Max New York Life, launched a mobile payment solution through which the policyholders will be able to make premium payments via mobile phones.

This new service powered by Citibank and mChek 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.

In the whole procedure, all the transactions will be secured by mChekPIN to ensure banking-grade security while settlements will be powered by Citi’s cash management services, says Max New York.

Commenting on the launch, Sunil Sharma, executive director & COO, Max New York Life Insurance said “Our 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.”