[Resolved]  Max Life Insurance — Complaint - Surrender Policy no:[protected] at Max Newyork Life Insurance

Address:Bangalore, Karnataka

Hello,

I took a Life insurance policy ( Policy no:[protected] in December 2006 from Max Newyork Life Insurance and this complaint is regarding its surrender. This is a horrible situation of a investor (self) whose money is duped by big brands like “Max Newyork Life insurance” (MNYL) in name of Insurance.

In May 2010 I wanted to withdraw the policy as I had personal need for money.

Ø On May 20th 2010 I had walked in Bangalore MG road branch for the surrender of my policy and they accepted my surrender of policy and gave me a signed and sealed acknowledged copy of the acceptance, and told me that the cheque will be sent to my residential address within 3 weeks.
Ø On May 27th 2010 I received a notification from MNYL that my surrender is in progress.
Ø As per the surrender I should have received the money back by June 2010 but in Vain and no response from MNYL. The Irony in this situation if we were to buy a policy by this we would receive a million calls following up on the situation, but it’s time to payback and its the other way around that I kept calling them to hear a reason everyday for not receiving my cheque.
Ø In Aug 2010 when I finally was not getting a concrete answer I had to speak to the MNYL executive Roopa who then escalated to the case to her manager Mala MN, who I think has no better authority than Roopa. She told me that my policy is in lapse and that is why they could not process, so when I asked her why was this not informed to me at the point of surrender, she had no answer. She asked for 24 hrs time to help me in this situation and never called me till 48 hrs and I called her asking her what happened, she said that her HO people were busy and she asked for another 24hrs time to get details for me.
Ø The next day she called and informed that If pay Rs 5000/- more towards the policy, that will help me surrender the policy by reviving it. She told me that she has got this confirmation from the Head office, from Nitin Grover, an MNYL employee.
Ø On Aug 30th 2010, I paid Rs. 5000 and they again took my surrender request again and told me that by Sept 13th I should get my cheque.
Ø Again it’s time to payback so no response or calls from MNYL and I kept following up with Ms. Mala on the status and she would tell the same thing to me, don’t worry it’s in process you will receive the cheque soon.
Ø Now they are saying that as the policy is lapsed, I won’t pay my money back. Mala says that she got the approval from HO before communication to pay Rs.5000 but the HO (Nitin Grover) denies or refuses the same. As an organisation they are most unprofessional people. As 3 people together has played my emotions and sentiments (Roopa, Mala and Nitin) and I am sure the organisation is the same.
Ø Nitin Grover does not respond to our calls anymore now and mentions that he is no way related to this case, and he never gave any communication to Mala M N asking me to pay 5000 to revive the policy.
Ø I am still fighting for the money and MNYL have refused to pay my Rs 50000/- . Anytime asked about the money, they have just bought time and they eaten 5 months and not paid my money back.

My question now is:

1. How do I get my money back at the earliest?
2. If there was an issue with paying me back the money, why was it not communicated 5 months back and was asked to pay 5000/- to revive the policy, because I have lost 5 months of time and still dont have my own money given to me. MNYL has used my money for last 5 months, and wasted my time, energy, and efforts and caused me severe mental trauma. I need adequate compensation for all these.

If I dont get my money back, I am going to knock on every legal, media, and social networking avenues to ensure that people are aware of the fraud handlings of Max New York Life.

Please treat this on an urgent basis and help me get my money back. Also, please let me know the Complaint Number for this case.

Warm Regards,
Priya S
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Aug 13, 2020
Complaint marked as Resolved 
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Dear Priya S,

We are pleased to confirm surrender of your policy ( Policy no:[protected]. As communicated to you by our Customer Service Executive, the current surrender value is Rs 49, 939.52. A cheque for this amount has already been despatched to your mailing address and the same should reach you by October 31, 2010. Please write to [protected]@maxnewyorklife.com incase you do not receive the cheque by the end of the month.

Your sincerely
Support Team
Max New York Life Insurance
Dear Max New York Life Quality Team,

I received the amount some time back, and wanted to thank you for your kind intervention and helpful resolution to the issue.

Regards,
Priya S

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