Money & Banking

Max Life Insurance extends ‘Buy Now, Pay at Approval’ facility to wider modes of online transactions

| Updated on: Nov 30, 2021
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This feature simplifies policy buying through a digital payment instrument

Max Life Insurance Company Ltd has enhanced its ‘Buy Now – Pay at Approval’ feature available on term insurance purchases for customers to include more modes of online transactions.

Launched last year for policies purchased online, the feature allows customers to apply for a policy through a digital payment method. This helps ensure that the premium amount is not deducted until the proposal evaluation by the insurer, the company said in an official release.

Previously, the feature was only available on credit card payments last year. With the increase in digital transactions and diversification of payment options, the facility now applies to transactions made through Credit Cards, Debit Cards, and UPI platforms.

Manu Lavanya, Director and Chief Operations Officer, Max Life said, “The 'Buy Now – Pay at Approval' feature attempts to simplify policy buying through a digital payment instrument while avoiding the risk of money being withheld in the event of a delay in policy issuance.”

“By extending the facility to wider modes of online transactions, we look forward to delivering hassle-free customer experience and mitigating any negative impact likely to occur due to cancellations/underwriting concerns. Since the introduction of this feature last year, we have seen an uplift in customer experience, with a reduction in grievance and refund-related issues, that we aim to continue with the newer augmentations,” he added.

The feature recorded a 25 per cent customer penetration last year. Introduced across varied payment modes of Credit, Debit cards and UPI for the customers, the enhanced iteration aims to increase its penetration to around 20 per cent over the next couple of months.

Published on November 30, 2021

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