Jul 18, 2017
Updated by Vivek.Tiwari Hi Max Life Insurance Team,
You will soon receive a legal case against your company.
@Consumer Forum Team-I really got disappointed with your level of involvement as well.
Below is the email which I had received from Max:
Dear Mr. Tiwari,
Greetings from Max Life Insurance!
This is with reference to your email dated Jul 07, 2017 and our telephonic discussion regarding the same.
As discussed, we wish to draw your attention to Protection of Policyholder’s Interest Regulations 2002 issued by Insurance Regulatory Development Authority of India, wherein the policyholder is given the option to cancel their policy within 15 days from the date of receipt of the policy bond, if he / she is not satisfied with the terms and conditions of the policy.
We also wish to inform you that the Max Life Insurance does not encourage alleged discrepancies or issue any insurance contract based on incorrect information. The Company as a part of its internal policy always sends the policy bond with all the supporting documents to the policyholder for reiterating the terms of the policy.
The said policies were issued on Jan 06, 2014 basis the receipt of completely filled proposal forms signed by by you, accepting the terms and conditions of the policies. As per our internal policy, a copy of the proposal form and the policy contract was handed over to you on time and the same has been confirmed by you. The contract included a detailed benefit illustration explaining the returns for various investment yield scenarios was also a part of the policy packs received by you and the same was duly signed by you.To this effect, we express our inability to cancel the policies and refund the premium paid as the 'free look period' has lapsed.
Further, we would like to inform you that surrender value of a policy is strictly governed by the terms & conditions of the policy contract and these terms & conditions are part of our product approval processes which follow a due approval process by the regulator. We also wish to draw your attention towards the surrender clause mentioned in the policy terms & conditions. It states as below:
After the Policy has been in force for at least three years and provided all the Premiums have been paid for three full years, then the Company will grant a cash surrender value which will be not less than 30% of the Premium(s) (excluding the first year's Premium) received but never more than the base face amount of the policy. The cash surrender value payable will be subject to the condition that the Policy is in full force and that there are no statutory or other restrictions to the contrary.
The current surrender value of the aforesaid policies are Rs.46, 745, Rs.36, 959 and Rs.47, 572 .In case you wish to surrender the policies and take the surrender value, you are requested to visit any of your nearest Max Life office and submit the following documents:
• Surrender Form duly filled and signed by the policyholder.
• Original Policy packs.
• Copy of PAN card (self attested).
• Cancelled Cheque with pre-printed name and account number. (If not printed, copy of the bank passbook/statement with printed account holder details)
We sincerely urge you to continue with the policies keeping its long term benefits in mind.
The above complaint registered under reference number 18348606 has been resolved by the undersigned in my capacity of grievance redressal officer. In case you are not satisfied with our response, please feel free to write to us at nodal.[protected]@maxlifeinsurance.com or send us a letter at the below mentioned address within 8 weeks of receipt of this communication.
Max Life is committed to deliver the best services and assure you of the same.
Regards,
Yuvraj Bali
Assistant Manager- Customer Service
Max Life Insurance Co Ltd.
3rd Floor, Operations Centre, 90-A, Udyog Vihar, Sector 18,
Gurgaon -122015, Haryana, INDIA
Board Line +[protected], Extn -9310
As discussed on call, please share an update on my complaint at the earliest. It is already more than 15 Days now, since the complaint has been raised on Consumer Forum.
With Regards,
Vivek Tiwari.