Now, pay insurance premium via your mobile

MAX New York Life Insurance announced the launch of a convenient and secure payment solution for its policyholders to make policy payments using their mobile phones. Powered by Citibank and mChek, this smart and secure solution enables policyholders to pay their renewal premiums, subscribe to and top-up investments in ULIPs and links the charges to their preferred bank account or credit card.

The company values policy holders’ faith in them and is committed to bringing benefits of modern technology at their fingertips. Their customers can now use this ubiquitous channel and transact on a 24X7 basis. Due to delay in payments, many policies lapse or policyholders have to shell out additional charges for their policy revival. This new service is an attempt at streamlining timely payments by policyholders to ensure that they remain financially protected throughout the term of the policy.

All transactions are secured by a mChekPIN, and encrypted end-to-end with 3DES encryption, ensuring banking-grade security from the convenience of the mobile phone. Settlements are powered by Citi’s cash management services.

Citi is committed to providing innovative, practical and secure payment solutions. We pioneered payments by mobile phones and are pleased to extend this service to Max New York Life and its customers. In banking and payment transactions, secure remote authorizations are crucial and we are delighted to work closely with Citi and Max New York Life to pioneer the use of the mobile phone for such transactions.

Source: Reuters