Max Life Insurance Initiates Financial Payout Services on Website to Offer Seamless Convenience to Customers

New Delhi: In line with its continued commitment towards enhancing customer experience, Max Life Insurance Company Ltd. (“Max Life” / “Company”) has launched digitized payout services on its website. Under the initiative, customers will be able to access a host of services – such as changes in premium mode, loan against policy, partial surrender, etc. – online through the website, fulfilling their financial needs from anywhere, anytime.

With COVID-19 increasing customer engagement and expectations, Max Life has introduced innovative service experiences via digital interventions like Mili Chatbot, and WhatsApp Servicing. Backed by its vision to be omni-present for its customers, the financial payout services feature on the Max Life website will make it extremely convenient and hassle-free for customers to submit their requests online, and enhance their overall digital experience. 

Some of major services* launched on the website in this Financial Year include: 

1. Surrender of policy: This service enables customers to place for surrender requires of their policy on the website

2. Loan against policy: This service helps customers fulfill their financial needs without closing their policy. The life insurance amount taken for the financial protection of the family remains intact while the customer repays the loan amount.

3. Partial Surrender: This service empowers customers to fulfill their short-term financial needs without closing the policy. This service is only available on Unit-Linked Insurance Plans (ULIP) policies.

4. Surrender of Paid-Up Additional Bonus (case value of bonus option): Allows customers to avail of this service if they have opted for a traditional (non-ULIP) policy with ‘Paid-Up Additional bonus’ option.

5. Change in premium mode: This service helps customers change the premium payment mode of policies as per their current financial condition.

Commenting on this announcement, Mr. Manu Lavanya, Director & Chief Operations Officer, Max Life Insurance said, “By focusing on how our customers experience their interaction journey, we at Max Life, are driven to create innovative solutions that streamline life insurance workflows, increase efficiency, and improve overall customer experience. Our latest digital offerings enable customers to avail of financial payout services via our website in a secure and seamless manner. This is another example that represents our customer-first approach, where we anticipate their need and offer proactive digital solutions to simplify engagements with our customers.”

Keeping Max life’s customer centricity commitment at the core, and to enhance customer experience during the COVID-19 pandemic, Max Life’s digital interventions have been witnessing a strong response from customers. These initiatives have helped the company address over 4 million digital transactions during this Financial year. WhatsApp has contributed to approximately 22%, while the Mili Chatbot has helped resolve nearly 7-8% of the entire digital transaction range enabled by Max Life. 

* Subject to policy terms 

About Max Life Insurance

Max Life Insurance Co. Ltd. (“Max Life”) is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max group, an Indian multi business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group. 

Max Life offers comprehensive protection and long-Term savings life insurance solutions, through its multichannel distribution including agency and third distribution partners. Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.   

As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of Rs. 16,184 crore. As on 31st March 2020, the Company had Rs. 68,471 crore of assets under management (AUM) and a Sum Assured in Force of Rs. 913,660 crore.