[Resolved] Max Life Insurance — Tds deduction on nre account status - policy no.[protected] | |||||
I am an NRE in abroad employment. I am in the process of surrender my policy due to financial constraints. Surrender policy is almost completing and I got the SMS of NEFT for money transfer to my NRE account. but, the calculation I made as per the policy agreement is 30% penalty that I have considered. but, TDS of 20% is also deducted for not submitting PAN card instead of 2% of TDS. PAN card is not applicable for me since i maintain only NRE account and i have no Indian generated found. TDS is only for the income generated from Indian fund and it shall be a interest rate or a gain developed by the policy / invested by max life. Here, I am not receiving any gain or interest of the paid premium. My claim is 70% of what ever the premium I paid. but deduction included 20% plus that the deviation amount is 56671 rupee. As per Indian tax act 1961 clearly states, NRE found has tax exempted unless it is converted to invest in to Indian market also the TDS is applicable for the income generated within India like interest paid. The refund is calculated by Max life insurance deduction calculated TDS of 20% from the capital amount. I have raised this question to the concerned bank agent and it is objectionable. Was this information helpful? | |||||
Complaint marked as Resolved
Max Life Insurance customer support has been notified about the posted complaint. Verified Support Mar 29, 2016 Max Life Insurance Customer Care's response Dear nova joseph, Our customer representative has sent you the answers to your questions via email to your registered email address. We hope that this addresses all you concerns satisfactorily. Should you still wish to speak with a customer representative, please let us know a mutually convenient time at [protected]@maxlifeinsurance.com and we will connect with you at the earliest. Please mention Ticket No. 16469191 in all future communication on the subject.
Regards,
Max Life Insurance.
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 1 Comment | |||||
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I could not attended a call that may be from [protected]@maxlifeinsurance.com . on followed, I got also email on my registered email address says that, there was no TDS deduction. I have replied to the [protected]@maxlifeinsurance.com and my bank as agent for justification and my calculation of the deviation of 56671 rupee. If the TDS is not in the deduction, how do they have calculated the final refund payment that not matches with policy agreement and it deviation of 56671 Indian rupee. Agreement says the penalty is 30% only that I have considered in my calculation. why, they are not mutually agreeing between consumer before finalizing the payment or not sending a justification statement. I can not accept what ever the payment they made.
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