[Resolved]  max newyork life insurance company — For complaining of fraud against Max Newyork Life Insurance company

Address:

Udaipur, Rajasthan

Kalpana( Nainawati) Doshi
15, Gayatri Nagar, Sector-5, H.M., Udaipur
Ph. No [protected]R), [protected](M)
13 Sep’2012
To,
The Manager,
Consumer affairs Department,
Insurance Regulatory and Development Authority,
9th Floor, United Towers,
Basheer bagh, Hyderabad

Subject: For complaining of fraud against Max Newyork Life Insurance company
(Policy No. :[protected]

Dear Sir,

With reference to above subject, I would like to say that I took an insurance policy of Max Newyork Life Insurance in 2008 for Rs. 25,000. At the time of inception of the policy I am being told that I have to pay only three premiums in these policy and after completing three years I can withdraw our amount with handsome returns.
But agent, Mrs Nitu Lalawat(Agent Code : 210525) slyly & with greed, filled the column for the term of policy as 'annual' in which I have to make minimum three annual payments. This she did it only to get huge commissions.
Today, when I ask the policy NAV, I found the fund value as only Rs 61000/- against the deposited 75,000, means a total loss of Rs 14,000/=
Except to this when I went to surrender my policy, the co. informed me there will be 35% deduction too of total value since I didn't pay five minimum installments. Sir, I 've been inhumanly cheated. I am unemployed and financially poor; I can't bear this huge loss(14000/- + 35% of 61000/-).
Further I was not informed of the exorbitant charges the co. levy on my investment.
Sir, my request is to please take action against this fraudulent company. Since they hide the fact & do incompetent practice. Also they exploit the poor people like us.
Please sir, take strict action against Max Newyork Life Insurance.

Pl. do the needful at the earliest in this regard.
Thank you very much in advance & look forward for your immediate and favorable response on the issue.

Regards,
Kalpana Nainawati
[protected](M)
Email: [protected]@yahoo.com
Date: 13 Sept’2012