Private sector insurers Max Life Insurance and Bajaj Allianz Life Insurance have achieved claims paid ratio of over 96 per cent in 2015-16.
Max Life Insurance has achieved claims paid ratio of 96.23 per cent in 2015-16 against 96.03 per cent in the previous fiscal, the company said in a statement Monday.
The outstanding claims ratio stood at 0.04 per cent as on March 31 2016, which means that only four claims were pending of the total 9,244 claims received during the year, it said.
Meanwhile, in a separate statement, Bajaj Allianz Life Insurance said it settled 98.07 per cent claims in 2015-2016, as total 1,65,244 claims paid out of the 1,68,501 payable
claims (including claims intimated this year and outstanding claims).
It paid total claims worth Rs 839 crore in the last fiscal, both individual and group claims put together, as against Rs 737 crore in the corresponding year.
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