Max New York Life Insurance Initiates Electronic Fund Transfer (EFT) Facility for Claims Settlement

Max New York Life Insurance announced the launch of Electronic Fund Transfer (EFT) of claims payment for its policyholders. The idea behind launching EFT is to cut down on the settlement period to ensure smooth and hassle-free settlement of claims. Approved claims can now be settled within 72 hours of submitting all documents. As per Insurance Regulatory Development Authority claims to be settled within mandate of 30 days. The amount due under the settlement of claims will be credited directly into the claimant's bank account enabling us to reach the bereaved families at the earliest and when most needed. It  has signed a memorandum of understanding (MoU) with HSBC Bank for providing electronic fund transfer facility.