Max Life Insurance has launched digitized payout services on its website, wherein policyholders will be able to access a host of services – such as changes in premium mode, partial surrender, loan against the policy, etc. This can be done online through the website of the insurance company, fulfilling the financial needs from anywhere, anytime.
With COVID-19 increasing customer engagement and expectations, the life insurance company had introduced innovative service experiences via digital interventions like Mili Chatbot, and WhatsApp Servicing. These initiatives have helped the company address over 4 million digital transactions during this Financial year, wherein WhatsApp has contributed to approximately 22 per cent, while the Mili Chatbot has helped resolve nearly 7-8 per cent of the entire digital transaction range enabled by Max Life.
The company says, similarly, the financial payout services feature on the website will make it convenient and hassle-free for customers to submit their requests online, and enhance their overall digital experience.
Some of the services offered on the website;
Surrender of policy: This will enable policyholders to place surrender requires of their policy on the website.
Loan against policy: This will let customers fulfil their financial needs without closing the policy. The life insurance amount taken for the financial protection of the family remains intact while the customer repays the loan amount.
Partial Surrender: This service will help policyholders fulfil their short-term financial needs without closing the policy. Note that this service is only available on Unit-Linked Insurance Plans (ULIP) policies.
Surrender of Paid-Up Additional Bonus: Allows policyholder to avail of this service if they have opted for a traditional (non-ULIP) policy with ‘Paid-Up Additional bonus’ option.
Change in premium mode: With this option, one will be able to change the premium payment mode of policies as per their current financial condition.
Manu Lavanya, Director and Chief Operations Officer, Max Life Insurance says, “By focusing on how customers we create innovative solutions that streamline life insurance workflows, increase efficiency, and improve overall customer experience. The latest digital offerings enable customers to avail of financial payout services via our website in a secure and seamless manner.”
He further adds, “This is another example that represents our customer-first approach, where we anticipate their need and offer proactive digital solutions to simplify engagements with our customers.”
