Max Life Insurance Complaints & Reviews

policy no.[protected] Misuse of money
To,
MAX NEWYORK LIFE INSURANCE CO.LTD.
12th Flour,DLF Square,Jacaranda Marg,DLF Phase II
Gurgaon 122002
Sub:Misuse of money
Sir,
I kindly inform you that my Policy no. is[protected] .I have a life insurance policy.& I have paid for it aprox amount 60,000/-.But in the current Policy Account Statement the unit Fund value is aprox 40000/-shown.please check who is responsible for it othere wise i complain for it to IRDA.Where is my intrest of this money?
From:-
Mr.Bal Mukand Joshi
Qtr.no. 2
Krishi Upaj mandi parisar
Bhilwara Raj. 311001

RAVI PAL SINGH (MORADABAD)
I deposit Rs.30000 on date 29 Aug 2101 Order no ut06/10/003016 , In relation to proposal for life insurance against.
Proposal no:[protected], code 241033id(Max New York Life Magic Builder)
My policy document are not received yet. Pease tell us.

Hello,

I took a Life insurance policy ( Policy no:[protected] in December 2006 from Max Newyork Life Insurance and this complaint is regarding its surrender. This is a horrible situation of a investor (self) whose money is duped by big brands like “Max Newyork Life insurance” (MNYL) in name of Insurance.

In May 2010 I wanted to withdraw the policy as I had personal need for money.

Ø On May 20th 2010 I had walked in Bangalore MG road branch for the surrender of my policy and they accepted my surrender of policy and gave me a signed and sealed acknowledged copy of the acceptance, and told me that the cheque will be sent to my residential address within 3 weeks.
Ø On May 27th 2010 I received a notification from MNYL that my surrender is in progress.
Ø As per the surrender I should have received the money back by June 2010 but in Vain and no response from MNYL. The Irony in this situation if we were to buy a policy by this we would receive a million calls following up on the situation, but it’s time to payback and its the other way around that I kept calling them to hear a reason everyday for not receiving my cheque.
Ø In Aug 2010 when I finally was not getting a concrete answer I had to speak to the MNYL executive Roopa who then escalated to the case to her manager Mala MN, who I think has no better authority than Roopa. She told me that my policy is in lapse and that is why they could not process, so when I asked her why was this not informed to me at the point of surrender, she had no answer. She asked for 24 hrs time to help me in this situation and never called me till 48 hrs and I called her asking her what happened, she said that her HO people were busy and she asked for another 24hrs time to get details for me.
Ø The next day she called and informed that If pay Rs 5000/- more towards the policy, that will help me surrender the policy by reviving it. She told me that she has got this confirmation from the Head office, from Nitin Grover, an MNYL employee.
Ø On Aug 30th 2010, I paid Rs. 5000 and they again took my surrender request again and told me that by Sept 13th I should get my cheque.
Ø Again it’s time to payback so no response or calls from MNYL and I kept following up with Ms. Mala on the status and she would tell the same thing to me, don’t worry it’s in process you will receive the cheque soon.
Ø Now they are saying that as the policy is lapsed, I won’t pay my money back. Mala says that she got the approval from HO before communication to pay Rs.5000 but the HO (Nitin Grover) denies or refuses the same. As an organisation they are most unprofessional people. As 3 people together has played my emotions and sentiments (Roopa, Mala and Nitin) and I am sure the organisation is the same.
Ø Nitin Grover does not respond to our calls anymore now and mentions that he is no way related to this case, and he never gave any communication to Mala M N asking me to pay 5000 to revive the policy.
Ø I am still fighting for the money and MNYL have refused to pay my Rs 50000/- . Anytime asked about the money, they have just bought time and they eaten 5 months and not paid my money back.

My question now is:

1. How do I get my money back at the earliest?
2. If there was an issue with paying me back the money, why was it not communicated 5 months back and was asked to pay 5000/- to revive the policy, because I have lost 5 months of time and still dont have my own money given to me. MNYL has used my money for last 5 months, and wasted my time, energy, and efforts and caused me severe mental trauma. I need adequate compensation for all these.

If I dont get my money back, I am going to knock on every legal, media, and social networking avenues to ensure that people are aware of the fraud handlings of Max New York Life.

Please treat this on an urgent basis and help me get my money back. Also, please let me know the Complaint Number for this case.

Warm Regards,
Priya S

Hi,

This is USHA GUPTA, customer for MAX NEW YORK LIFE INSURANCE

We made three policies with Max new york initially.
The first policy that i made was for Rs 1,00,000,
I was told i need to pay premium only once but when we need receive the bond it was stated that i need to pay 1 lac thrice.
Secondly for my other policy my premium was due, we got a call from Mr,Rakeash Sharma and Vikas Malhotra , Contact no:[protected],[protected]stating that they will adjust the policy in a manner so that our previous policies premium will be given as bonus and they will adjust all the three policies together.
They send a person at my home, who collected checque for Rs 50,000, and today when i went to bank for Max in Karnal office i was told that therir is no entry for my cheque NO:394955
I then called up Rakesh sharma and Vikas Malhotra ad they said they have created a new policy and will send the bond in 2 days.
Now if they created a new policy , then i need to pay premium for my new policy and old policy and from here i will get the money, i was told my paying checque for 50,000 my all policies will be cleared but now i am in a situation to pay more money to max for old and new policy.
Please let us know do we have a money tree to pay you the money and what kind of cusomer sevice is this?
I need all the money back which i have payed to your bank and want to end relation with your bank.
We ave heard bank are there to provide custmer services properly to their user but here bank is taking money by making fraud polices o[censored]sers and giving users a lot of trouble.
Please take a action as soon as possible and do not employ person who make fool of their clients, other wise will go to consumer court.

dear sir
my name is shashi kiran. my policy no.[protected]. i have a policy with maxnew york from the last 4.5 years. i have surrender my policy on 28th august.but they r not delievering my cheque. pls do favour to me

Dear Sir,

Max New York Life Insurance have witheld an amount of Rs 15162-/ from my total due amt of Rs 60645-/ and remitted the balance amount of Rs 45483-/ .

1.The amount promised at the time of submission of the policy was 60645 it is duly supported by the document issued by Max New York Life Insurance.
2.The policy has been duly submitted after the lock in period of 3 yrs on the promise of return Rs 60645 .
3.Seeking immediate reversal of the miscalculated charges imposed on the above mentioned policy asap.

Regards
Sanjai Sharma
[protected]
F301 Goodwill Garden CHS
Sector 8,PL 15/16
Kharghar
410210
Navi Mumbai

I have Max Newyork Life insurence Mutual Fund and i applied for the surrender of my policy. They initially told that it will take around 15 to 20 working days to return my amount. But since one and half months i didnt got my amount. I tried to contact several personnel in that back and none of them gave me response properly. The service is too bad and i dont know what i can do. I ask to give the person number who handle these disposal of the amount. But they are telling it is against the rule to give their numbers. At this situation whom i need to contact to get my money back. I have several debts to repay with this amount. But they are not caring to return back my amount.


Max Newyork Life Policy Number :[protected]

Hi,

What is the status of request 3703475? I Hold a ULIP policy #[protected] from Max New York life insurance and the harassment starts.

Even after 1.5 month, there has been no update on the status - I ve called up the[protected] to find out that the surrender status is still not updated and no one knows what the issue is.

In spite of repeated requests and reminders, all I get is an absolute cold response. Only getting response from[protected] that going to send mail on priority basis, it’ll take 5days…6days..going to make arrange a call for you. Every time I call to customer care, every person is giving me different answer. Now that I ve surrendered the policy 13 august 2010 , the status has not been updated. Only I am getting reference number, request number etc.

All I get are the reference numbers:
3623940 – devdeep
3696092 shivam Sharma
3703475 supervisor
Ashish Arora -- Customer Relationship Manager
nitin gulati
3820245-kushum mehta superviser
rekha grover superviser

My MAX new york policy #[protected] was closed on Aug 5th.(today is sept 20th)
i was promised that the total amount would be credited to my ICICI bank account in 15 days.
I have closed the policy since i need the money urgently for personal use.

I have made multiple calls and mails to know the status and no one seems to care much about it @ Max NewYork.

I APURBA KRISHNA CHOWDHURY WAS HOLDING LIFE MAKER PLAN POLICY NO[protected]. I REQUESTED FOR SURRENDER ALL MY UNITS AND WITHDRAW ALL MY MONEY.

AS I DID NOT RECEIVE ANY COMMUN ICATION FROM THE COMPANY REGARDING MY CLAIM AFTER MUCH TIME I MADE MULTIPLE CALLS, I WAS ASKED TO WAIT FOR SOME DAYS AND THEN ON 27 AUGUST I AM TOLD BY CUSTOMER CARE THAT Ch NO 894220, AMOUNT 99262.39/- WAS DISPATCHED TO ME BY REGISTERED POST ON 4 August 2010, SHOULD HAVE BEEN RECEIVED BY ME.
As I did not receive the same I requested them to resend the amount but they asked me to send a LETTER for STOP PAYMENT of so called cheque whose existence is known only to company and not been received by me.

PLEASE NOTE MY OBSERVATIONS:
THE SERVICE OF LOCAL BRANCHES IS VERY UNSATISFACTORY.
THE PROCESS FOR SURRENDER/SALE O[censored]NITS IS VERY LENGHTY AND TIME CONSUMING.
THE AGENT IS MISSING HE HAS NOT CONTACTED ME FOR LAST THREE YEARS.
AT THE TIME OF SURRENDER A COMMUNICATION SHOULD HAS BEEN SENT TO ME SHOWING ME THE STATUS OF MY TRANSECTION.
WHAT IS THE STANDARD POLICY OF THE COMPANY: HOW MUCH TIME WILL THE COMPANY WAIT FOR THE CHEQUE/LETTER TO COME BACK UNDELIVERED BEFORE TAKING ANY FURTHER ACTION TO RESOLVE THE ISSUE? IF THE REGISTERED POST SENT BY YOU IS UNDELIVERED NO DOUBT THE CLIENT WILL FOLLOW UP AS IT IS HS HARD EARNED MONEY BUT IS IT NOT A ETHICAL RESPONSIBILITY OF THE COMNPANY TO FOLLOW ON THEIR END WHY THE REGISTERED LETTERS SENT BY THEM ARE NOT REACHING THE CLIENTS AND THEN FIND A ALTERNATE MEANS FOR DELIVERING THE SAME.
IF THIS IS THE CASE FOR SURRENDER O[censored]NITS GOD KNOWS WHAT HAPPENS WHEN SOME ONE UNFORTUNATELY LOSES HIS LIFE AND THE FAMILY WILL RUN HERE AND THERE FOR THE COMPENSATION.
status on 14 September
they say cheque dispatched on 6 September 2010 AWB no 672937.
An observation- If I have to submit a cheque it is my liability that my post/courier should reach the MAX insurance on time.
When I am supposed to get a payment and Max company sends me a post/courier it is again MY task to see that it reaches upto me on time and company will not do anything in this regard.

i had purchased lifemaker plus policy from max new york , coverage 5 lac , 3 year locking period, annual premium 25000/- , this company sucks every indian, similarly for my annual premium, the admin charges they are charging 1500 per month, there by leaving 8k as my capital for an year, this high mortality charges/admin charge is never discusssed by the representative. it was hidden and duped me.

since my locking perod ends, max new york must refund my 50,000/- paid.

can authorities look into this and black listed this company for cheating general public. john panicker, new delhi. [protected]

I have already done payment from net banking as there is no executive for collection of Cheque from Panvel Navi Mumbai they ask me to pay through net banking.
I had done the same on 1st june 2010 in morning. After transfer of amount Rs10000/- i recieve the transection details from Max new york Helpdesk Id in my mail Id. but after waiting till 8th June 2010 my payment is not updated till date. After continous followup from my side from 5th june 2010. I am getting same reply that we are checking in the system but not reflecting.
Axis bank already mail me that they have already done the payment in Max NewYork.
But then also the payment is not updated also the customer care transfer the call to Mr. Rajeev who is looking after the problem but he without solving & hearing the problem disconnect the phone call.

My transection details are as & Details provided from Axis bank is also copyed with this mail.

THIS IS THE MAIL RECIEVED AS TRANSECTION DETAILS AS THE TRANSFER IS SUCCESSFUL

Dear Apurva Gupta,

Greetings from Max New York Life Insurance Company!.

Thank you for visiting our site and choosing Internet Payment Gateway as your premium paying mode.

We have successfully received payment towards (Top Up) on 01/06/2010. Please refer to below information for your future reference.


Transaction Id[protected]
Name - Apurva Gupta
Policy No.[protected]
Date Of Birth[protected]
Mobile Number - [protected]
Payment Amount - 10000


You will shortly receive your Premium Receipt at your registered email id.

Get easy access to your policy details at www.maxnewyorklife.com. So get your policy registered now!

If you need any further assistance, please write back to us at service.[protected]@maxnewyorklife.com or call us
Toll free at[protected]from all service providers with GSM / CDMA Mobile).

We assure we will continue to provide the service that Max New York Life is committed to deliver.


Karo Zyaada Ka Iraada.

Thanks and Regards
Customer Service
Max New York Life Insurance Company Ltd.


THE MAIL RECIEVD FOR THE CLARIFICATION FROM AXIS BANK

Dear Sir/Madam,

Thank you for writing to us.

As per confirmation received from Max New York, the mentioned payment has been updated successfully at their end.


User[protected]
Payment Id 17783436
Payee name MAX NEW YORK LIFE INSURANCE CO. LTD
Consumer code edy[protected]namicMarId303469
Bill_ref_info edy[protected]namicMarId303469_[protected]_Apurva_Gupta
Transaction Amt 10000
Payment Date 6/2/2010
Acid . [protected]
Payment Status S


Assuring you of our best attention and services at all times

Thanks & Regards,
IT HELP DESK
AXIS BANK LTD.

Now this can be solved through consumer form only. As i want discontinue this policy as Maxnewyork life insurance is a froud company never try to take insurance in this. As they will never give you the service you required so my suggestion is not to go for Max newyork insurance for investment, Try for other company.

If Max newyork executive are checking this complaint feel shame for this as you are not updating the amount then where is the amount if the amount of Rs 10000/- is transfered in your account. from axis bank.

MAX NEW YORK LIFE INSURANCE has been giving false commitments from month of Oct'09 and regarding the same I had sent them the letter. I was told by your zonal sales Manager Mr.Rohit Sayal in month of nov'09 that my refund of the premium would be made within 1 month but after that when I tried to contact him for the same, he had left the job. Then, I had word with your new Zonal Sales Manager Ms.Sharda on 13th Jan'10 who told me that the approval has been done and I would be receiving my refund of premium of Rs.25000 within 1 week. She also committed me that she would write an email regarding the same by 4:30 PM but till date I havent received any of her email and also she has blocked her all modes of communication which is illegal.

Also as per the policy terms, the client has full right to get his refund back within 15 days after receiving the Policy Papers and as i have not received any of the policy papers till date , so I would again request you to send my refund of rs,25000 immediately. I have been harrased by their staff at Chandigarh and jalandhar who have acted irresponsiliby by hanging up phones ,not answering calls and making false commitments including your Zonal Sales manager.

Please look into this matter and take this letter seriously.

My Husband (Banhomal Janyani) has applied for policy in Max New York life Insurance company bearing Policy number[protected] which is of Rs. 50,000 one time payment, but when I have inquire about the same in the MNYL office, there is no record showing against the policy. We have paid cash to the agent of Il & FS Invest mart Karwe rd Branch and in policy pack its showing as DD payment (DD cheque number is 241365 from Sate bank of India). Also the Cash receipt is attached in policy pack.

As investigated the agency code 164835 belongs to Rohit Chabra.

Please reply as soon as possible why there is no record showing against this policy in MNYL as we have invested Rs 50,000 in Max New York Company and now we want to surrender this policy.

There is another policy showing in your record where the proposer on my name Pooja Banomal Janyani, I have never applied for the policy I am nominee of my husband in our Policy pack. In your records the Policy number is[protected]. In this case the policy is rejected with the cheque bounce number 282910 and we have done Cash payment. In our Policy pack there is DD payment.

Please revert to the case as soon as possible with a positive response.

i am a policy holder in max newyork life insurance and my receipt number is[protected]. my insurance plan is max amsure secure returns builder ULIP-increasing-simplified base risk. for the first time i have paid 20000 on 23-feb-2007 and for the second time i have paid 21000 on 23-feb-2008 and for the third time i have paid 22050. that means my total investment is 63050. i asked the current status of the policy they said that if i surrender now i will get only 45000.so i am losing my money and i am subjected to mental stress and strain.
i request you to clarify it and inform me what i have to do inorder to get atleast my invested amount.

hi i am having a ulip policy with maxnew york life insurance. i am paying monthly premium of 2000 rs. 3*12*2000 = Rs 74,000/-. you know what is my present fund value rs 55000/-. And telling its a great returns. I am having other company's policys also. They are performing well. Market is same they didn't make well or they are hiding the performance from whom they collect money. Goverment of india should take a look into this and take some care also.
Also updated in IRDA.

I made two policies on 8 july, 2009 on the name of NIKHIL GARG & AKHIL GARG of 50,000-50,000 each through the employee Vaishali Bansal & Pankaj Singh of yes bank. I made contacts to bothe the employees but I haven't got the policy yet. They both ignored me by sating that the policy will reach in 4-5 days. In the end I wrote a letter to the office of Max in Palwal and Gurgaon & Delhi than I got two policy bonds of Nikhil garg [[protected]] and Akhil garg [[protected]]. I submit both the policy bonds for free look in the PALWAL branch because they were not the policy as the aforesaid employee told me. In the month of Jan, Feb & march I talk on toll free no. but I didn't get any satisfactory answer.

In the above case I request you to return my cash as soon as you can.

Finance -Share Complaints,Insurance Complaints.Consumer Complaint About Insurance, Max New York Life Insurance, Jalandhar
Did not pay the claim,Jalandhar
Max New York Life Insurance / Insurance

Finance -Share Complaints / Insurance Complaints
Complaint ID: 262 [protected] Posted by: Saurabh Gupta


Dear Concerned,

It has been real bad experience with this un-professional company. My brother Sumit Gupta resident of Jalandhar has got a policy with MNYL from last few years in which critical illness is covered like cancer, stroke, heart related etc.

About a year ago,in a test Doctor of Satyam hospital told us that he has got a brain tumour which is as per doctor is a form of Cancer.
We had his operation and treatment done at Satyam. After that we submitted a claim at MNYL which they simply rejected saying this is not covered and brain tumor is not a cancer. So, these guys are challenging doctors abilities. Obviously doctor can't do more than that in the issue but it simply sounds that this fraud company is not willing to give the claimed money.

Need your help to help us sort this issue.

I would like to raise a voice to everyone who is going for MAX NEW YORK LIFE INSURANCE - BEWARE !!

View All complaints about this Company - Max New York Life Insurance (1)

sir,i have insurance policy no.[protected] with the [protected]@4000.48 per month on feb2005.company increase the premium by 1.03% on account of service tax as defined in finance act.1994 from may2009.this information given by company vide 20th oct,2009 letter on inquiring by me.now i want to know that on the date of policy award feb2005 the above act. was in force and company not mentioned in policy document like any type of change in premium.can company change the premium in the view of above mentioned act so later based its own desire. i have also three LIC policies 1986 to 1992 effective date but there is no change so far even act. enforce later 1994.

Dear Sir / Madam,

My name is Jeetendra Patil. My Max NewYorl policy number is[protected].
Last year, in Dec 2009, I received email / letter from Max NewYorl to pay Rs.500 towards premium. I paid same, but after 2 months I was told that due to non-payment of premium, policy was in lapse state. Then, I went to Max NewYork branch in Kukatpally in Hyderabad in mid of 2009. I asked them what amount needs to be paid to activate policy. They did all calculation, considering bonus, and then asked me to pay appx. Rs.1990, and also asked me to give health declaration form, which I gave. They told me that after that policy will be activated within two weeks. I trusted them. However to my surprise, when I called to customer care in 2010 to pay premium for 2010. I was told that policy was I lapse state for last one year, and was surrendered. They also said that they didn’t received health declaration form, which was submitted to Kukatpally branch in Hyderabad. I did, what I was told to do by Hyderabad branch office, after that policy should have been activated, if it has not been activated and gone into lapse mode and then surrendered than its not my fault. Now they say that policy have been surrendered, and this is not my fault at all. They have surrendered policy with informinig me and refunding me back only Rs.5,000. Where as I have until now paid about Rs.16,000 towards premium, and I am entitled for more six thousand towards bonus.

I have now no option but to go to Consumer Court.

I have been talking to customer care people for last 4 weeks, and none of them is able to resolve this. Its really painful and feels like I am penalized for buying policy from Max NewYork Life Insurance.

I hope you will look into this and address the issues at the earliest.

Best regards,

Jeetendra Patil ([protected]@yahoo.com; [protected])