Comments
Kalpana( Nainawati) Doshi
15, Gayatri Nagar, Sector-5, H.M., Udaipur
Ph. No[protected]R), [protected](M)
13 Sep’2012
To,
The Manager,
Consumer affairs Department,
Insurance Regulatory and Development Authority,
9th Floor, United Towers,
Basheer bagh, Hyderabad
Subject: For complaining of fraud against Max Newyork Life Insurance company
(Policy No. :[protected]
Dear Sir,
With reference to above subject, I would like to say that I took an insurance policy of Max Newyork Life Insurance in 2008 for Rs. 25, 000. At the time of inception of the policy I am being told that I have to pay only three premiums in these policy and after completing three years I can withdraw our amount with handsome returns.
But agent, Mrs Nitu Lalawat(Agent Code : 210525) slyly & with greed, filled the column for the term of policy as 'annual' in which I have to make minimum three annual payments. This she did it only to get huge commissions.
Today, when I ask the policy NAV, I found the fund value as only Rs 61000/- against the deposited 75, 000, means a total loss of Rs 14, 000/=
Except to this when I went to surrender my policy, the co. informed me there will be 35% deduction too of total value since I didn't pay five minimum installments. Sir, I 've been inhumanly cheated. I am unemployed and financially poor; I can't bear this huge loss(14000/- + 35% of 61000/-).
Further I was not informed of the exorbitant charges the co. levy on my investment.
Sir, my request is to please take action against this fraudulent company. Since they hide the fact & do incompetent practice. Also they exploit the poor people like us.
Please sir, take strict action against Max Newyork Life Insurance.
Pl. do the needful at the earliest in this regard.
Thank you very much in advance & look forward for your immediate and favorable response on the issue.
Regards,
Kalpana Nainawati
[protected](M)
Email: [protected]@yahoo.com
Date: 13 Sept’2012
15, Gayatri Nagar, Sector-5, H.M., Udaipur
Ph. No[protected]R), [protected](M)
13 Sep’2012
To,
The Manager,
Consumer affairs Department,
Insurance Regulatory and Development Authority,
9th Floor, United Towers,
Basheer bagh, Hyderabad
Subject: For complaining of fraud against Max Newyork Life Insurance company
(Policy No. :[protected]
Dear Sir,
With reference to above subject, I would like to say that I took an insurance policy of Max Newyork Life Insurance in 2008 for Rs. 25, 000. At the time of inception of the policy I am being told that I have to pay only three premiums in these policy and after completing three years I can withdraw our amount with handsome returns.
But agent, Mrs Nitu Lalawat(Agent Code : 210525) slyly & with greed, filled the column for the term of policy as 'annual' in which I have to make minimum three annual payments. This she did it only to get huge commissions.
Today, when I ask the policy NAV, I found the fund value as only Rs 61000/- against the deposited 75, 000, means a total loss of Rs 14, 000/=
Except to this when I went to surrender my policy, the co. informed me there will be 35% deduction too of total value since I didn't pay five minimum installments. Sir, I 've been inhumanly cheated. I am unemployed and financially poor; I can't bear this huge loss(14000/- + 35% of 61000/-).
Further I was not informed of the exorbitant charges the co. levy on my investment.
Sir, my request is to please take action against this fraudulent company. Since they hide the fact & do incompetent practice. Also they exploit the poor people like us.
Please sir, take strict action against Max Newyork Life Insurance.
Pl. do the needful at the earliest in this regard.
Thank you very much in advance & look forward for your immediate and favorable response on the issue.
Regards,
Kalpana Nainawati
[protected](M)
Email: [protected]@yahoo.com
Date: 13 Sept’2012
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Max House, 1 Dr. Jha Marg, Okhla, New Delhi, Delhi, India - 110020
Life insurance is for long term savings and protection. It would not be correct if looked at otherwise. Smart Steps is a ULIP which is linked to the performance of the equity market (depending on the funds chosen by you) and hence subject to its ups and downs. At the time of your investment, the markets was performing adversely. However, that was only a part of the cyclical nature of the markets. One must keep in mind that over a longer time by investing every year the ups and downs of the market fluctuations are averaged out. This is also known as 'Rupee Cost Averaging'.
We are sure you would have bought the plan keeping in mind a long term goal for your child . To realize the true potential of a life insurance policy we advice that one must stay invested for the entire duration of the policy.
Sincerely
Max new York Life Insurance