[Resolved]  Max New York Life Insurance Company Ltd — Breach of POlicy Condition ":Free Look Period "

I and my wife applied for Life insurance Policies to Max New York Life Insurance Company Limited and our policies nos are[protected] and[protected]. The Company send the policies very late approximately after nine months on 01.12.2008 and we have send back the policies to their Gurgaon Office vide our letters dated 01.12.2008 for cancellation of policies and refund of premium under their policy condition " Free Look Period", but the Company refused to cancel the policies and refund of premium. we filed a complaint to the Office of Insurance Ombudsman, Chandigarh for the same and it has been proved that the Company send the policies on 01.12.2008 very late, but the office of ombudsman, Chandigarh did not heard our compliant completely and properly and dismissed our complaint by saying that It is presumed that the terms and conditions of the policy were acceptable to us. I observe that Office of Insurance Ombudsman is working under the Influence of Insurance Companies, they are only working for the favor of Insurance Companies. They are not hearing the complaints of Clients properly, while giving the decision they used the word presume while favoring Insurance Companies. More over I proved that their decision is wrong because if the terms and conditions are acceptable to us why we file a complaint to the Office of Insurance Ombudsman.

Further the Company returned only one policy of my wife and my policy is still lying with the Max New York Life Ins. Co. Ltd. I found that Max New York is doing malpractice by breaching the policy condition:" free look period", They are doing unhealthy practice. It is not a customer oriented Company.

Office of Insurance Ombudsman is also favoring Insurance Companies because they are deciding the complaint without proper hearing and helping the Insurance Companies unnecessarly. I am not satisfied with the judgement of Insurance Ombudsman, Chandigarh.

The one policy of my wife which we have is not properly stamped as per Indian Stamp Act, As per Indian Stamp Act if a policy is not properly stamped it is not enforceable at Law. The Insurance Company making fraud with revenue department by using short stamps. This matter was also came into notice to Ombudsman, but they did not pointed the same in their decision.

Now I request IRDA to look into the matter and take necessary action against the Insurance Company and Office of Insurance Ombudsman.