Max NY Life launches Electronic Fund Transfer

Life insurance company Max New York Life Insurance today announced the launch of Electronic Fund Transfer 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, a company release said.

"Approved claims can now be settled within 72 hours of submitting all documents", it said.

"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", the release added.