FAQs

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• What are the options for paying my premiums?

  We offer you several convenient options to make your premiumA regular payment made to the insurance company to keep the policy in force. payments:

  • Through ECS which is available across all modes i.e. monthly, quarterly, half yearly or annually.
  • Through drop boxes at various locations in your city.
  • Through IVR - Call toll free 1800-180-5577 (BSNL / MTNL) or 1800-200-5577 (GSM / CDMA / Others)
  • Through the internet.
  • At all our branch locations in your city.

• What is ECS and how do you avail of this service?

  • ECS (Electronic Clearing Service) is an easy way to pay your premiumA regular payment made to the insurance company to keep the policy in force.s, electronically. It will relieve you from remembering premiumA regular payment made to the insurance company to keep the policy in force. payment dues dates through the term of the policy and from periodically writing / depositing cheques. It will also prevent a possible lapse of your policy due to non-payment of premiums.
  • To avail of this service just send us the completed ECS mandate form along with a blank cheque duly cancelled. We will arrange to get the verification stamp and authorization from your bank on the mandate form.
  • For details on this service, call us on our Customer Helpline: 1800-180-5577 (BSNL / MTNL) or 1800-200-5577 (GSM / CDMA / Others) (toll free) or email us at: service.helpdesk@maxnewyorklife.com

• Is change in the mode of premiumA regular payment made to the insurance company to keep the policy in force. payment allowed?

  Change in premiumA regular payment made to the insurance company to keep the policy in force. payment mode is allowed. You can avail this option by sending us a duly signed policy amendment form for the change.

• What steps do I take in case of an address/ beneficiaryA person(s) designated by the policy owner to receive the proceeds of an insurance policy upon the death of the insured. change?

  Nomination changes can be effected as and when required through a duly filled policy amendment request form. As a nomination enables easier settlement of claims, please do effect a nomination, in case you have not done so at the time of policy application. Nomination can be made or changed at any time during the benefit period of the policy.

  For an address change you can give us a duly filled policy amendment request form along with address proof (If the premiumA regular payment made to the insurance company to keep the policy in force. is greater than Rs 10000 inclusive of service tax) or simply call us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or email us at: service.helpdesk@maxnewyorklife.com

• What are the terms of reinstatementPutting a lapsed policy back in force by producing satisfactory evidence of insurability and paying the required past due premiums. / revival of a policy?

  The policy can be revived within the revival periodThe life cover ceases once the policy lapses. However, the policy can be reactivated on fulfilling a few conditions. as prescribed in the policy contract, if you give us a duly filled health declaration form and you have produced evidence of insurabilityAll conditions that affect an individual’s health, susceptibility to injury and life expectancy; an individual\'s risk profile. acceptable to us as per our underwriting practices and you pay us all overdue premiums and unpaid charges, if any.

• How do I track the performance of my policy fund?

  To keep you abreast of the performance of your policy fund, in case you have opted for our unit-linked plans, we will send you policy statements from time to time. This will reflect the policy fund valueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. as on the anniversary date. You may also logon to our customer portal to view your policy performance.

• Can I take a policy loan?

  If your policy has a surrender value, you can avail of a policy loan up to 90% of the surrender value subject to a minimum availability of Rs. 10,000. The policy loan can be taken for regular as well as single premiumA regular payment made to the insurance company to keep the policy in force. policies, any time after completion of three policy years.

  However, please note that no policy loan is available in case of our Term Plans and Life Maker Unit Link Plan.

• Can I add/ delete riders?

  Yes, you can add riders by giving a duly filled policy amendment request form, and submitting the required documents, subject to prevailing underwriting rules. Deletion of riderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. is allowed in all our plans, you may send us a duly filled policy amendment request form for deleting a riderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage.. For details, please contact your insurance advisor, or email us at: service.helpdesk@maxnewyorklife.com

• What is OPPB and when can I exercise this option?

  OPPB is the option to participate in progressive bonuses. Through OPPB, the insurance coverage can be enhanced from time to time by paying one-time premiums. This option can be added anytime in a Whole Life Par Plan, subject to underwriting guidelines. The OPPB option lapses in case the same is not exercised once in two years.

• Can the premiumA regular payment made to the insurance company to keep the policy in force. payment get collected from my house by an MNYL
  executive?

  Yes, we can get your premiumA regular payment made to the insurance company to keep the policy in force. payment collected from your house within 7 days from the date when you place a request with us. (*Pls note this facility is available only in selected cities.)

  A request for payment collection can be raised by calling us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or sending us an email at: service.helpdesk@maxnewyorklife.com

• How can I get my PremiumA regular payment made to the insurance company to keep the policy in force. Receipt / Consolidated Statement / ULIP
  Statement?

  All you need to do is to logon to our customer portal and download the premiumA regular payment made to the insurance company to keep the policy in force. receipt or you can call us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or send us an email at: service.helpdesk@maxnewyorklife.com and we will send across the required document to you within 2 working days (Receipt or statement).

• Do you offer any services over the telephone?

  Yes, we do. You may access the following services over our help-line 1800 200 5577:

  Change of address (if the annual premiumA regular payment made to the insurance company to keep the policy in force. is less than Rs 10000 including service tax)
  Change of bonusDividends paid to shareholders from funds created out of additional profits realised by the company. options
  Change of contact details
  Change of premiumA regular payment made to the insurance company to keep the policy in force. payment mode (Only for conventional policies)
  Reinstatements within 90 days
  Exercise of OPPB and illustrations

• What is ECS - Electronic Clearence System?

  An extremely convenient time saving and hassle free service that enables automatic premiumA regular payment made to the insurance company to keep the policy in force. payments directly from any of your bank account.

• What are the benefits of ECS?

  No more signing of cheques, preparation of demand drafts, visits to branches for payments etc. Premiums on registration will automatically be debited in time from the customers account. Reduced instances of lapsed policies.

• How is the facility of ECS availed?

  The ECS mandate form can be sent to the nearest Max New York Life branch with an original cancelled cheque.

• How does the ECS work?

  Whenever a premiumA regular payment made to the insurance company to keep the policy in force. falls due, we intimate our designated bankers, who arrange to debit the policyholders bank account of the premiumA regular payment made to the insurance company to keep the policy in force. payable and credit our account of the same. The entire transaction is routed through RBI.

• What does this service cost me?

  It costs nothing. This service is free of charge.

• Do I get a premiumA regular payment made to the insurance company to keep the policy in force. reminder?

  Yes, we will be informing you in advance of the premiumA regular payment made to the insurance company to keep the policy in force. due date.

• Do I get the receipt for my auto premiumA regular payment made to the insurance company to keep the policy in force. payments?

  Yes, we will send the official receipt, after realizing the premiumA regular payment made to the insurance company to keep the policy in force. amount from the respective bank account.

• Can I cancel this facility if once availed?

  No, you can not cancel this facility in monthly and quarterly mode policies, it can be changed in annually and semi annual modes.

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