Max Life Insurance — Surrender Value is only 30% of my Premium (Traditional Policy) | |||
Hi, I am a policy holder with Max Life Insurance Company since yr 2005 and it's "Whole Life Participating Plan". My Annual Premium is around Rs. 11, 000 which is paid in 2 terms (Half Yearly). This is my 10th year I am paying my premium. When I inquired about the procedure to surrender my policy, they said that it's only 30% of my Premium Paid Amount ie. around Rs. 56, 000. In simple words, I'll be losing 50% of my Premiums Paid. I don't know on what basis, Maxlife can take 70% of my money into their pocket. The customer care executives also repeat the same answer what they see on their system(s). As per law, after Locking Perios, I should be getting at least my Premium Paid Amount (if not bonus) but they are excluding the first year's premium and also assuring only 30% of my paid amount. If I had paid my Income Tax I'd have ateleast saved Rs.90, 000 in my taxable income. So, I have consulted my lawer and working on to file RTI petition and also to reach out to RBI to get justification on this issue. Thanks Bala Was this information helpful? | |||
 5 Comments | |||
Comments
Hi,
My Policy Number is[protected]. It's effective since Aug-2005. My contact number is +[protected]. I already sent an e-mail to "service.[protected]@maxlifeinsurance.com" and they keep saying it's as per the policy only a minimum of 30% is refundable. Anyways, I will write to "[protected]@maxlifeinsurance.com" with the Ticket # you have mentioned here.
Thank You
Balamurugan
My Policy Number is[protected]. It's effective since Aug-2005. My contact number is +[protected]. I already sent an e-mail to "service.[protected]@maxlifeinsurance.com" and they keep saying it's as per the policy only a minimum of 30% is refundable. Anyways, I will write to "[protected]@maxlifeinsurance.com" with the Ticket # you have mentioned here.
Thank You
Balamurugan
Dear Balamurugan Muthukrishnan, Thanks for sharing your policy no. and contact no. Our customer representative will get in touch with you shortly. You need not now write at [protected]@maxlifeinsurance.com.
Regards,
Max Life Insurance
Regards,
Max Life Insurance
Dear Balamurugan Muthukrishnan, Our customer representative got in touch with you and has shared
the resolution to your queries. For any queries in future you may write to us at [protected]@maxlifeinsurance.com.
Regards,
Max Life Insurance
the resolution to your queries. For any queries in future you may write to us at [protected]@maxlifeinsurance.com.
Regards,
Max Life Insurance
Hello Balamurugan.
Even I am facing the same issue, I paid 3, 00, 000 Rs in 3 years and when I am asking for the surrender amount 1st time they said 1, 57, 000 is the value, but now they are saying it will be 37, 000 only..Please let me know if your issue is resolved.
Thanks,
Kishore
Even I am facing the same issue, I paid 3, 00, 000 Rs in 3 years and when I am asking for the surrender amount 1st time they said 1, 57, 000 is the value, but now they are saying it will be 37, 000 only..Please let me know if your issue is resolved.
Thanks,
Kishore
Customer satisfaction rating Customer satisfaction rating is a complex algorithm that helps our users determine how good
a company is at responding and resolving complaints by granting from 1 to 5 stars for each
complaint and then ultimately combining them all for an overall score.
Read more
Read more
80%
Complaints
1159
Pending
0
Resolved
902
+91 11 2693 3610
Max House, 1 Dr. Jha Marg, Okhla, New Delhi, Delhi, India - 110020
Regards,
Max Life Insurance