[Resolved]  Max Life Insurance — Smart Wealth Plan

I took this policy on 25th April 2022 and after some research and speaking to my relatives, I realised it would not be beneficial to my goals. I requested a cancellation of the policy on 27th April 2022 but have not been given a concrete response about when I will receive the refund of my payment. I am within the freelook period but MaxLife is giving excuses and stalling by passing the query from one person to another.

If I don't receive a refund by 9th May 2022, I will be forwarding my complaint to IRDA. I believe it is against the law to withhold the customer's funds and not issue a refund when we're within the grace period. This does not speak of accountability, integrity or good customer service.

Perhaps the IRDA should conduct frequent audits to check whether these insurance companies are actually issuing refunds/claims as they state or if these are all marketing gimmicks. If a customer doesn't pay the premium by the due date, then the insurance provider can say that the policy has lapsed and wash their hands off the matter. When a financial company does not return the customer's money in time, then should they not be held responsible and made to pay interest for the number of days they have withheld our own funds?

I have already forwarded the emails and WhatsApp chats to the escalation team of MaxLife and will be sending these to the IRDA too by 9th May 2022 if I do not receive the refund so I will not be attaching these here.