Max Life Insurance has enhanced the ‘Buy Now – Pay at Approval’ feature available on term insurance purchase for customers. Launched last year for policies bought online, the feature allows customers to apply for a policy through a digital payment method. This helps ensure that the premium amount is not deducted until the proposal evaluation by the insurer.
While the feature was only available on credit card payments last year, with the increase in digital transactions and diversification of payment options, the facility now applies to transactions made through Credit Cards, Debit Cards, and UPI platforms.
Launched last year only on Credit Card payments, the ‘Buy Now, Pay at Approval’ feature saw a 25% customer penetration last year. Introduced across varied payment modes of Credit, Debit cards and UPI for the customers, the enhanced iteration aims to increase its penetration to ~20% over the next couple of months.