[Resolved]  Max Life Insurance — CHEATED BY MAX INSURANCE AGENT AND AGENCY

Address:

Hisar, Haryana

Dear Sir,
on 21st November 2009 an agent from Max life insurance approached us, he explained us that there is a very good policy of Max New York life. We were convinced by him he said that we need to pay the policy for only three years and the lock in period of the policy is for three years only and there & after 3 yr. there wouldn't be any liability and I can withdraw the amount at any time after 3 years and I will get the deposited amount + interest in case I withdraw after 3 years. and he informed me that in the year of maturity which was on 2019 I will get handsome amount of Rs. 1,20,000 minimum and also he informed us that no money will be deducted from my installments only service charges which is nominal will be deducted. He assured us that there would be no administrative and file charges will be charged if I pay 3 installments minimum. As per details provided by advisor policy having 3 years lock in period, after that i can get at least premium paid amount or more according to interest rate which is applicable at the time of surrending the policy which will be minimum 6% to 20%, without any surrender charges. With above condition i agree to take the policy from them thinking that it will give good return after 3 years.
I have paid 6 half-yearly installments Rs. 6,000/-each; in total I have paid 36,000/- Rs. to the Max life insurance company. but to my surprise after paying 36,000/-, On 8,9th December 2012 we were told by the firm executive and also received call from the Call center people that I need to pay the renewal amount of the policy even after paying 3 years installment Thereafter I contacted the agency from wherein I have submitted the renewal policy amount Shri Ganesh crop services which is now shifted to urban state Hisar wherein i met max executive who was the in-charge over there I explained him all the details and what problem I am facing; he told me that by mistakenly the executive informed us the wrong details of the policy when I told him to lodge a complaint he refused for the same, They asked me to file a complaint against that agent when I said that it is your duty to provide correct information to the customer and lodge the complaint against the agent he refused and said that you need to lodge the complaint against the executive yourself. When I inquired about that agent, I came to know that he has been terminated which is informed by the officer there. The incharge over there informed me to continue the policy for the next 2-3 years and said that don't pay the renewal and after 2-3 years you will get around 40,000.i returned back to my home but after 2-3 days I have again received call from the call centre people and a letter too in which it is written that due to non-renewal of your policy, your policy may be terminated by the company and they will pay only remaining amount if any.
The agent name was karamvir who sold me the policy and he was from the Shri Ganesh Corp. Services Hisar. The broker code is CHSRI/199490.
There after I have send around 10-15 mails on customer care id inquiring and complaining about the agent and agency. I have lodge the complaint in there max Grievance Redressal also I have send around 10-15 mails on (service.[protected]@maxlifeinsurance.com, manager.[protected]@maxlifeinsurance.com and also on [protected]@maxlifeinsurance.com) and called 100 times on customer care. In return I got a mail and call from the escalation team that it was totally my fault the lady said that they have delivered the policy document to me with all the details however is it enough to send the policy document only. The max life insurance office (Shri Ganesh Corp. Services) and Grievance Redressal Officer are refusing to take the complaint, Instead of taking the complaint and resolving my issue they are saying it is totally your fault why have you paid the policy for 3 years. You need to surrender the policy in within 15 days if you are not satisfied. My complaint is that we had been given partial, hidden and wrong information by the company
agent. Most important thing is that after giving them Rs. 36,000/-, I am getting only Rs.10,000/-(approximately)..Max New York Life is the Worst Service Provider amongst all life insurance co.
In my entire life i haven’t heard about such a plan in which u invest 36, 000 and you get 10, 000.While issuing this policy i was not informed of such a plan. These people are a complete fraud and cheaters. They are cutting lots of charges and are not able to explain the details of them. Not only sub branch, but also Head branch is not able to give the whole detail. Now the executives telling me that the agent has sold me a wrong policy. After lot of inquiry from them I came to know that NAV of my policy has increased from Rs.10 to Rs. 15, which means my money has increased from Rs. 36,000 to 54,000/- and I am getting only 10,000. If I had put this money in any other savings account, I would have got at least 7 % interest. After detail study i found that all my premium part has been feed to company and advisor. The company had charged 100% of the first premium amount as admin. Charges, Irony is that these days, Max Newyork Life Company. Is showing advertisement that their audience should call their agents because they are their true advisor, but in reality they are not taking responsibility of their own agents and their products, I want them to refund my money. Agents and Managers of MAX NEW YORK LIFE INSURANCE are cheating innocent people. When i was taking the policy i was promised that the policy will give fixed returns between 6 to 20 percent returns. As I am from normal background, I was unaware of policies, insurance and related stuff.
Please look into my complaint.
1) At the time of taking the policy the Agent told me that the lock in period of the policy is of 3 years only after 3 years I can surrender the policy at any time and in return I will get deposited amount+ interest deducting only service charges which is nominal.
2) The agent assured us that there would be no administrative and file charges will be charged if I pay policy for 3 years. But after lot of search I found that they have charged mortality charges, policy administration charges, premium allocation charges, fund management charges, etc. which is not communicated to me at the time of taking this policy. The company charged 100% premium of first year as admin charges how in the world any company can charge 100% amount as admin charges. If it was told to me at the time of taking this policy I would have never deposited my hard earned money into it.
3) At the time of talking the policy the agent did not informed me that this policy is based on market condition he simply told me that this is a pure saving policy in which there is no market risk. He assured me that it was not based on market value; they will use my money in secured fund only. But after lot of search I found that all money depends on NAV value. It was a Unit linked plan.
4) The max life insurance office (Shri Ganesh Corp. Services) and Grievance Redressal Officer are refusing to take the complaint, instead of taking the complaint and resolving my issue they are saying it is totally your fault the why have you paid the policy for 3 years. You need to surrender the policy in within 15 days if you are not satisfied. It was my fault that I believed on MAX insurance and their agents.
Reference number for my complaint which was registered with Max Life insurance. 10564939
and IRDA token number[protected] and entity reference number 10713645
They have given me wrong information during purchase of policy & paying the premium. It’s a real case of fraud want to take legal action against at any cost. Please look into my complaint
Regards, Geeta D.O.B:- 26th May 1990 Policy number[protected] Father name Krishna bahadur
My personal call back number is [protected].