Max Life Insurance Introduces ‘Buy Now

 Max Life Insurance Introduces ‘Buy Now – Pay at Approval’ feature while purchasing term insurance; further strengthens its commitment towards customer centricity

  Strengthening its commitment towards superior customer servicing during Covid-19, Max Life Insurance Company Ltd. (“Max Life” / “Company”), has introduced the ‘Buy Now – Pay at Approval’ feature for the customer while purchasing online policies. In its continuous endeavor to strengthen customer trust, the feature that is available for policies bought online, allows customers to apply for a policy with the proposal form and a payment instruction through a digital payment method*, without the actual deduction of money until the proposal is evaluated by the insurer. The actual premium deduction happens just before the policy issuance. The feature ensures that the customer does not need to make any payment at the time of applying for the life insurance policy and the charge to the customer’s credit card happens only at the time of the insurer accepting the risk.

Reviewing data for online term sales of Max Life, it has been observed that nearly 8% of all applied policies/cases end up in decline or postponement. Under such circumstances, the amount collected from the customer during purchase process is to be refunded. Usually, this refund process takes around 8-10 working days and this delay often results in customer anxiety, leading to poor customer and distributor experience. Max Life’s ‘Buy Now – Pay at Approval’ feature aims to efficiently navigate this hassle by letting customers purchase a policy worry free through a digital payment instrument and away from the hassle of money getting blocked in case of any delay in policy issuance due to underwriting requirement.

Commenting on the feature, V Viswanand, Deputy Managing Director, Max Life said, “Building trust at the moment of truth is critical in a life insurance purchase process. This feature allows new age, millennial, digitally savvy, affluent customers, to experience life insurance purchase just like they experience booking hotels online with new age digital travel aggregators. It becomes more relevant for pure protection policies where there is financial and medical underwriting involved leading to higher turnaround time in the policy issuance process. We have seen a phenomenal ~80% growth (YTD August) in protection sales on our e-commerce channel, that has been possible due to our commitment towards building a truly enhanced customer experience and further simplifying policy-buying in the new era.”

 

He added, “At Max Life, we are committed to creating robust and highly memorable customer journeys in the digital value chain and our latest ‘Buy Now – Pay at Approval’ feature is an effort in the same direction. Differentiating our customer on-boarding journeys, the feature allows digitally savvy consumers to avail term insurance at their own convenience.”

The ‘Buy Now - Pay at Approval’ feature is applicable to customers paying via a digital instrument* for online purchase. In the past few months, the feature was piloted in the online journey, where it was opted by 1 in 2 customers successfully.  With the introduction of this feature, Max Life has experienced an uplift in conversion, contribution of sales from affluent segment and better customer experience, with a reduction in grievance and refund related issues.

*Currently available on credit card payments.

Max Life Insurance launches COVID-19 One Year Term Rider

Max Life Insurance launches COVID-19 One Year Term Rider, with comprehensive diagnosis and death benefit for its customers

• This rider provides financial protection in case of diagnosis and death due to COVID-19
• Upon COVID-19 diagnosis, 20% of rider sum assured is provided
• Upon death after being diagnosed with COVID-19, 100% of rider sum assured will be paid to nominee in addition to the diagnosis benefit, if not already paid.

Max Life Insurance Company Ltd. (“Max Life” / “Company”), today announced the launch of its “Max Life COVID-19 One Year Term Rider (Covid -19 Rider) (A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Rider (UIN- 104B048V01). Starting at an affordable annualized premium of INR 271 for a sum assured of INR 1,00,000 the COVID-19 Rider will be available to customers looking to protect themselves against the ongoing pandemic. The newly launched rider can be attached to 12 of Max Life's existing products ranging from term plans, savings and income plans to retirement plans.

The current pandemic has created a need for people to protect themselves and their dependents from financial difficulties brought on by diagnosis or untimely death due to the corona virus. According to the findings of a recent survey titled ‘Max Life India Protection Quotient- Express’ (“IPQ/IPQ Express”) in association with KANTAR, it was revealed that 41% respondents said they would purchase term plans due to an increase in COVID-19 spread. Additionally, the survey also highlighted that when confronted by the thought that COVID-19 could prey on the individual and/or family, 31% respondents in metros and 20% in Tier 1 cities said they bought a life insurance with COVID-19/ critical illness rider. Keeping these insights in mind, the COVID19 rider by Max Life seeks to help customers protect their financial future by enabling them to continue investing in life goals while also protecting their immediate future by attaching the one-year rider to their base plan. 

Commenting on the launch of the COVID-19 Rider, V Viswanand, Deputy Managing Director, Max Life Insurance said, “The ongoing pandemic has brought about multiple financial disruptions in our lives. While the pandemic may end in the near future, life goes on beyond it. Through the launch of our COVID-19 rider we want to partner with customers in helping them tide over immediate COVID-19 related financial worries to build a secure future for themselves and their loved ones. The rider aims to protect customers over the period of a year as an attachment to a base plan of their choice ranging from term plans, to savings plans, thereby enabling them to protect their present, while planning for a brighter future."   

Max Life COVID-19 Rider provides customers with diagnosis benefit in addition to a death cover. It will be available to customers between the age of 18 to 65 years. The diagnosis benefit offers a fixed lump sum amount (20% of rider sum assured) which will provide financial protection to the family. Under the death cover, if the life insured succumbs to COVID-19, the rider will provide a lump sum amount (100% of rider sum assured) to the nominee along with the diagnosis benefit of additional 20% of rider sum assured if not already availed. Further, the benefits under the rider will be payable over and above the base policy benefits.