Max Life to pay death claims in 10 days

Max Life Insurance today introduced a ‘Claims Guarantee’ customer-centric initiative to provide a friendly and hassle-free death claim within 10 days.

The company has said it will pay claims within 10 working days of the receipt of all the death claim documents/clarifications from the nominee, provided that there is no non-disclosure/mis-statement in the proposal form and/or health declaration form by the policyholder. If the company is unable to fulfill its above commitment, it will pay interest at the rate of 6 per cent per annum.

Max Life Insurance has committed to pay the account value amount in case of death claims under the unit linked insurance policies within 48 hours of the intimation by the nominee. It will also pay death claims arising out of the policies that have completed continuous three years from the date of the issuance except in cases of fraud.

Further, the company will also assign a personalised claims relationship officer for each death claim case.

Rajit Mehta, Executive Director & COO, Max Life Insurance, said, “As the life insurance sector matures and number of policyholders increase, the number of claims, both maturity and health & death claims, increase. This initiative is especially important because claimants, who are dealing with an unplanned incidence, need support and not the pressures of complicated follow-ups.”

 

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http://www.thehindubusinessline.com/industry-and-economy/banking/article3918143.ece