New Delhi: Max Life Insurance has overtaken state-owned insurer Life Insurance Corporation (LIC) in terms of claims settlement for individual deaths in FY18, according to the data released by IRDAI.
“Four years ago, 50 percent of the rejected claims would be fraudulent claims,” said V Viswanand, Deputy Managing Director, Max Life. “Most fraudulent claims occur due to the lapses in the underwriting process,” he added further.
According to IRDAI's Annual Report for 2017-18, Max Life settled 98.26% of individual death claims while LIC settled 98.04% claims.
Viswanand said the company has introduced checks and balances to strengthen customer applications and the underwriting process. He attributed an important role to technology in dealing with fraudulent claims.
According to IRDAI data, life insurance companies had settled 8,28,000 individual policies, with a total payout of Rs 14,623.82 crore in 2017-18. A total of 9,286 claims for Rs 532.21 crore were repudiated/rejected.
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