Max Life Insurance Claim Settlement Ratio (2024)

Life insurance plans have been a popular financial product for a long time. Their popularity is well-founded, considering they offer an income replacement to safeguard your family’s financial future at affordable charges. Now, while the demand for life insurance products grew, so did the types of life insurance products, and subsequently, we had multiple new players surfacing in the life insurance industry. Such options across products and insurers were meant to cater to the varying financial goals of the evolving policyholders.

However, since life insurance products generally involve a substantial cover amount, entrusting this to a new insurer requires some assessment of its credibility. Whether the insurer is a new entry into the market or a seasoned player, such assessments of consistency and credibility have become crucial. For example, an insurer like Max Life, which has a long insurance track record (founded in 2000) and a long queue of comprehensive products, is already a popular provider. However, our question is, is Max Life Insurance as credible as per the data as it is across the market?

To analyse the credibility of Max Life Insurance, you need to consider a few metrics. One such factor is the Max Life Claim Settlement Ratio. Let’s look at how this metric works, what it signifies about Max Life Insurance’s credibility, the claim settlement process involved, the documentation required, and whether you should trust Max Life enough to purchase a life or term insurance plan from this insurer.

What is the Claim Settlement Ratio?

The health insurer calculates its Claim Settlement Ratio (CSR) by dividing the total number of claims settled in a year by the total number of claims received for that year, then multiplying the result by 100.

An ideal CSR for a health insurer is 97 and above. However, if the CSR surpasses 100, it indicates delayed claim settlement practices by the insurer. Such delays are best avoided, given that health insurance plans aim to protect your savings during health emergencies. Delayed settlements only add unnecessary inconvenience, defeating the purpose of having a health insurance plan.

Now, let’s examine the track record data of the Max Life Insurance Claim Settlement Ratio!

What is the Max Life Claim Settlement Ratio 2024?

CSR for Max Life Insurance

Years CSR for Max Life Insurance Industry Average of CSR
2020 – 2021 99.35% 97.49%
2021 – 2022 99.34% 97.50%
2022 – 2023 99.51% 98.34%
Average (2020 – 2023) 99.40% 97.74%


(If you’re looking for the Max Life Insurance Claim Settlement Ratio for 2024, consult Max Life’s data for 2022-2023. However, depending solely on one year’s data may not suffice, as evaluating the insurer’s performance consistency thoroughly is crucial. Consequently, we have gathered data from the past 3 years, calculated their average, and compared it with the industry average.)

Overview of Max Life Insurance

Overview of Max Life Insurance

What is the significance of the Max Life Claim Settlement Ratio 2024?

Given the increasing popularity of life and term insurance plans from Max Life Insurance Company, it’s crucial to thoroughly examine the Claim Settlement track record and analyse

its significance.

  1. Consistency: Max Life, undoubtedly, has one of the industry’s best Claim settlement Ratio track records. The numbers consistently stay 99+. This is an excellent sign for policyholders who can trust the brand and avail the best term insurance policies, life insurance plans, Endowment policies, or ULIPs from here (although term insurance plans may be the most value-worthy product genre among these categories considering its affordability, flexibility and list of riders).
  2. Overall Performance: Considering the consistency across its numbers on the Max Life Claim Settlement Ratio, the brand’s overall performance is incredible. On an average and a year-on-year basis, the numbers beat the industry average by a significant margin.

Why is the Claim Settlement Ratio important?

A life insurance provider’s Claim Settlement Ratio (CSR) serves as the initial gauge of its credibility. This metric offers insight into the insurer’s track record and history of claim settlement. However, CSR does not reflect the time or amount required to settle claims. Therefore, CSR is the only metric for assessing an insurer’s credibility. For a comprehensive understanding, it’s essential to also consider the brand’s complaint volume and Amount Settlement Ratio (ASR)  before purchasing a life insurance plan from an insurer.

What is the Claim Settlement Process for Max Life Life Insurance?

STEP 1: Visit their official site

STEP 2: Fill in their claim form by providing details like –

  1. Type of claim
  2. Number of policies
  • Information about life-insured
  1. Name
  2. Cause of death
  3. Date of birth
  4. Date of death
  • Information about claimant
  1. Name
  2. Date of birth
  3. Relation with the insured
  • Contact information about the claimant

STEP 3: Upload your required documents (as mentioned below)

STEP 4: Click on their “Branch Locator” tab and seek the nearest branch to submit the downloaded claim form and the documents/submit it online.

STEP 5: Keep track of your claim status via their official link.

You can also receive guidance on your claim settlement by calling their helpline number +91-7428989574/7428989554 or emailing for assistance.

What are the documents required to settle claims for  Max Life Insurance?

When planning to file a claim to  Max Life Insurance, make sure you have the soft/hard (online/offline process) copies of the following documents handy –

  1. Mandatory documents
  • Original policy documents
  • Original/attested copy of death certificate issued by local municipal authority
  • Death claim application form (Form A)
  • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
  • The nominee’s photo identity proof includes a copy of the passport, PAN card, voter identity card, Aadhar (UID) card, etc.

2. Additional documents are required based on the cause of death

  • Medical/Natural death:
  • Attending physician’s statement (Form ‘C’)
  • Medical records (admission notes, discharge/death summary, test reports, etc.)
  • Accidental/Unnatural death:
  • Copy of the First Information Report (FIR) or Panchanama/Police complaint
  • Copy of Post Mortem report (PMR)/Autopsy and Viscera report
  • Copy of the Final Police Investigation report (FPIR)/Charge sheet

Please note: Based on the underwriter’s decision, you may be required to submit some additional documents.


If you’re seeking a credible life insurance provider with a hassle-free claim settlement process and affordable, value-worthy term insurance plans, Max Life fulfils all criteria. The insurer stands out for catering to diverse financial requirements by offering customisable policies with riders. It remains a top recommendation for policyholders searching for term insurance policies. This is well supported by the insurer’s credibility across the data for Max Life Claim Settlement Ratio, Amount Settlement Ratio, and complaint volume.

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