[Resolved]  Max Life Insurance — surrender amount of my policy[protected]

Address:

Bangalore, Karnataka

Dear All,

My Name is Varadaraj and am from bangalore. I have a policy with max new york which was taken in Nov 2007 and the policy number is[protected] .The complaint on them is I had payed 3 years premium of 72000 i.e 24,000 per annum for 3 years. When i got to know that the lock in period is 3 years i went to the malleshwaram branch and asked about my fund value and they told me that it is 78000 but when i asked them to surrender for the same amount they told me that 25% surrender charge would be applicable which was not told at the issue of the policy and they said i would now be getting some where around 56000... Then i thought why to lose 14,000 and went to indiranagar branch and asked for some assistance on this. One of the person in the reception suggested me that as u have payed 24000 premium for 3 years u will have to bare surrender charges of 25% and he told me i[censored] make the 4th year payment u will have not have any surrender charge on ur policy. On his suggestion and after prior confirmation in malleshwaram, indiranagar and mg road branches i finally managed to pay the 4th year premium as well. So the amount which i have payed now is 96,000 For 4 years and according to them and the policy regulations there should be no surrender charge. On Dec 2nd i just called the jp nagar branch and asked them what is my surrender value, so they said i[censored] surrender ur policy today i.e on 2nd dec ur surrender value would be 1lakh and 3 thousand rupees. So i went the same day to MG road branch in the afternoon and even before surrendering the policy i repeatedly asked the officials whether i will receive the full amount of 1lakh, 3 thousand without any bull surrender charges. They told me there will no surrender charges and the complete amount will be paid to ur bank account within 12-to 15 working days and finally the policy was surrendered they gave me an acknowledgment. But when i went a couple of days back to mg road one gentllemen told me that ur process is almost over and u should receive ur amount within 3 to 4 days. And today i.e 22/12/2010 when i called the same mg road branch i was shocked to know that my surrender value now is 77,000. I again went to the same office in the evening and when i seriously enquired about this they told me that By mistake their system in mumbai or delhi has taken the surrender charge even after the 4th year payment. Upon seeing my anger and frustration they called up the mumbai or delhi office they told him to check regarding my case and they have assured me that they would resolve this confusion within 24 hours i.e they have time till tomorrow eve 23/12/2010 [5pm]. I am very curious to know what answer they give me tomorrow. And a lady in the reception assured me that by monday i.e by 27/12/2010 1lakh and 3000 will be there in my bank account. My dear people pls don get cheated but these world class frauds and they cheat innocent people who do not even know "abcd of insurance. I will get back to u tomorrow with status of my complaint and i hope they resolve this or else please join me in screwing this company and i will go to the consumer court and fight the case.
Any policy holder with same complaint can call me on [protected].