[Resolved]  Max Life Insurance — Complaint regarding life gain plus 20 participating plan policy

Address:	Ghaziabad, Uttar Pradesh, 201010
Website:	www.maxlifeinsurance.com

I have taken this max policy[protected] in march 2012 thru axis. I have so far deposited 5 annual premiums of rs. 40000 yearly. Due to some financial crisis, i planned to surrender this policy. When i reached out to customer care, they told me that if i surrender the policy i will only get 30% of last 4 premiums submitted. It is shocking to know that max is going deduct almost 75% of the total premium deposited. This is fraud. Even if one put his money in savings account, the money will grow but in this plan, it is depreciating badly.
Now comes the information shared by the agent while selling this policy to me. He convincingly told me that you can surrender the policy after 3 years lockin and there will be minimal surrender charges. He also told that if i submit all the 6 mandatory premiums, i can surrender the policy after completion of 6 years and i will only get premium paid plus paid up yearly bonus. As per him, if you surrender policy after 6 years but before maturity, i will not get sum insured. I have been cheated by the agent as he made false claims and did not mention 30% return or cash value clause once. He even claimed that if i keep the policy for full 20 years, i can get 6-8 lakhs total maturity return.
I tried to reach the agent but he left axis bank. I even tried to reach the contact number given in my online policy account as my insurance agent but the person said he was never with max and his number is mentioned wrongly there. Even the information in online account is fraud.
Don't understand how these companies survive by doing such cheating with common citizens. Even if i just do fd/ppf of 40000 for 6 years, i will get better return. This is sheer fraud in the open daylight.
I have to reach out to concerned legal and regulatory authorities to get the help and justice. Really disappointing that such big companies (Max & axis) indulge in cheating so openly and arrogantly.