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Axis Max Life Insurance company is a collaboration between Mitsui Sumitomo Insurance company Ltd. and Max Financial Services Ltd. Within a very short timeframe, Max Life has expanded its wings to a large extent with the presence of 277 offices across the nation. The insurance company is quite popular in offering comprehensive term insurance plans at low prices. With a CSR ratio of 99.35% in FY 2020-21, the company ensures that the death claims are handled in a hassle-free way.
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Read on to know more about the Max Term Insurance Claim process
Note: Know more about what is term insurance first before reading this article.
Term Plans
Axis Max Life Insurance Company is one of the popular private insurance companies in India. The insurer has one of the best CSR (claim settlement ratios) among private sector insurance providers. It has featured a CSR value of 99.35% in FY 2020-21, indicating the faster claim settlement. Max Term also offers 24X7 customer support service and quick and seamless claim settlement.
Max Term Insurance plans provide support to you and your loved ones in case of any unfortunate event. It is suggested to choose an insurer that offers a high CSR. The higher Claim settlement ratio means the quick settlement of death claims. Insurers provide both offline and online options to register a death claim. Here’s a quick laydown:
Max Term Insurance Claim process via online mainly involves 3 easy steps:
A claimant is required to provide all the correct details about the claim to the insurance company and upload the requested documents. The claim request number will be provided on the successful submission of claim details.
After submitting all the documents, the claim information will be analyzed and investigated based on the information provided by the claimant
At the final phase, the claim would be approved and then settled. Payment is made to the bank account of the beneficiary via ECS or by cheques. In case the claim assistance team rejects the claim, the information will be provided to the claimant mentioning the reasons for rejection.
Max Term Insurance Claim process can be reported by providing written notice to Max Insurance company through an advisor, or by walking to the nearest branch office or by email at claims.support@maxlifeinsurance.com or you can also call on their toll-free number 1860-120-5577
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Following documents are required to register a death claim:
Policy Documents – Original
Death certificate (Original/attested copy) issued by a local municipal authority
Form A i.e., Death claim application
NEFT mandate application verified by bank authorities
Bank passbook and cancelled cheque
Photo ID proof of Nominee such as passport copy, voter ID, PAN card, UID (Aadhar) card, etc.
Additional documents requested based on the cause of death
In case of natural death
Statement of Attending doctor (Form C)
Medical records and reports such as death/discharge summary, test reports, admission notes, etc.
In case of Unnatural/Accidental death
FIR/Police inquest/Panchanama copy
Autopsy/Post mortem report/Viscera report
FPIR (Final Police Investigation Report) copy and charge sheet
Max term life Insurance has launched InstaClaimTM, which settles all the death claims within 1 day of getting the claim receipt. This is subjected to the below T&Cs:
The amount of claim on all eligible policies is up to 1 Crore
Claims are mainly for the policies that have finished 3 continuous years
All the compulsory documents have been submitted before 3 pm (working day)
The claim does not require any verification for the field.
Max term lLife Insurance has achieved a claim settlement ratio (CSR) of 99.35% for FY 2020-21 as per the IRDAI Annual Report.
‘Claim Guarantee’ option is introduced by Max life for a seamless death claim process. If the company does not settle claims within 10 days of receiving the receipt of the documents from the claimant, the company will pay the insured amount along with interest on the total due amount.
Fund values for death claims on all ULIPs are paid within 2 days i.e., 48 hours from intimating the claim
The ‘Claim Center’ section on the official website offers important claim details. The claimant can download the claim form from the website or visit the nearest insurer’s branch.
The insurer also has a customized service as a committed claims relationship officer. It is mainly useful at the time of settling death claims to get death payout, where the nominee is guided about the insurance money withdrawal in time.
With the availability of 24X7 customer support, the company provides quick resolution to complaints and queries.
There are different ways by which a nominee can register a claim with the insurance company:
Contacting an advisor
Visiting nearest Insurer’s office
Write an email to support@maxlifeinsurance.com
Call on helpline number 1800-200-5577
†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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