Max Life Insurance — Misselling of Max Life insurance policy by Axis bank Mayur Vihar Ph 3 | |||
This complaint is against Max Life Insurance and Axis Bank which sourced this policy (policy number[protected] Max Life Life Gain Plus® 20 Participating Plan) to me on Feb 2012.Axis Bank is Mis-selling life insurance of Max Life Insurance as an investment proof for giving locker as at the time of taking locker Axis bank told me that I need to invest in this policy and Axis Bank executive told me that this plan is a guaranteed plan and i will get return of 1, 60, 000 after six years and I can surrender this policy after three years with 2 or 3% deduction. But when I contacted Customer care of Max they told me another thing that I can not surrender my policy as there is a locking period of 3 years It’s all right I can deposit my third premium but what’s the use of that as if I will deposit premium for three year than I will get cash value of 12, 000. It's a clear case of fraud by Axis bank by giving wrong information about product features. I have approached nodal officer Manjula Shetty of Axis Bank for this but shameless people are saying that their bank is not faulty. Axis bank is misguiding people with association of MAX life insurance to fraud people. I have contacted Axis Bank Mayur Vihar Ph 3 again and still executive of the Axis bank told me that I will get 1, 60, 000 after six years if I deposit more money as in this plan I need to submit premium for six years that means 1, 20, 000 and I will get 1, 60, 000 on 7th year as they Max insurance will announce bonus after 3 years. No body is clearing real picture for this policy..I have paid two premiums for this policy and I don’t want to block more money in this plan as this plan will not have any good features rather than blocking my money for 20 years and they are giving very less sum assured .I am not understanding why govt is allowing these kind of policies to sell by insurance company when there is no benefit for people from this policy. It’s not a matter of my money only but this is affecting so many people to block their money in such kind of policies.I want my money back from Max as there is nothing like customer care service as they are showing in their advertisement. I have filed FIR against Axis bank but that is not o[censored]se as there is no law in India to protection from fraud policy. Was this information helpful? | |||
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Max Life Insurance customer support has been notified about the posted complaint. | |||
 8 Comments | |||
Comments
Govt is responsible thats why Private Insurance companies cheating customer by selling fake policies. There is nothing like rules and regulations for these Companies and IRDA is helping private companies to sell fraud policy.
Max Life Insurance Q1 profit up 9 per cent at Rs 102 crorePTI Aug 6, 2014, 03.40PM ISTTags:Q1 profit|Net profit|Mitsui Sumitomo Insurance|Max Life Insurance|insurance(Max Life Insurance today…) NEW DELHI: Max Life Insurance today reported a 9 per cent increase in net profit at Rs 102 crore for the first quarter ended June 30, 2014-15. A joint venture between Max India and Japan-based Mitsui Sumitomo Insurance, the company had net profit of Rs 94 crore in the April-June quarter of the 2013-14 fiscal.
http://articles.economictimes.indiatimes.com/[protected]/news/52514623_1_max-life-insurance-102-crore-cent
This is clear that MAX company cheated so may people and made money. Please who is reading this article guide your relative, neighbour and community to not to invest in this company as this company has lots of fraud policy with the approval of Govt.
http://articles.economictimes.indiatimes.com/[protected]/news/52514623_1_max-life-insurance-102-crore-cent
This is clear that MAX company cheated so may people and made money. Please who is reading this article guide your relative, neighbour and community to not to invest in this company as this company has lots of fraud policy with the approval of Govt.
http://articles.economictimes.indiatimes.com/[protected]/news/52514623_1_max-life-insurance-102-crore-cent
Please read carefully this article and you will know how many people cheated that's why this company profit is going up and up. Please guide your relative, neighbour and community to not to invest in this company's policy as this company has lots of fraud policies with the approval of Govt. This company is targeting poor people and female to invest in this company's fraud policy more over this company's website is also a trap.Please save others money also by giving them knowledge about fraud policies details.
Please read carefully this article and you will know how many people cheated that's why this company profit is going up and up. Please guide your relative, neighbour and community to not to invest in this company's policy as this company has lots of fraud policies with the approval of Govt. This company is targeting poor people and female to invest in this company's fraud policy more over this company's website is also a trap.Please save others money also by giving them knowledge about fraud policies details.
Kitne paise IRDA aur Govt ne khaye in fraud pocilies ko approve karne le liye
Max life is the worst, please nobody buy policy's from them.I took the same plan as shilpa Aroura from Amway at that time the agent told me that i will receive 10% of bonus from 3rd year onwards when i called customer service now they told me that it will range between 6 and 10.To surrender my policy i ve to pay three premiums and the surrender value is much lower than my premium.what is the point of paying again?
My agent conveniently forgot to mention surrender value to me, government should at least regulate agents someway they should be responsible for the policy issues and must present in all the related disputes.
We are being cheated between agents and insurance companies.
My agent conveniently forgot to mention surrender value to me, government should at least regulate agents someway they should be responsible for the policy issues and must present in all the related disputes.
We are being cheated between agents and insurance companies.
Shilpi Arora - Am facing the exact situation. Paid 130000 for two years. Now they are asking me to pay the 3rd installment.
But axis bank executive promised me that i can cancel at any time without a fee. I even got a word from the manager! This is insane! I dont want to waste a single rupee more on these day light robbers.
Please let me know where you have filed an FIR. I too want to join you in this suit!
But axis bank executive promised me that i can cancel at any time without a fee. I even got a word from the manager! This is insane! I dont want to waste a single rupee more on these day light robbers.
Please let me know where you have filed an FIR. I too want to join you in this suit!
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I clearly mentioned that I want a single premium or FD. He coaxed me saying that the rate of interests are same as FD.
But, the rate of interest is much lower than that.
I was never told that there is a minimum locking period of 3 years.
The Axis bank executive name was Pradeep.
But, when I see the insurance document, it says some other name. I am not sure if he faked his name also.
I reached out to Max Newyork Life on many occassion, asking them to discontinue and give the premium back (with penalty).
But, they said the penalty is the entire premium amount of INR. 68000/-.
How will I pay INR.68000/- every year? Thats a really big amount!!
So, in short, in this nexus between Axis, Max Newyork, this common man has lost his INR. 68000/- . A very big amount for a poor person like me.
My policy no. is[protected]. Customer service of Max Newyork Monthly Investment Plan is pathetic. Now, whenever I call them they give some IRDA rules. (These rules were never explained when they were trying to sell the policy).