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Axis Max Life Claim Settlement Ratio
The claim settlement ratio of Axis Max Life Insurance denotes how many claims the company settled in comparison to all the claims they received in a year. It is important to evaluate the CSR of a company before buying a term policy from them, as you might not be present to sort out issues if your policy claim is rejected.
All insurance companies claim to offer the best services, but one aspect many potential policyholders fail to evaluate is their claim settlement ratio.
If you have decided to buy a Term Insurance plan from Axis Max Life Insurance, we will help you evaluate and analyze the company's claim settlement performance. Read along to find out more.
Axis Max Life Insurance Claim Settlement Ratio
As per the IRDAI’s Annual Report 2021-22, the claim settlement ratio of Axis Max Life Insurance was 99.35%. This indicates that the company has strong claims-paying capability and a good financial reputation.
Axis Max Life Insurance Claims Settlement Performance for 2020-2021
| Parameters | Claims pending at the start of the period | Claims intimated | Total claims | Claims paid | Claims repudiated | Claims rejected |
| No. of Policies | 1 | 20,051 | 20,052 | 19,922 | 129 | 0 |
Claim Settlement Process Of Axis Max Life Insurance
Every claimant/nominee is assigned a dedicated Claims Relationship Officer who assists through the entire process.
The life insurance claim settlement process at Axis Max Life Insurance involves the following three steps:
-
Claim registration & document submission
The first step of claim settlement is to inform Axis Max Life Insurance either offline by visiting a nearby office or online by emailing or calling their customer representative. -
Claim evaluation
After submitting all documents as requested by the Claims Relationship Officer, the company will evaluate your claim. -
Claim decision & settlement
After evaluating your documents from all aspects, the company will initiate the claim settlement process.
Documents Required for Initiating Claim Settlement Process of Axis Max Life Insurance
- Original policy document.
- Original/attested copy of death certificate.
- Form A - Death claim application form.
- NEFT mandate form attested by bank authorities.
- Canceled cheque/passbook of bank account.
- Nominee’s photo ID.
Additional documents such as a death summary attested by hospital authorities, FIR, and post-mortem report are crucial in case of accidental deaths.
Note: Depending upon the Terms and Conditions of the plan, you might be required to submit some additional documents. We recommend that you check the specific plan brochure for the same.
