Axis Max Life Insurance Claim Settlement Ratio

Axis Max Life Insurance is one of India’s largest non-bank private life insurers, offering various policies across online and offline channels. Established in 2000, it was known as Max New York Life before rebranding to Axis Max Life in 2024. The company operates as an 80:20 joint venture with ownership between Max Financial Services and Axis Bank. With a strong market presence, it provides life, health, pension, and annuity plans, catering to both individuals and groups. While its policies cater to various financial needs, an insurer’s reliability matters just as much.  

Speaking of reliability, the Claim Settlement Ratio of a term insurer provides valuable information about how a company settles claims. It reflects how efficiently the company settles claims, a key factor in choosing the right insurer.

Still confused about CSR and which insurer to choose? Book a free consultation call with Ditto! Our team will help you understand your options and find the best health insurance plan for your needs. Schedule your call now!!

What is the Claim Settlement Ratio (CSR) in Term Insurance?

The Claim Settlement Ratio (CSR) is a crucial metric that indicates the percentage of claims a life insurance company settles out of the total claims it receives in a financial year. Simply, it tells you how likely an insurer is to pay out a claim.

A higher CSR generally means a more reliable insurer, as it suggests that policyholders have a better chance of their claims being approved. For example, if an insurer receives 100 claims annually and successfully settles 99, its CSR would be 99%.

A CSR above 97% is typically considered excellent as it indicates a strong track record of claim approvals. However, relying solely on CSR can be misleading. Some insurers with a high CSR might have other drawbacks, such as higher premiums or complaints, stricter underwriting criteria, or limited coverage options.

When choosing a term insurance policy, it's best to look at CSR alongside other important factors, including policy features, premium costs, riders, and claim settlement transparency.

How is the Claim Settlement Ratio Calculated?

The formula for calculating Claim Settlement Ratio (CSR) is:

CSR = (Total Claims Settled/Total Claims Received) × 100

For instance, if an insurer receives 100 claims in a year and successfully settles 99, the CSR would be:

CSR = (99/100) × 100 = 99%

While CSR is a key metric, it's essential to evaluate it alongside other factors like the claim rejection ratio (percentage of denied claims), claim settlement time (speed of processing), and claim transparency (ease of documentation). Additionally, consider the Amount Settlement Ratio (percentage of the total claim amount paid) and premium prices to ensure a balanced choice when selecting a term insurance provider.

Additionally, an ideal CSR for a term insurance provider is 97% and above. It's advisable to avoid insurers with a CSR below 90% as they may have high claim rejection rates. Also, be cautious of companies reporting a CSR above 100%, as it might indicate delays in claim settlements from previous years being counted.

Axis Max Claim Settlement Ratio 2025

Here’s a list of the top 10 life insurance companies based on their claim settlement ratio (CSR):

Life Insurance Companies	CSR 2021 - 2022	CSR 2022 - 2023	CSR 2023 - 2024	Average of 2021-24
Axis Max Life Insurance Co. Ltd.	99.34%	99.51%	99.65%	99.50%
HDFC Life Insurance Co. Ltd.	98.66%	99.41%	99.54%	99.20%
Bajaj Allianz Life Insurance Co. Ltd.	99.02%	99.06%	99.26%	99.11%
Bharti AXA Life Insurance Co. Ltd.	99.09%	99.10%	99.01%	99.07%
Canara HSBC Life Insurance Co. Ltd.	98.44%	99.10%	99.31%	98.95%
Tata AIA Life Insurance Co. Ltd.	98.53%	99.03%	99.16%	98.91%
Edelweiss Tokio Life Insurance Co. Ltd.	98.09%	99.20%	99.23%	98.84%
Reliance Nippon Life Insurance Co. Ltd.	98.67%	98.61%	98.92%	98.73%
Aviva Life Insurance Co. Ltd.	98.39%	98.75%	98.98%	98.71%
Kotak Mahindra Life Insurance Co. Ltd.	98.82%	98.50%	98.44%	98.59%

As is evident, Axis Max ranks 1st among all the life insurers in India. This is a great ranking, considering we took the last three years’ average and ranked insurers based on this. 

Takeaways from the 2024 CSR: Axis Max’s CSR has consistently been above the industry average based on the claim settlement ratio of the last 3 years. It has also consistently increased over the years, which is undoubtedly a good sign for policyholders.

Comparison Table: Axis Max CSR Over the Years

Year	Claim Settlement Ratio (%)	Industry Average (%)
2022	99.34%	97.55%
2023	99.51%	98.19%
2024	99.65%	98.73%

*Data sourced from Insurer Website and Statistics Handbook on the IRDAI website

How Does Axis Max Ensure a Smooth Claim Settlement Process?

Axis Max Life Insurance provides a structured and hassle-free claim settlement process to ensure a smooth experience for policyholders and nominees. Follow these steps to file a claim:

Step 1: Access the Claims Centre

1. Visit the Axis Max Life Insurance website.
2. Scroll to the bottom of the homepage and click on "Claims Centres."

3. Go to the "Claims Request" section.

4. Click on "Get Started."

Step 2: Fill Out the Claim Request Form

• Enter details about the policy, life insured, and claimant.
• Ensure accuracy to avoid delays in processing.

Step 3: Submit the Required Documents

To support your claim, submit the following mandatory documents:

Basic Documents:

• Original policy document
• Death certificate (Original or attested copy from the local municipal authority)
• Death claim application form (Form A)
• NEFT mandate form (Attested by the bank, along with a canceled cheque or bank passbook)
• Nominee's ID proof (Passport, PAN card, Voter ID, Aadhaar, etc.)
• Address proof of the claimant (Aadhaar, Passport, Driver’s License, or Voter ID)
• A signed PAN card copy or Form 60 of the claimant
• Employer certificate with complete leave records (Form E)
• Income proof (ITR for the last 3 years or GST certificate for self-employed individuals)
• Other insurance details (Life/health insurance policies and claim history)
• Bank statements (Last 2 years of the insured)

Additional Documents (Based on Cause of Death):

For Medical/Natural Death:

• Attending physician’s statement (Form C)
• Medical records (Admission notes, discharge/death summary, test reports, etc.)
• Medical booklet/CGHS card (For Defence and Central Govt personnel)

For Accidental/Unnatural Death:

• FIR copy or police complaint report
• Post-mortem report (PMR) or Autopsy and Viscera report
• Final police investigation report (FPIR) or charge sheet
• Newspaper article (if applicable)
• Driving license copy (if the insured was driving at the time of the accident)

Step 4: Submit the Claim Request

Once all details are filled in and documents uploaded, submit the claim request for processing.

Axis Max Life ensures quick claim settlements, including InstaClaim payments within 3 hours (subject to eligibility). For assistance, contact their claims support team via phone or email.

Claim Process for Axis Max Life Insurance

Here’s how you can file a claim with Axis Max Life Insurance:

• Call the customer service helpline at 0124-421-9090 (Ext. 9699) or 74289-89574 / 74289-89554 between 9:30 AM and 6:30 PM (Monday to Saturday)
• For Group Claims, call 74289-89590 during the same hours
• Send your claim details to +91-7428989574 on WhatsApp.
• Mail your claim documents to claims.support@maxlifeinsurance.com.
• Send your claim documents to: Axis Max Life Insurance, Operations Center - 5th Floor, 90C, Sector 18, Udyog Vihar, Gurugram - 122015, India.

Note: If you have taken the policy through Ditto, feel free to use this link or call 080-48816818 for prompt claims assistance round the clock.

Factors Affecting the Axis Max Claim Settlement Ratio

If all documents are in order, Axis Max Life Insurance typically settles claims within 30 days, in line with IRDAI regulations. However, in cases requiring further scrutiny or investigation, the process can extend up to an additional 90 days. If there’s a delay in your claim, here are some common reasons — understanding these can help you resolve issues or escalate appropriately:

Underwriting Policies

Axis Max Life, like other insurers, evaluates risk based on age, medical history, lifestyle habits, and occupation before issuing a policy.

If a claim appears inconsistent with the initial risk profile—for example, a death occurs early in the policy or involves a medical condition not declared at the time of purchase—the insurer may flag it for detailed review.

Policies issued with limited underwriting (like those without medical tests) are more likely to face scrutiny at the time of claim, especially for high-value or early claims.

Company’s Financial Health

Axis Max Life is a joint venture between Axis Bank and Max Life, backed by strong financial partners and consistent growth metrics. This enables it to manage high-claim volumes efficiently.

That said, across the industry, an insurer's solvency ratio and operational bandwidth can affect how smoothly they process large or complex claims. In Axis Max’s case, their stable financial foundation and consistently high Claim Settlement Ratio (CSR) indicate a strong capability to honour legitimate claims promptly.

Documentation Provided During Claim Submission

This is one of the most critical factors in determining claim turnaround time.

Missing, inconsistent, or illegible documents (like a death certificate, identity proof, NEFT mandate, or post-mortem report in case of accidental death) will pause the settlement process until the required information is submitted.

Axis Max Life provides a detailed checklist of documents based on the nature of death (medical or accidental), so ensuring you have everything in order from the start can significantly reduce delays.

Claim Processing Efficiency

Axis Max Life has invested in digital claims infrastructure, which speeds up processing for online and well-documented claims.

However, claims submitted offline, especially from remote regions or via third-party agents, may face logistical delays. In addition, if external reports (like FIRs, medical histories, or embassy documents) are awaited, it could impact the timeline.

That said, Axis Max Life’s internal claim support team works actively to communicate missing requirements and guide nominees, which helps reduce back-and-forth and ensures most claims are processed within IRDAI’s 30-day window.

Why Choose Axis Max for Life Insurance?

Axis Max stands out for its exceptional service quality and reliability. It boasts the highest claim settlement ratio among all insurers, with 99.69% of claims settled within 30 days, ensuring peace of mind when it matters most. Its amount settlement ratio is also impressive at 96.2%, well above the industry average of 94.17%. Plus, with an average complaint volume of just 7.3 —less than half of the industry norm — Axis Max proves to be a customer-friendly insurer you can truly count on.

Why Your Axis Max Life Insurance Claim May Get Rejected?

Axis Max Life has a solid claim settlement record, but like all insurers, some claims can still be rejected — especially when policy terms are breached. So, before you panic, here’s a list of common reasons why a life insurance claim from Axis Max could be declined:

1. Non-disclosure: When buying a term insurance plan from Axis Max Life, you must disclose your complete medical history — including chronic illnesses like heart disease, diabetes, cancer, asthma or autoimmune disorders like lupus or rheumatoid arthritis.
   
   Even if the omission is unintentional, withholding this information is treated as misrepresentation, which gives the insurer the right to deny the claim. After all, life insurance pricing and underwriting are based on how risky your health profile is — and incomplete disclosures distort that picture.
2. Death Due to Smoking, Drinking, or Substance Abuse: If the life insured dies due to complications from excessive alcohol consumption, long-term smoking, or use of banned substances — and these habits were not disclosed while buying the policy — Axis Max Life may reject the claim. 
   
   However, if the insured had declared these lifestyle habits upfront, the insurer will usually still process the claim if it falls within policy terms. It’s the non-disclosure that’s problematic.
3. Death While Engaging in Criminal or Illegal Acts: Claims can also be denied if death occurs while the insured was involved in illegal activities — such as robbery, assault, or terrorist actions. 
   
   Even accidental deaths that occur while fleeing from the police or during unlawful acts fall under exclusions in most life insurance policies — including Axis Max Life.
4. Suicide Within the First Year: Like all insurers, Axis Max Life includes a suicide exclusion clause. 
   
   If the policyholder dies by suicide within one year of buying or reviving the policy, the death benefit is not payable. This is an industry-standard clause to prevent misuse during times of emotional or financial distress. 
   
   Once the one-year window has passed, suicide is treated like any other cause of death and processed accordingly.
5. Fraudulent Claims: If the insurer finds that the claim was made fraudulently — whether by submitting forged documents, hiding the real cause of death, or any other deceptive activity — they have every right to reject it outright. 
   
   This applies not just to the life insured but also to the nominee or claimant.
6. Moratorium Period: As per Section 45 of the Insurance Act, the moratorium period for term insurance is 3 years from the date of purchase/revival of the policy. However, within these three years, the insurer can question the policyholder if there’s evidence of fraud, misrepresentation, or nondisclosure. If a policy is called into question, it can only be done if there was a misstatement or suppression of a material fact in the proposal or other documents on which the policy was issued or revived.

Tips to Avoid Claim Rejection:

• Be 100% honest about your health, habits, and medical history while applying.
• During policy servicing, disclose lifestyle changes (like starting smoking or developing a new illness).
• At the time of claim, ensure all medical records, death certificates, hospital reports, and post-mortem documents (if applicable) are submitted clearly and thoroughly.
• Keep your nominee informed about the policy details and claim process.

Want a quick claim process? Make sure everything’s upfront from day one — honesty truly pays for insurance.

How to Track Your Axis Max Life Insurance Claim Status?

You can use this link to track your claim status for Axis Max Life: https://www.maxlifeinsurance.com/customer-servicing/claims-tracker

Alternatively, you can reach out to their customer service channels to talk to their dedicated customer support team to guide you through the process. 

Why talk to Ditto for Term insurance?

At Ditto, we’ve assisted over 3,00,000 customers with choosing the right insurance policy. Why customers like Piyush below love us:

✅No-Spam & No Salesmen

✅Rated 4.9/5 on Google Reviews by 5,000+ happy customers

✅Backed by Zerodha

✅100% Free Consultation

You can book a FREE consultation here. Slots are running out, so make sure you book a call now.

Conclusion

Axis Max Life Insurance is a reliable and customer-first insurer, thanks to its consistently high claim settlement ratio, transparent processes, and strong financial backing. Whether you're evaluating policy benefits or filing a claim, Axis Max’s efficient systems and supportive team ensure a smooth experience. That said, always be honest during application and keep your documents to avoid surprises during claim time. And if you need help figuring it all out, Ditto’s just a call away.

Frequently Asked Questions (FAQs)

Article Disclaimer

The details provided here are for informational purposes only. Please refer to the official website of Axis Max or consult an insurance expert before making any financial decisions. We do not promote or endorse any specific insurer or insurance product.