New Delhi, Jun 2 (PTI) Max Life Insurance has paid Rs 563 crore in death claims during the fiscal ended March 2020, which covered more than 15,000 lives, the company said on Tuesday.

The company has paid 15,342 death claims amounting to Rs 563 crore in FY2019-20, thus achieving an all-time high individual death claims paid ratio of 99.22 per cent in the company's last five year performance, it said in a release.

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It has improved its claim paid ratio in the last 5 years to breach the remarkable 99 per cent mark this financial year, thereby reiterating its commitment towards cementing customer trust, the insurer said.

Since inception, Max Life has paid individual death claims of Rs 3,238 crore to family members of its 1,12,946 policyholders.

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In FY20, out of a total 15,463 death claims received, only 120 were rejected and 1 case was pending for closure at the end of the financial year, Max Life said.

"Payment of death claim is the biggest moment of truth in a life insurance contract and is the ultimate manifestation of a life insurer's devotion towards its customers and overall reliability. It gives us immense satisfaction that we were able to take our claims paid ratio to our all-time high of 99.22 per cent for FY 19-20 in comparison with last 5 years," Max Life MD and CEO Prashant Tripathy said.

The company's commitment to customers has been validated by the consistency in achieving a claims paid ratio of above 98 per cent in each of  immediate last 3 years, he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)