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A few years ago, Shyam bought a max life insurance policy online to protect his family members in case of an eventuality and create wealth at the same time. Due to unforeseen circumstances, Shyam was unable to pay the premiums on the due date and the policy lapsed. Now when he went to purchase new life insurance, premiums were much higher due to the increase in age. He eventually consulted his financial advisor, who advised him to renew his old policy and continue the coverage at the same low premium.
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Shyam contacted the insurer and renewed his lapsed policy using the max life insurance renewal method. Let us see why you should renew your life insurance and its benefits, but first, let us understand what max life insurance renewal is:
Max life insurance renewal is the process of renewing the life insurance to extend the policy coverage for a longer term. This way, you can stay covered under the policy benefits at affordable premium rates, and in case of your untimely death during the policy term, the insurer will pay out the death benefit. You can easily make life insurance renewal payments online or offline at your convenience. While online renewal provides the chance to renew the plans from the comfort of your home, offline renewal allows you to get in touch with customer support to get a better understanding of the max life insurance renewal payments. Let us see why you should renew your life insurance policy and its benefits.
Term Plans
Here is a list of reasons why you should renew your Max life insurance policy:
Continued Benefit and Coverage: If you renew your life insurance plans, you can continue to stay covered under the plan’s benefits for the remaining policy term at affordable premiums.
No need for Medical Examination: The entire process of max life insurance renewal allows the policyholder to renew their life insurance plans without submitting new medical exams.
Avail of Tax Benefits: You can claim life insurance tax benefits using a life insurance policy u/s 80C, 80D, and 10(10D) as per the prevailing tax laws.
Let us take a look at some of the benefits of making max life insurance renewal payments.
Financial Security: By ensuring you are paying the max life insurance premiums regularly, you can secure your family financially in your absence. Then, in case of your untimely death during the policy term, the insurer will pay out the death benefit amount.
Affordable Premiums: If you renew your life insurance policies, you can secure large life cover at affordable premiums for a long policy term.
Easy-to-Use: You can easily renew your max life insurance plans online or offline as per your convenience in a few simple steps.
Dedicated Customer Support: In case you need customer support to successfully make max life insurance renewal payments, you can contact the company’s customer helpline to get dedicated customer support.
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Here is how you can make Max Life Insurance Renewal Payments:
Official Website
Step 1: Visit the company’s official website
Step 2: Go to ‘Customer Service’ and select the ‘Premium Pay’ option
Step 3: Submit your mobile/policy number and date of birth
Step 4: Select your preferred payment option
Step 5: Fill in the required information and proceed to pay
Digital Wallet
You can make the Max Life insurance renewal payments online via digital wallets like Google Pay, Paytm, Amazon Pay, PhonePe, and Airtel Money.
Step 1: Open the desired digital wallet
Step 2: Click on Recharge and Bill Payment
Step 3: Select the Insurance option
Step 4: Click on the Max Life Insurance insurer
Step 5: Enter the Policy number and date of birth
Debit/Credit Cards
You can opt for the direct debit option through your debit or credit card and have the premium amount debited from your account directly on the premium due date. You can fill out the ECS mandate form and send it along with the cancelled cheque at least 30 days before the next due date for direct debit via debit card. The auto debit via credit card can only be made for VISA and Master Credit Cards.
EBPP (Electronic Bill Payment Process)
With the EBPP facility, you can have the premium directly debited from your bank account by registering yourself online.
NACH/ECS
You can easily register yourself for the NACH/ECS feature by submitting the required documents either online or offline. You can avail of this feature using a debit card or net banking options.
Axis Branch ATM
You can visit any of Axis Bank’s branches or ATMs nearest to you and pay your max life insurance renewal payments in person.
Foreign Remittance
Step 1: Visit the nearest company branch and request for forex or wire transfer
Step 2: Duly fill in and submit the required documents with the following details
Name of the Beneficiary
Max Life Insurance Co. Ltd.
Beneficiary Account No.
1165 <XXXXXXXXX> (1165 followed by 9-digit policy number)
Swift Code
HSBCINBB
Bank Address
25, Birla Tower, Barakhamba Road, New Delhi-110001, INDIA
Max Life Business Address
Max Life Insurance Company Limited, 11th Floor, DLF Square, Jacaranda &Marg, DLF City Phase II, Gurugram - 122 002,
Haryana, INDIA
Step 3: Take the conformation receipt for future reference
Max Life Insurance Branch
You can make the max life insurance renewal payments by visiting any of the Max Life Insurance branches and paying the premiums through cash, cheque, or credit card. After making the premium payments, make sure to take the acknowledgement slip for future reference.
By Cheque
To pay the max life insurance renewal premiums, you can write the cheque to "Max Life Insurance Co. Ltd.” along with the policy number. At the back of the cheque, you need to mention your name, policy no., and contact details.
Here is a list of all the documents/information required for max life insurance renewal payments:
Policy Number
Date of Birth
Registered MobileNumber/Email Address
Cheque payable to Max Life (only for Cheque payments)
If you want to renew your lapsed max life insurance policy, you can do so by following the below-mentioned steps:
Contact the Insurer:
Pay the Remaining Premiums:
Submit a New Medical Test:
Life insurance is an important aspect of everyone’s financial planning as it provides not only both wealth creation and financial security but also tax-saving benefits. You can stay covered under the plans’ benefits for the long term and ensure your family’s financial security for an extended period.
Note: It is suggested to calculate the term plan premium on the term life insurance calculator online tool by Policybazaar before buying.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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