurance claim settlement process is consists of 3 quick steps:
Claim Settlement and Submission of Documents
Evaluation of Claim
Claim Decision and Settlement
Original Documents of Policy
Attested/Original death certificate copy issued by the local municipal authority
NEFT mandate application attested by the Bank authorities
Cancelled Cheque
Bank passbook along with the photo ID of a nominee
Death/Discharge Summary attested by the Hospital
FIR/Post-Mortem Report/Viscera Report
Max Life Term Insurance has made significant efforts to improve the process of claim settlement and experience. The claims’ paid procedure is faster and more convenient. This process includes the following features:
Max Life's official website offers the option of a dedicated claims assistance team. The claim center on the site provides the required information easily. The form can be downloaded from the claim section of the website by the nominee and the nominee can also visit the nearest branch office where Max expert advisors will make you understand the claim procedure and register a claim.
Max life offers a dedicated claim assistance relationship officer whose primary responsibility is to ensure that your loved ones receive claims on time.
Max has introduced a new feature called InstaClaim, which settles all the claims within a day of getting the receipt of a claim, subject to the below T&Cs:
The amount of death claim on all entitled plans should be up to 1 crore
Death claims are for plans that have been completed 3 consecutive years
All compulsory documents should have been give in to before 3 PM on all working days
The claim doesn’t warrant any verification in the field
Max Life CSR is one of the best out of all the private insurance companies in India. The company has an impressive CSR of 99.22% and 99.35% in 2019-20 and 2020-21 respectively.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2025 policybazaar.com. All Rights Reserved
+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Term insurance is a crucial financial safety net for families
Read more
HDFC Life is a well-known insurance provider in India, offering
Read more
A ₹12 Crore term insurance plan offers large financial benefit
Read more
If you've decided to cancel your HDFC term insurance plan
Read more
Term insurance is one of the most essential products in
Read moreInsurance
Calculators
Payment Methods
Secured With
Follow us on
