Max Life Insurance — Policy surrender value & Bonus calculations

Address:	Guntur, Andhra Pradesh, 522001
Website:	www.maxlifrinsurance.com

Dear,

I am writing in continution to my complaint dated 24.01.2017, against Max life company.

Policy No:[protected],
Greviance reference no: 17859444.

As requested I have given ample time for investigating my case. In between there was a mail from Investigating department, of max life insurance company, wherein it was mentioned that my greviance will be investigated and redressed at earliest. I was really hoping for some positive response from this second tier of the company and waited for more than 10 days.

During this time there were couple of fake calls; who were asking me to buy another policy in order to get my maximum money back from this policy.

Yesterday I got a mail from the investigating department. To my astonishment nothing has been mentioned in that mail about my concerns. In brief two points are mentioned,

1. Free look period of for the policy was completed and 2. For the last 5 years, there was no complaint against bonus amount that had been paying.

I clearly mentioned in my complaint that, I had purchased the policy way back in 2009. Hence there is no point of looking for free look period whatsoever.

I sought details of calculation of bonus against my policy. The company claimed that they have declared bonus at 8% for last year. If it is the case, I have paid so far 3, 74, 000.00/- as a premium. If the premium of ongoing year is deducted then the figure will be 3, 24, 000.00/-. At 8 %, bonus for the last year should at least be 24, 920.00/- ( 3, 24, 000 * 0.08). But what I got was 12, 000.00/- only which is very less and not even 4 %. I accept my mistake of not looking for these details for last 5 years. But it doesn't mean that I have no right to raise concerns now. At least now I realised the fraud & cheating that has been doing by the company.

One more clarification I stressed upon is the surender value of my policy. There is no mention about this in the mail from Investigating officer. Instead a free advise has been tendered saying that it would be beneficial if I continue this policy.

I am deeply hurt & dissatisfied by the attitude of this company. I regret for choosing the company which I could not alter. My sincere advise to people is do not buy any policies from Max life. They will show you big dreams while selling policies, later they will turn blind eye to your concerns. There is no need to tell about the attitude of people working at branch office.

In no way I will continue this policy and allow my self being looted further. I have to surrender this policy, but the amount that is offered by the company (108000.00/-) is not at all acceptable. I need to check bonus amounts of previous years too.

Hence seek intervention of the consumer complaints authority to help me in getting my money back. Plus I have not got the services that have been promised by the company.

Bala
[protected]