Max Life Insurance Company is a leading life insurance provider in India. With more than a decade of offering services and products to customers, Max Life has carved a place for itself in the insurance industry. Today, the company is a reputed insurance provider with more than 239 offices across India and assets under management of about INR 62,798 crores (as on 9th April 2020). The company also enjoys a high claim settlement ratio which stands at 98.74% thereby depicting that the company honours most of its claims and can be trusted.
Max Life offers a range of life insurance plans which include term insurance, savings oriented plans, unit-linked plans, pension plans, etc. To buy any policy, you are required to pay premiums. Moreover, premiums are also required to be paid during the term of the policy to keep the policy active and enjoy the complete benefits of the plan. While earlier policyholders depended on agents to collect their premiums, nowadays, premiums can be paid through different means. Max Life also allows different means of premium payment for its customers so that they can pay the premiums in any mode which suits them.
These means include the following –
- Online payment
- Payment through phone
- Payment by auto-debit
- Offline payment through branch drop-off
- Cheque pick-up facility
Let’s have a detailed look at these different Max Life payment modes –
1. Online payment
The premium for Max Life’s life insurance plans can be paid online. Online payments are allowed through various modes which are as follows –
- Through the website of the company You can visit the website of Max Life Insurance which is https://www.maxlifeinsurance.com/ and pay the premium for your life insurance policy within a few minutes. To pay, choose the ‘Pay Online’ option which is available on the home page. A new page opens wherein you would have to enter in your policy number or your registered mobile number and the date of birth of the insured. Hit ‘Submit’ to be redirected to the payment gateway. Therein, you can pay the premium through a credit card (Visa, Amex, Diners, MasterCard), EMI on card, debit card (Visa, MasterCard or Rupay), net banking facility, digital mobile wallets and UPI.
- Through net banking facilityIf you have a bank account which allows net banking facility, you can log into your bank account and pay the premium for Max Life Insurance policy. Payment can be made through RTGS or NEFT facility in your bank account. To make the payment, you would need to enter in the beneficiary details of the insurance company which is as follows –Name of the beneficiaryMax Life Insurance Company LimitedCredit account number of the beneficiary1165xxxxxxx (wherein ‘xxxxxxx’ would be the policy number)IFSC code of the beneficiary’s bank accountHSBC0110002Name of the beneficiary’s bankHSBC LimitedName of the bank branch Barakhamba Road, New Delhi – 110001
- Through foreign remittance or wire transfer If you are an NRI or you are abroad and your renewal premium date is near, you can also make payment of the renewal premium through an international bank account that you have. This payment can be made online or by visiting the branch of an international bank with which you hold an account. Online payment can be done through the net banking facility offered by your bank account. For payment through the branch of an international bank, you would have to opt for forex payment or wire transfer. You would have to fill up a wire transfer or forex payment form and submit the documents which the bank requires. The details of the company which is to be provided in the form are as follows –Name of the beneficiaryMax Life Insurance Company LimitedCredit account number of the beneficiary1165xxxxxxxxx (wherein ‘xxxxxxxxx’ would be the 9-digit policy number)Swift code of the beneficiary’s bank accountHSBCINBBDetails of the intermediary bankThis can be found online on the company’s website at the link https://www.maxlifeinsurance.com/customer-service/premium-payment-optionsName of the bank branch 25, Birla Tower, Barakhamba Road, New Delhi – 110001Address of the company Max Life Insurance Company Limited, 11th Floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurugram – 122 002, Haryana, India
- Through recognized e-walletsYou can also pay the premium of your Max Life policy online through recognized e-wallets which include PhonePe, Paytm, Airtel Money and GPay. You would have to mention your policy number and date of birth for paying the renewal premium. Payment can be made using the available wallet balance or through UPI, credit or debit cards or net banking facility. The respective links of the above-mentioned e-wallets using which you can make the premium payment are as follows –Paytm https://paytm.com/insurance-premium-payment/max-life-insuranceGPayhttps://payments.google.com/PhonePehttps://www.phonepe.com/en/Airtel Money https://www.airtel.in/wallet/register
- InstaPay service offered by your bankMore than 50 banks in India offer you the facility of InstaPay using which you can pay the premium of your Max Life Insurance policy. You would have to visit the website of your bank to find out whether the InstaPay service is available or not. If available, you can pay the renewal premium through the bank’s website using the InstaPay facility.
2. Payment through phone
Max Life also allows its customers to pay their renewal premiums from their phones. To do that, you would have to call the company’s IVR phone number which is 1860 120 5577. This number is available 24*7 and you can quote your policy number to pay the renewal premium easily. The IVR helpline of the company is available in several languages like English, Hindi, Bengali, Gujarati, Tamil, Telugu, Punjabi, Malayalam, etc. and you can choose the preferred language from the IVR menu to pay the premium.
3. Payment by auto-debit
Auto-debit means automatic debit of the premium from your bank account, credit card account or any other financial account before the due date. If you choose the auto-debit facility you don’t have to remember the premium payment date as the premium would be deducted automatically. There are different ways of paying the premium through auto-debit. These ways are as follows –
- Through a Standing Instruction on your credit cardIf you use a Visa or MasterCard credit card, you can place a standing instruction on the card to pay the renewal premium within the due date. To place a standing instruction on your credit card, you would have to register for the same by doing a transaction of INR 2 on the link https://www.techprocess.in/MaxLifeSIIntegration/PolicyCheckoutJS.aspx. This payment would be refundable and would be adjusted against your premium amount. Moreover, once the registration process is complete, you would get a confirmation about the same on your registered mobile number and/or email ID.
- Through NACH, Direct Debit or ECS mandateYou can choose the ECS facility offered by your bank account to get the premium deducted from your account automatically on a chosen date. For this facility, you would have to register yourself on the link https://www.techprocess.in/MaxLifeSIIntegration/PolicyCheckoutJS.aspx. Once you validate your policy details, you would be directed to the e-NACH window wherein you would have to choose net banking or debit card and register yourself. You can also register for direct debit facility offline by downloading the NACH/ECS/Direct Debit Mandate Instruction Form through the link https://www.maxlifeinsurance.com/content/dam/corporate/Service-forms/english/Nach-ECS-Direct-debit-mandate-instruction-form.pdf/subassets/page1.pdf. Fill up the form and submit it with Max Life along with a cancelled cheque of your bank account. The company would verify your bank details and register you for the ECS facility. The mandate form and cancelled cheque can be submitted at the company’s branch office, handed over the company’s agent or posted to the company’s address which is Mandate Desk, Max Life Insurance Company, Operations Centre, 3rd Floor, 90 A Sector 18, Udyog Vihar, Gurugram-122015. Once the documents are received and verified, you would be registered for the ECS facility and the premium would be deducted from your bank account on the chosen date.
- Through direct debit facilityThis facility is available in your bank’s branch is not in the ECS-enabled locations as specified by the RBI. In that case, you can choose the direct debit facility offered by the company. The company has entered into a partnership with many banks and if you have an account with any of those banks, you can opt for the direct debit facility. The list of banks partnered with Max Life can be found on the link https://www.maxlifeinsurance.com/customer-service/premium-payment-options. You would have to register for the direct debit facility. To do so, download and fill out the ECS mandate form which is available at https://www.maxlifeinsurance.com/content/dam/corporate/Service-forms/english/Nach-ECS-Direct-debit-mandate-instruction-form.pdf/subassets/page1.pdf. Submit the form with a cancelled cheque of your bank account. The documents can be submitted at the company’s branch office, handed over the company’s agent or posted to the company’s address which is Mandate Desk, Max Life Insurance Company, Operations Centre, 3rd Floor, 90 A Sector 18, Udyog Vihar, Gurugram-122015. Once the documents are received and verified, you would be registered for the ECS facility and the premium would be deducted from your bank account on the chosen date.
- Through EBPPEBPP stands for Electronic Bill Payment Process. This is an automatic process wherein the premium is deducted from your bank account on a chosen date. There are two service providers who allow payment of premium through EBPP process. They are Tech Process and Bill Desk. You can choose any one provider, register with it and opt for EBPP facility for the payment of your Max Life premium. The respective registration links of the service providers are as follows –Tec Processhttps://www.billjunction.com/NewBJ/index.jspBill Deskhttps://www.billdesk.com/
4. Offline payment through branch drop-off
Max Life also allows you to pay your life insurance premium offline by dropping off the premium at its own branches or at the branches of its partner institutions. Listed below are the ways in which you can pay premiums through branch drop-offs –
- Through Lakshmi Vilas Bank BranchMax Life has a tie-up with Lakshmi Vilas Bank for accepting its policy premiums. You can, therefore, make Max Life payment through any of the branches of Lakshmi Vilas Bank. The branches of Lakshmi Vilas Bank can be found online on the bank’s official website which is https://www.lvbank.com/.
- Through chequeThis is the most popular way of paying Max Life premiums offline. You can draw a cheque in favour of Max Life Insurance Company Limited mentioning your 9-digit policy number on the cheque. Moreover, on the back of the cheque, you should also mention your name, policy number and contact number.
- Through the company’s branches Max Life has more than 239 branches all over India. You can, therefore, visit any of the branch offices of the company and pay the premium of the policy. Payment at the branch office can be done through cash, cheque and credit cards. The nearest branch office of the company can be located through the link https://www.maxlifeinsurance.com/contact-us. You can also call the company’s helpline number 1860 120 5577 to find the nearest branch office.
- Through Axis Bank’s branch or ATMMax Life also has a tie-up with Axis Bank and you can pay the policy’s premiums at an Axis Bank branch or ATM. The nearest branch of Axis Bank can be located at the link https://branch.axisbank.com/?type=branches.
- Through EBIX cash countersEBIX Cash offers you a digital cash transfer facility and Max Life is tied-up with EBIX to offer you a facility to pay your policy premiums. You can visit any EBIX cash counter and deposit your premium which would be transferred to Max Life. The location of the cash counter can be found on EBIX cash’s official website which is https://www.ebixcash.com/
- Through Common Service Centres (CSCs)CSCs also offer individuals the facility to pay premiums for their insurance policies. Max Life has also partnered with CSC and allows you to pay your premiums at any of the CSC’s branches.
- Through your bank’s branchYou can also pay the premium of your Max Life Policy from your bank’s branch. This payment can be done through NEFT or RTGS and you would have to fill-up and submit an NEFT/RTGS form at your bank’s branch. The payee’s details would be as follows –Name of the beneficiaryMax Life Insurance Company LimitedCredit account number of the beneficiary1165xxxxxxx (wherein ‘xxxxxxx’ would be the policy number)IFSC code of the beneficiary’s bank accountHSBC0110002Name of the beneficiary’s bankHSBC LimitedName of the bank branch Barakhamba Road, New Delhi – 110001
5. Cheque pick-up facility
To make premium payments convenient for policyholders, Max Life also allows doorstep pick-up of renewal premium cheques. You can request for a cheque pick-up facility from your home or office and the company’s executive would pick up the premium cheque and deposit it with the company. The request for cheque pick-up facility can be placed through the company’s helpline number which is 1860 120 5577. Presently, the cheque pick-up facility is provided in select cities which include Delhi and NCR, Ahmedabad, Chandigarh, Pune, Lucknow, Jaipur, Ludhiana, Chennai, Mumbai, Kolkata, Bangalore and Hyderabad.
The above-mentioned ways include all the online and offline modes of paying the premium of Max Life policies. You can choose any mode which is suitable and convenient for you and pay the premium to get the full benefits of the policy that you have bought. If the premium is not paid within the due date, a grace period is also allowed under Max’s life insurance plans. Let’s understand the meaning of grace period and what it entails –
Grace period for premium payment
The grace period is the additional duration given to policyholders to pay the premium due to their policies. During the grace period, the policy does not lapse. If the premiums are paid, the policy continues undisturbed but if the premium is not paid even within the grace period, the policy would lapse. The grace period allowed under most life insurance policies is as follows –
- 30/31 days (1 month) if the premium is paid annually, half-yearly or quarterly
- 15 days if the premium is paid monthly
So, pay your premiums conveniently and renew your life insurance policy without fail. An in-force policy allows you full death or maturity benefits and even bonus additions during the policy tenure. Max Life has also eased the premium payment modes allowing you easy ways to pay the premiums. So, pay the premium within the due date or within the grace period and enjoy the coverage your life insurance policy has to offer.