Max Life Insurance Company Ltd., has announced the enablement of UPI AUTOPAY for seamless and secure premium payments for its customers. Customers visiting the Max Life website for new purchases or renewal payments can now use the UPI payment option and set up standing instructions for future premiums through UPI AUTOPAY.
Manu Lavanya, Director and Chief Operations Officer, Max Life said, “Over the past years, we have enabled simplified digital premium payment capability as a means of effective customer self-service. The UPI AUTOPAY enablement adds another pivot to the Customer Obsession commitment by Max Life where customers can now make instant premium payments that are safe and secure under UPI’s robust framework. This drives positive customer sentiment and enhances their experience of making payments for the life insurance policies they own.”
Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI said, “We are glad to witness the implementation of NPCI’s unique offering – UPI AUTOPAY in the insurance sector. We believe this functionality will offer a distinct and seamless premium payment experience to millions of Max Life customers, who now don’t have to remember their renewal dates and stay invested without any manual intervention. We feel that these initiatives create confidence among the various set of customers towards the adoption of digital payments as it is safe, instant, and convenient. We look forward to witnessing UPI AUTOPAY venturing into many more sectors in the days to come.”
The UPI AUTOPAY feature allows customers to enable automatic payments via UPI apps alongside offering the flexibility of easy setup of future automatic payments via preferred frequencies – one-time, monthly, quarterly, half-yearly, or annually. This will allow saving the policyholders’ time and will help reduce the risk of premium non-payment.
UPI enablement for payment of premium for new or existing policy:
The customers logging onto the payment page for buying new or existing policies need to select UPI as the payment option. Thereafter, on clicking Pay Now, the UPI dialogue box opens where customers can either:
1. Login to UPI enabled app using their registered login. Here, one can use saved UPI IDs for payment and standing instructions set up; or
2. Select a new UPI payment option, manually enter the UPI ID to pay, and may also set up standing instructions.
Post-successful payment, the customers are redirected to the ‘Thank You’ screen, and the transaction number is generated for the record.
About Max Life Insurance (www.
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation.
Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over almost two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.
As per public disclosures and annual audited financials for FY20-21, Max Life has achieved a gross written premium of INR 19,018 crore. As of 31st March 2021, the Company had INR 90,407 crore of assets under management (AUM) and a Sum Assured in Force of INR 1,087,987 crore.
