Max Life Insurance Extends Buy Now, Pay On Approval to Broader Online Transaction Modes
Max Life Insurance Company Ltd has enhanced its “Buy Now – Pay On Approval” feature available on term insurance purchases for clients to include more online transaction modes.
Launched last year for policies purchased online, the feature allows customers to purchase a policy through a digital payment method. This helps ensure that the premium amount is not deducted until the insurer evaluates the proposal, the company said in an official statement.
Previously, the feature was only available for credit card payments last year. With the increase in digital transactions and the diversification of payment options, the facility now applies to transactions made through credit cards, debit cards and UPI platforms.
Manu Lavanya, Director and COO of Max Life, said: “The ‘Buy Now – Pay on Approval’ feature attempts to simplify the purchase of policies through a digital payment instrument while avoiding the risk of withholding. ‘money in case of police delay. emission.”
“By extending the ease to broader online transaction modes, we look forward to providing a hassle-free customer experience and mitigating any negative impact that may occur due to cancellations / subscription issues. Since the introduction of this feature last year, we have seen an improvement in the customer experience, with a reduction in issues related to complaints and refunds, which we aim to continue with the new increases, ”he said. he adds.
The feature recorded 25 percent customer penetration last year. Introduced in various payment methods of credit, debit cards and UPIs for customers, the enhanced iteration aims to increase its penetration to around 20 percent over the next two months.