[Resolved] Max Life Insurance — about return amount after policy discontinuation
Badlapur, Thane District, Maharashtra, India
Rgrgadikar on May 1, 2019
I have taken life partner policy for ten years already premium paid for eight years. When i asked to manager to cancel the policy and return the amount what i actually paid, but they said only half amount you will get. But at the time of policy initiation, the axis bank executive says that after three year anytime you can withdraw the total amount what you paid for premium.
So i need money can i get the amount as i paid. Or i have to raise complaint...in police or consumer services.
Thanks with regards,
Complaint marked as Resolved Jun 28, 2019
[May 01, 2019] Max Life Insurance customer support has been notified about the posted complaint.
Verified SupportMax Life Insurance Customer Care's response, May 02, 2019
We are very sorry about the inconvenience caused to you, and will help with its resolution. Thank you for sharing your policy number. Our customer service team will reach out to you shortly to help understand the issue in detail and resolve it.
Team Max Life Insurance
Verified SupportMax Life Insurance Customer Care's response, May 24, 2019
We wish to clarify that the cancellation 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 with the regulator. As per the regulatory provisions, there is a free look period of 15 days during which the policyholder may approach the insurance company for cancellation (if not satisfied). This free look period starts from the date of receipt of the policy pack by the policyholder. In line with above, your policy pack including proposal form and benefit illustration was delivered at your communication address through M/s First Flight Courier vide air way on Mar 22, 2012. We have received your request for cancellation now, which is beyond the free look period of 15 days. Hence, we express our inability to cancel the policy and refund the premium paid. 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: "This policy will acquire cash value if it has been in force for at least three years and provided all the premiums that have fallen due have been received. The cash value in this Policy will be thirty percent of the premium(s) (excluding the first year's premium) received". Please note that as per your request, the policy has already been surrendered and the surrender value has been transferred to your bank account on May 07, 2019. The surrender value is in accordance with the terms & conditions of the policy contract. Also, he same has been communicated to you on your registered email id. Do reach out if there's anything else we can help you with. Regards, Team Max Life Insurance
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