Deactivating Ecs Facility In Max Life Insurance: A Step-By-Step Guide

Max Life Insurance offers a range of options for customers facing temporary or prolonged financial difficulties. While it is not recommended to deactivate the auto-debit option, customers can choose to temporarily suspend the auto-debit feature for up to 3 months or switch to credit card payments. If customers still wish to proceed with deactivation, they can submit a written request, duly signed by the policyholder, at a nearby Max Life Branch. For NRI/PIO/Foreign National customers, a withdrawal request must be sent from their registered email address to the designated email address.

Deactivating ECS Facility in Max Life Insurance

Submit a written request to deactivate

If you are experiencing temporary financial constraints, Max Life Insurance offers the option to temporarily suspend the auto-debit feature for up to three months. Alternatively, you can set up automatic payments using a credit card. If you are facing prolonged financial difficulties, mode-change options are available to adjust the payment frequency and amount.

If you still wish to proceed with deactivating your ECS facility, you can do so by submitting a written request. This request must be duly signed by you, the policyholder, and submitted at a nearby Max Life Branch. If you are an NRI/PIO/Foreign National customer, you must send the withdrawal request from your registered email ID to [email protected].

To locate your nearest Max Life Insurance Branch, you can visit the Max Life Insurance website and switch to the 'Locate a branch office' tab. By submitting a written request, you can deactivate the ECS (Electronic Clearing System) in your policy. The ECS is an electronic and automated mode of money transfer that directly debits your due premium from your bank account to ensure you never miss a payment.

If you wish to change the ENACH/NACH debit date, you can do so by providing a written request at your nearest Axis Max Life Insurance branch. This request should be submitted 15 days before your initial debit date to avoid double debit from your account. The available bill draw dates in a month are 1, 4, 8, 12, 16, 20, 23, and 27. For policies with monthly payments, the draw date should fall within 15 days of the policy's due date.

Visit a Max Life branch

If you are experiencing temporary financial constraints, Max Life Insurance offers a few options to help you manage your payments without deactivating your policy. These include:

• Holding Auto Debit: You can choose to temporarily suspend the auto-debit feature for up to 3 months.
• Choosing Credit Card Payments: This option allows you to set up automatic payments using your credit card, providing more flexibility with your finances.

However, if you are facing prolonged financial difficulties and wish to proceed with deactivating your ECS facility, you can visit any Max Life branch to submit your request in person. Here's a step-by-step guide on what to do:

• Locate the Nearest Branch: Visit the Max Life Insurance website and switch to the 'Locate a branch office' tab to find the nearest branch.
• Prepare the Necessary Documents: Before your visit, ensure you have all the required documents, including a written and duly signed request for deactivation.
• Submit the Request: During your visit, submit the written request and any other required documentation to the branch staff.
• Follow-Up if Needed: In some cases, you may need to follow up with the branch to ensure the deactivation is complete. Keep a record of your request and any relevant correspondence.

Remember, before proceeding with deactivation, it is recommended to consider all alternative options to maintain your coverage. If you have any queries or concerns, you can also reach out to the Max Life Insurance customer support team for further assistance.

Hold auto-debit temporarily

If you are facing temporary financial constraints, Max Life Insurance offers the option to hold auto-debit temporarily. This feature allows you to suspend the auto-debit function for a period of up to three months. This means that for a temporary period, the premium payments will not be automatically debited from your bank account or credit card.

• Maintaining Coverage: While holding auto-debit can provide temporary relief, it is important to consider maintaining your insurance coverage. Discontinuing the auto-debit option is not recommended, especially if you want to ensure uninterrupted protection for yourself and your family.
• Alternative Payment Methods: During the period when auto-debit is suspended, you can opt for alternative payment methods to continue paying your premiums. Max Life Insurance offers various payment options, including credit card payments, over-the-counter payments at Max Life branches or partner banks, EBIX counters, Common Service Centres (CSCs), and cheque pickup.
• Credit Card Payments: If you choose to set up automatic payments using your credit card, you can benefit from the convenience and easier management of your finances. This option ensures that your premium payments are made on time without having to worry about the temporary suspension of the auto-debit feature.
• Mode-Change Options: In case of prolonged financial difficulties, Max Life Insurance offers mode-change options. This means you can adjust the payment frequency and amount to make it more manageable without needing to deactivate your policy. You can request a change from annual to semi-annual, quarterly, or monthly payments, or vice versa, depending on what is allowed by the specific product features.
• Policy Lapse: It is important to remember that if you fail to pay your renewal premiums, your policy may lapse. As per the policy lock-in period, non-payment of premiums can lead to the discontinuation of your policy and the loss of associated benefits.
• Customer Support: If you have any questions or concerns regarding the "Hold Auto-Debit" option or your policy in general, you can always reach out to the Max Life Insurance customer support team. They are available via email, telephone, and in-person at their branch offices to provide assistance and help you make informed decisions regarding your insurance coverage and payment options.

By offering the ability to hold auto-debit temporarily, Max Life Insurance provides policyholders facing temporary financial challenges with flexibility and alternatives. This option ensures that policyholders can manage their payments while also maintaining their insurance coverage as much as possible.

Switch to credit card payments

Max Life Insurance does not recommend deactivating the auto-debit option, but if you are facing temporary financial constraints, you can choose to switch to credit card payments. This will allow you to set up automatic payments, providing more convenience and making it easier to handle your finances.

To switch to credit card payments, you can activate the auto-debit facility by sending a request to [email protected] or by visiting https://www.maxlifeinsurance.com/cs/auto-debit.

It is important to note that if you choose to pay your life insurance premiums with a credit card, you may be limited to annual payments. Additionally, only a few life insurance companies in Canada currently accept premium payments through a credit card.

Before switching to credit card payments, consider your financial goals and circumstances. While paying with a credit card can offer rewards or cashback, it may not be a good decision if you cannot pay off the credit card balance in full each month. The high interest rates on credit cards may outweigh any benefits earned.

Therefore, when choosing a payment method for your life insurance premiums, it is recommended to select an option that best suits your financial needs and ensures timely payments to maintain active policy coverage.

Change payment frequency/amount

Max Life Insurance does not recommend deactivating the auto-debit option, but instead offers the option to change the payment frequency and amount to make it more manageable for customers to continue premium payments.

If you want to change the payment frequency, you will need to submit the following documents:

• A policyholder's letter with a signature and date
• Policy Amendment
• Premium (if applicable)

You can submit a policy amendment request form, duly filled and signed by the policyholder, by visiting a nearby Max Life branch or by sending it through your registered email ID to [email protected]. You can also request a change in the premium payment mode from annual to semi-annual/quarterly/monthly or vice versa as allowed by the product features.

Frequently asked questions