DISCLAIMERS:

Subject to the terms and conditions of your policy contract:

1.     Max Life Insurance Company Limited (“Company” or “We” or “Us” or “Our”) requests you to pay your due premiums (along with the all applicable taxes, cesses, and levies as imposed by the Government or any other taxes, cesses or levies, if any) within the due dates specified in the policy contract. If you do not pay the premiums within the grace period, your policy may lapse.

2.     A lapsed policy may be revived at our discretion, within the revival period prescribed in the policy contract provided the conditions prescribed therein are met. The premiums paid beyond the grace period may be subject to late fee as per the table below:

3.     Payment of due premiums beyond the revival period shall not be accepted by Us and We shall not be liable to process the same.

4.     Premium payment may be made by policyholder alone and not by any third person on behalf of the policyholder except where it is not speculative and the third person has an insurable interest in the life assured.

5.     Premiums may be eligible for tax benefits under section 80C/80CCC/80D/37(1) of the Income Tax Act 1961. The policyholder is advised to seek an opinion of his tax advisor in relation to the tax benefits and liabilities applicable to him.

6.     Company disclaims all warranties of any kind whether express or implied including without limitation any representation or warranty regarding the use or the result of the online payment facility in terms of its correctness, accuracy, reliability, usefulness, completeness, continuity, uninterrupted access, timelines or otherwise. The Policyholder understands and agrees that he/she assumes total responsibility and risk for his/her access and use of these facilities.

7.     The records of the Company on the premium payments, maintained through computer systems or otherwise, shall be conclusive and binding for all purposes and can be used as evidence in any proceedings. 

The online premium payment facility is completely dependent on the performance of the server of the payment gateway service provider for net banking/cash card/ online wallet/ credit card/debit card transactions and the respective banks for all bank account transactions. The Company shall not be responsible for the success or failure of the transaction and does not provide any guarantee of server uptime and/or of transaction success. All payments made shall be dependent on the terms and conditions of the payment gateways and the banks.

8.     The policyholder understands that by using this facility, he explicitly agrees to be bound by the terms and conditions of the payment gateway and of the banks and shall not hold Company responsible for any default of the same. However, in case of double debit, the Company may (and shall not be obligated to) provide necessary assistance for correction/ refund of the additional amount received by Company or by the payment gateway, as the case may be.

9.     Once a premium payment is made, the policyholder will not be able to make modifications to it or cancel it online. The policyholder will be required to contact the nearest branch office for cancellation of the premium amount. Refund will be made to the debit card account/credit card account/cash card account/ net banking account/ online wallet, after deducting the applicable charges.

10.   The Company shall process any request for renewal or revival of a policy only on receipt of the due premium (along with any applicable taxes) and the relevant applicable documents, including but not limited to KYC documents as provided in the policy contract.

11.   The payment of renewal premium made using this mechanism shall not constitute the commencement of risk. The risk shall commence only upon realisation of the premium amount in accordance with the terms and conditions of the policy contract.

12.   For Unit Linked products, the Net Asset Value (NAV) as per the policy contract will be applicable.

13.    The policyholder is solely responsible for the transaction and shall be held liable for any fraudulent activities performed through this facility. The IP address of the policyholder may be tracked by the Company and penal action may be initiated against the policyholder in case any fraudulent actions are detected.

14.   The policyholder should ensure that there are sufficient funds in their account to avoid transaction decline.

15.   The Company will not in any way be responsible for any damage or loss caused to policyholder as a result of financial transaction on the website. The Company will also not be responsible or liable in any manner for fraudulent use/misuse of the policyholder’s debit card/ credit card / cash card/ online wallet/ net banking account. The Company will not be responsible or liable in any manner for any error or defects that may exist or for any costs, loss of profits or consequential losses that may arise from the policyholder’s use of or inability to use, or access or a failure, suspension or withdrawal of all or part of the facilities at any time. The Company accepts no liability or responsibility for loss of data or breach of confidentiality, or other consequences howsoever occurring. However, the Company may assist the policyholder in recovering the amount, provided the above losses have been caused to the policyholder for reasons other than his own fraudulent act/mistake/misuse.

16.   Company may from time to time make alterations, additions or deletions to these terms and conditions which shall be agreeable to the policyholder.

17.    The policyholder may in the event he/she is dissatisfied with any part of the facility or with any terms and conditions or alterations thereto, discontinue the use of the facility.

18.   The policyholder shall not use the facilities for any purpose that is unlawful or prohibited by these terms and conditions. The policyholder shall take all necessary precautions to prevent unauthorized and illegal use of the facilities and shall not disclose the details of his/her credit card/debit card/ cash card/ online wallet/ internet banking details to any other person to prevent its unauthorized use.

19.   Due to operational difficulties, Company may decide to suspend or terminate the facilities. The policyholder shall be responsible for any transactions made through the facilities until time of such termination.

20.   These terms must be read in conjunction with the terms and conditions mentioned in the proposal form and the policy contract. In the event of any discrepancy between the terms and conditions as stated herein and the policy contract, the terms and conditions stated in the policy contract shall prevail.  

21.   These terms shall be governed by the laws of India.

* Effective May 01, 2009, in accordance with the Finance Act 1994, all applicable taxes, cesses, and levies as imposed by the Government is applicable on the life and health insurance premium.

* In accordance to Income Tax Act 1961, PAN is mandatorily required to be mentioned by policyholders where annual premium exceeds Rs. 50000.

All applicable taxes, cesses, and levies as imposed by the Government or any other taxes are not applicable for ULIP policies.