Max Life Insurance: Changing Payment Modes Simplified

Max Life Insurance is a joint venture between Max Financial Services and Axis Bank, offering a range of insurance solutions to its customers. The company has a vast network of branches across India and allows customers to choose from various premium payment modes, including annual, semi-annual, quarterly, and monthly options. Changing the payment mode or frequency can be done by submitting a request through the Max Life Insurance website or by visiting a nearby branch. This guide will outline the steps to change the payment mode for your Max Life Insurance policy, ensuring a smooth and hassle-free process.

Change payment frequency from annual to semi-annual/quarterly/monthly

To change your payment frequency from annual to semi-annual, quarterly, or monthly for your Max Life Insurance, you can follow these steps:

Firstly, log in to your Max Life Insurance account dashboard. From there, you should be able to find a link that says "Click here to request a change in the premium payment mode." Clicking on this should allow you to change your payment frequency as desired, as long as it is allowed by the product features.

If you are unable to find this link, or if you prefer a different method, you can submit a request through physical or digital means. The first option is to visit a nearby Max Life branch and submit a policy amendment request form, duly filled and signed by the policyholder. The second option is to send an email from your registered email ID to [email protected]. In addition to the request, you will need to submit the following documents: a policyholder's letter with a signature and date, and the premium (if applicable).

Register for Auto-Debit

Auto-Debit is a convenient way to make premium payments for Max Life Insurance. This feature allows customers to set up recurring payments from their bank account or credit card, ensuring timely and hassle-free payments. Here's a step-by-step guide on how to register for Auto-Debit:

Understanding Auto-Debit:

Auto-Debit is a mechanism that enables Max Life Insurance customers to automate their premium payments. By registering for Auto-Debit, customers authorise Max Life Insurance to periodically debit their renewal premiums from their preferred payment method. This helps ensure timely payments and eliminates the worry of manual payment each time.

Benefits of Auto-Debit:

Auto-Debit offers several advantages to policyholders:

• Convenience: It eliminates the need to manually make payments each time a premium is due. This saves time and effort, as the payments are automatically debited from the customer's account or credit card.
• Timely Payments: Auto-Debit helps ensure that renewal premiums are paid on time, reducing the risk of policy lapse due to missed payments.
• Peace of Mind: With Auto-Debit, customers can rest assured that their premiums will be paid regularly and on time, providing peace of mind and one less thing to worry about.

How to Register for Auto-Debit:

Registering for Auto-Debit with Max Life Insurance is a straightforward process:

• Online Registration: Customers can visit the Max Life Insurance website (https://www.maxlifeinsurance.com/cs/auto-debit) and follow the instructions to set up Auto-Debit. They will need to provide their policy details and preferred payment method information.
• Email Request: Alternatively, customers can send an email request to [email protected]. In the email, they should mention their interest in activating the auto-debit facility and provide their policy and payment details.

Important Considerations:

• It is important to ensure that sufficient funds are available in the chosen bank account or credit card to avoid any payment issues.
• Customers can choose to deactivate Auto-Debit at any time by contacting Max Life Insurance and revoking their authorisation for recurring payments.
• Auto-Debit is available for bank accounts and credit cards issued by Indian banks only.

By following these steps, Max Life Insurance customers can easily register for Auto-Debit, enjoying the convenience and peace of mind that comes with automated premium payments.

Submit a policy amendment request form

To change the payment mode for your Max Life Insurance policy, you will need to submit a policy amendment request form. This can be done by visiting a nearby Max Life branch or by sending a request through your registered email ID at [email protected].

The policy amendment request form will require you to provide certain information and documents. Here is a step-by-step guide to help you through the process:

Policy Amendment Request Form:

• Section A: This section will require you to provide information about any changes you want to make to your policy.
• Change in Address: You will need to provide your new address in block letters and indicate your preferred mailing address (home, work, or alternate/permanent). If your total annual premium exceeds Rs. 10,000, you must provide a copy of a self-attested supporting address proof for the new address. Acceptable documents include a passport, voter's identity card, driving license, ration card, telephone bill, electricity bill (not older than six months), or a credit card/bank statement (not more than 3 months old).
• Change in Name: If you want to change the name on the policy, you will need to provide a letter from a recognized public authority or public servant verifying the new mailing address, an affidavit issued by a gazetted officer of the Central or State Government, and a valid lease agreement along with a rent receipt (not more than 3 months old).
• Change in Nomination: Here, you will need to provide the details of the new nominee, including their name, relationship to you, and date of birth (if a minor). If the new nominee is a minor, you must appoint a person ("Appointee") to receive policy proceeds in the event of your death while the nominee is still a minor. You will need to provide the Appointee's name, relationship to the nominee, address, and signature.
• Change in Bonus Option: Indicate your preferred bonus option by ticking the appropriate box (Cash, PUA, or Premium Offset).
• Change in NFO: Specify your new NFO requirement by ticking the appropriate box (Reduced Paid-Up or Extended Term Insurance).

Section B:

• Addition/Change/Deletion in Riders: In this section, you will need to indicate any additions, changes, or deletions to your riders by ticking the appropriate boxes. The available riders include Term Personal Accident Benefit Rider (PAB), Dreaded Disease Payor Rider, Term Rider, Term R & C (5-year), and Waiver of Premium (WOP). Provide the coverage amount, premium amount, effective date, and current occupation for any additions. Note that a health declaration form is required for all rider additions, and medical tests may be necessary.
• Declaration and Signature: Finally, you will need to declare that you understand the meaning and scope of the Policy Amendment request form and voluntarily submit the completed form. Provide the name, date, and signature of the policyholder, ensuring that the signature matches the policy records.

Once you have completed and submitted the policy amendment request form, along with the required documents, Max Life Insurance will process your request to change your payment mode. Remember to review the form carefully and provide accurate and up-to-date information to avoid any delays or issues with your request.

Payment modes for Axis Max Life Insurance

Axis Max Life Insurance offers a range of payment options for its customers. The company provides flexibility in choosing the payment method that best suits an individual's needs and preferences. Here is an overview of the payment modes available for Axis Max Life Insurance policyholders:

Payment Methods

Axis Max Life Insurance accepts premium payments through various methods, including online and offline options. Here are some of the common payment methods accepted:

• Online Payments: Policyholders can make premium payments through the official website of Axis Max Life Insurance. They may need to log in to their account dashboard and select the preferred payment method, such as net banking or credit/debit card.
• Auto-Debit: Auto-Debit is a convenient mechanism offered by Axis Max Life Insurance. It allows policyholders to set up recurring premium payments from their bank account or credit card. This ensures timely and hassle-free payments, as the renewal premiums are automatically debited as per the mandate. To activate the auto-debit facility, customers can send a request to [email protected] or register online through the provided link.
• Net Banking: Policyholders can use their internet banking facilities to make premium payments directly from their bank accounts. This option provides a secure and convenient way to transfer funds online.
• Credit/Debit Card: Axis Max Life Insurance accepts premium payments made using major credit or debit cards. This option offers flexibility and convenience, especially for those who prefer card-based transactions.
• Offline Payments: In addition to online methods, Axis Max Life Insurance also accepts offline payments. Policyholders can visit their nearest Axis Max Life branch or a designated payment centre to make payments in person. They may need to fill out a request form and submit it along with the required documents and premium amount.

Changing Payment Frequency

Axis Max Life Insurance allows policyholders to change the frequency of their premium payments. They can switch from annual to semi-annual, quarterly, or monthly payments, or vice versa, depending on the product features and terms. To initiate this change, policyholders can visit the official website, log in to their dashboard, and submit a request for the desired payment frequency. Alternatively, they can contact the customer support team or visit a nearby branch to understand the specific requirements and procedures for changing the payment mode.

It is important for policyholders to maintain timely premium payments to avoid policy lapse. As per the policy lock-in period, non-payment of renewal premiums within the specified duration may lead to the lapse of the policy. Therefore, it is advisable to choose a suitable payment mode and ensure regular payments to keep the policy active and maintain coverage.

Reviving a policy after 6 months

Reviving a lapsed Max Life Insurance policy after 6 months is possible, but there are certain conditions and costs that you should be aware of. Firstly, it's important to understand that a policy lapses when you fail to pay the due premium, even during the grace period, which is 15 days for monthly payments and 30 days for other modes. If you revive your policy within 6 months of its lapse, the process is relatively simple. However, if you revive it after 6 months, you may be required to meet additional conditions.

According to insurance laws, if your policy has been in force for at least 3 years, you have up to 2 years to revive it. After 6 months, you will be required to pay the overdue premium, penalty charges, and interest payment, which could be 12%-18% of the total premium. You may also need to provide evidence of insurability, such as medical tests, to ascertain whether you have developed any new ailments that could increase the insurer's risk.

To initiate the revival process, you must submit a written request to Max Life Insurance and pay all overdue premiums, along with applicable taxes, cesses, and levies. The late payment fee is determined by the number of days between the date of revival and the date of policy lapse, and it is calculated using the RBI Bank Rate. The revival of the policy will only take effect after Max Life Insurance has approved your request in writing and communicated their decision to you. It's important to note that the policy cannot be revived beyond the original policy term.

If you fail to revive your lapsed policy within the revival period, it will terminate without value upon the expiry of the revival period. Therefore, it is important to act promptly if your policy has lapsed and you wish to restore it.

Frequently asked questions