HEIGHT OF NON-ACCOUNTABILITY
This is in reference to my policy no. - 258432541, Plan : 25 Year Level Term Plan.
I have paid premium Rs 5655 due this year as per Policy document issued to me. Now I am being asked to pay more premium Rs 582.47 and reason given is that addition is nothing but a govt levy introduced this year.
Now the fact remains that govt has surely imposed a levy on the premium but as a professional company you have overlooked following points :
1) Most insurance companies have not demanded such a increase from their existing policy holders ... so far.
2) In case Max has taken a decision to go ahead and demand that levy from policy holders, they have failed to intimate their policy holders about the change in time. I came to know about it when your collection person visited me for picking cheque.
3) So there was no written or verbal communication to policy holders on this issue ... I treat it as taking customers for granted.
4) Now that I have paid short, I still await communication from compnay in balck and white about the rest of premium to be paid. They are aware that they need not pay any insurance sum on the pretext that I have not paid full premium. So they are simply gutting my money without offering me any insurance.
4) Policy document is a legal document between MAX and myself. And we both need to abide by the legal as well as the commercial terms written and agreed between MAX and myself. Legally speaking Max is not entitled to ask for additional premium without revising Policy document. I am sorry to add that company has failed to comply with the spirit of Policy document by not revising it till date. In case there was administrative delay in revising policies on your part, a letter would have served that purpose till policy revision. Sorry to add that company management thinks otherwise and didn't bother to send a letter to me in this regard, leave alone sending revised policy document.
5) Now million dollar question here is : In case I die this year, will Max pay my nominee the insurance sum as per terms or will it give an excuse of failure on my part of not paying full(?) premium ???
6) If I have paid partial premium ... as per Max, why is company not intimating me in black & white that I need to pay rest premium. Is Max sleeping since I paid my last premium in June, 2009?? Now what is the status of my policy... I have no clue.
7) Owing to all these developments, I have lost my faith in the company management. And fearing that company flouts legal document at its will, I am not interested to continue my policy with Max anymore.
I request all readers to be careful while dealing with these types of companies.