Max Life Insurance Complaints & Reviews

Dear all
In continue to my complaint dated 10/8/2017 regarding misguided by the Max Life Insurance on surrender value of my policy No.[protected]. The following is update of events I went through after registering the complain.
1. On 10/8/2017 I received a phone call by Mr. Yuvraj Bali Assistant Manager- Customer Service where he apologised for the inconvenience caused and assured me give a call again after discussing the matter with Co.
2. I never received the call again rather on 11/08/2017 I received an e-mail from above mention official suggesting me to visit the nearest Max Life branch to resolve the issue.
3. On 14/08/2017 I visited Regional office of Max India Insurance at 326, Mehrauli-Gurgaon Rd, Opp Sahara Mall, IInd Floor, DLF Central Arcade, DLF Phase II, Gurgoan, Haryana 122002 and met a Sr. DO only to get the apology in person.
4. Further instead of resolving of my problem the Co. official asked me to join team of Max Life Insurance Co and narrated on how to earn money .

Dear people beware of such frauds where they are trapping simple people in the name of insurance. They are only interested in numbers but not in problems of the customer facing. I still hope they will resolve my issue or else I am going to take my case in consumer court.
Nirmal Kaur
[protected]@yahoo.com

Concern team,

Max agent misguided me about the plan and he gave me (Whole lifelong participating plan). At the time of taking policy i have already informed your executive that i want a policy for my son mohit sharma for his educational support and his future expenses. And i have also informed that i need a policy at least for the term of 16 to 20 years.

When i called your office today they said me it is a whole lifelong term policy for which you have to pay till your death. As of now, i am a father of mohit sharma. So, i am paying the premium and after my death my son mohit sharma have to continue the same. I was shocked when i came to know that i and my son cannot use this policy benefit until our death. This whole amount can enjoyed by our future children’s of my son. This point was not cleared by your executive at the time of taking/providing the policy.

For surrender when i have discussed with your executive they said me you can only avail the approx. Surrender amount near about 14 thousand. I have paid premium up to rs.36574 and after all the deductions i will get in my hand near about 30% + bonuses. And 70% of amount will be kept by your company. What an asset. This is ridiculous service. I have never thought that your agent will misguide me and provide me the wrong policy and also i have never thought that max company will do such kind of business for their own benefit & profit.
In future it is sure that i will never support my friend or family to take insurance of any kind with your max company.

Kindly help to surrender the policy. At last it is very bad experience with max insurance for being enough insured by max.

Policy no:[protected]
Policy holder: a k sharma
Life insured: mohit sharma

Regards,
Arvind sharma
[protected]

Dear sir,
My name is devendra pal singh tyagi. I have joined max life insurance co. Ltd. As an agent from 28 july 2010. I have not doing any business for that company. My license validity also expired, but my pan no. Looked up in irda portal.
Applicant name - devendra pal singh tyagi
Father's name - bharat singh tyagi
Urn - max[protected]
Licence no. 8195697
Certificate type individual
Insurer name - max life insurance co. Ltd.
Agent id.- upu280710limax836051
Category - life
Kindly delete my pan number in irda portal. Thank you.
Regards,
Devendra pal singh tyagi
Mail. Id. — [protected]@gmail.com
And — [protected]@rediffmail.com
Mob. No. [protected]

My name is Nirmal Kaur, I am holder of Policy No.[protected] effective from date 11 June 2013. On completion of three years after paying monthly premium of Rs. 2000/-, due to an emergency, I contacted Gurgaon Regional Office to surrender of my policy and its refund. I was told that on surrendering the policy you won't get back the first year premium and more over hardly any bonus would be paid over the rest of money. I was advised to continue for one more year so that the higher premium and with its bonus there won't be any loses. I arranged the needed money from my relatives and somehow continued my policy for one more year by paying another Rs.24000/-
And now I am shocked to know when Gurgaon Regional Office told me that the paid amount I would get is Rs. 55, 700/- only out of premium of four years ( i.e. 1, 02, 062.95/- as per Consolidated Statement of Premium Paid till 11/07/2017). And when enquired at Helpline No. of Max insurance, I was told that since it is a traditional policy in which first year premium is not calculated and 30% of rest of premium would be refunded.
It is sad reality that the policy holders are being cheated/trapped in such a way.
Whatever be the amount I get back, I am going to surrender my policy formally. But I request others to come together/suggest some forum from where fight against such cheating can be taken forward. Will soon be back with updates regarding my complain.
Nirmal Kaur
[protected]@yahoo.com

With due respect the insurance agency manager & (Mr. Madhu, asm of vizag branch, from siripuram, vizag branch) sold me the policy baring number[protected]. Stating that the maturity proceeds from policy every amount will be granted returns 100% but the bound is stating only 4% to 8% non garunted returans and supported the same with pages from income tax act i came to know recently that this policy is non garunted the documents policy bond were handed over in rajahmundary branch office. I am so disappointed from maxlifeinsurance customer care staff they do not have knowledge because after surrender i received a slip from the branch office stating that free look cancellation outside, the same has mailed to the customer care supporting department but i did not find any shot of response from there end, even after surrendering the policy i received a mail that your policy payment due date is on 10th aug 2017. Maxlifeinsurance employees and management playing games with the society. I hope you people will close this issue immediately

Dear sir iam raju my policy no[protected] quarterly mode payment 24750 iam paid 11 successful payment that is 272250 but not complete the policy three years due to some accident after iam complaint 2013 november to surrender the policy or continue the policy but they are not accept my request. Now is it possible to recover my amount now ten years completed

Mis selling
The insurance agent (Yes bank) sold me the policy stating that the maturity proceeds from policy will be tax free u/s 10 (10) d of income tax act and supported the same with pages from income tax act (Copy attached). I came to know recently that this policy is not eligible for tax exemption as per the amendment made to section 10 (10) d in fy 2012-13. These documents were handed over in their branch office and never by e-mail so that they will not be traceable. Nris are the best clients since they come for short visits and have little time and access to financial consultants.
After receipt of policy during 15 days look out period i did not verify the same since i had no reason not to believe the income tax act pages provided by the agent. These pages were for fy 2011-12 whereas the relevant clauses were amended in fy 2012-13 which they were fully aware. Also, there was no clear information in the policy document that the maturity proceeds will be taxable. The income tax when applied to entire proceeds will have 20% to 30% reduction in amount i will receive in hand which is significant.

I would therefore advise all customers that whenever insurance companies sell (Lure you with attractive propopsals)/ financial product please ask them send full details from their official email address and not on plain piece of paper. Ask them to stamp sign and then send.
These people are selling policies and once your money is with them, you are left with no face to talk with about complaints except so called service centre /help desk person who own no commitments or responsibility.
They keep sending same copy paste message to whatever complaint you may have testing your patience to finally give up.
I have lost faith even from the ombudsman.
Delaying the surrender:
Now when i went to surrender the policy, the counter person tried his level best to convince me. I had taken all filled up surrender forms with cancelled cheques, nri declaration form, bank statement, pan copy and original policy document etc but he refused to take the same and instead gave me a new surrender form to fill and took the original policy with cancelled cheque, pan and original policy document.
After one month the original policy was returned stating that we could not process due to nri declaration form. You must submit the policy again personally with all relevant forms.
Max life office does not know which documents are needed for surrender of policy or he intentionally did it to delay the process? It is very obvious to me that they intentionally want to delay the process at the cost of customer. If any document was missing the same can be requested by mail or courier, why i should travel again to submit the same documents again?
You can not call and talk to any senior person to resolve your issues. Their email response is very pathetic. They never reply to the query instead keep sending standard cut paste messages.
Big fraud and cheating business, be alert and best avoid putting hard earned money with them. Invest where you will have full control on your money like mf, fds, etc

Ear sir

I am so disappointed from maxlifeinsurance customer care staff they do not have knowledge because before premium payment i got the message to pay premium of rs. 12298.88 but i went to pay premium online it is showing premium amount of rs. 12358.67 when i asked from customer care then they told me this premium increase due to gst applicability in july-17, then i told him premium amount is due for jun-17 not for july-17 then he reply you are doing the payment in july-17 so gst will be applicable after that i made the premium payment of rs. 12358.67 but i got the premium receipt of rs. 12298.88. Then i complaint online then they told it is mistake you can take back your extra paid premium by neft.

So my concerned pls take actioned against it and transfer my access premium my same bank account through which payment was made it is comman practice. Pls check all mail send by id [protected]@rediffmail.com.

Regards
Avinash
Policy no.[protected]

When i talked to your customer care and asked about the surrender value of my policy no[protected] then he replied that only 46060 rupees that i will get after surrendering it today. It is a huge loss to me. My policy is whole life insurance so have i to wait till my age becomes 100 years or till my death to get my value back. Its a very disturbing thing to me when i got to know this. While purchasing the insurance your advisor told me that continue your premium upto 15 yrs and then you will get the more amount than you deposited but now it doesnt look like. Please look into the matter and solve my problem at the earliest

I received a call from [protected] from delhi on sunday 30 july, 2017. He told me that there is 93000 rupees devidend money declared under my max policy and i need to give him folio number and app number that should be taken from my own agent. He has got my dob as he asked me for varification. He already knew my father name. I have recorded call also.
I called today to max insurance and it has been confirmed that it is a fraud call.
How they got my personal details, please help me on this issue.
This type of fraud person must get punish.

Sir... Today. My interview on your branch location rajneder palace. On sales manager job on branch office sir i still focus on.. My office work in my mind focus... Office manager catch mee on... Office inside and ask mee math question. On office side i have proof i say sir my interview on manager job not agent job... Manager say. I m boss in branch okk..
Sir. I request.. You plz catch mee. Otherwise i legally action on company thanks sir

Max life life gain plus 20 participating plan : : surrender value is hard hit.

Policy no#[protected]

Axis bank konappana agrahara branch blore forced me to buy this policy when walked into bank for locker facility. This is the policy, by which i have lost rs 37000/-.
I bought this policy on 11 aug 2011, after paying 6 premiums, i decided to get rid of this policy because there is no good maturity benefit. I had to pay premium of rs 15000 for ten years. After all premiums paid for 10 years. I again need to wait for another 10 years to get maturity benefit. (Total 20 years policy)
I spoke to customer care executive about maturity amount, he told me that i would get 1, 97, 000 rupees after 20 years. If i invest my 1, 50, 000 rupees in any of the bank fixed deposit (Fd), i will get double the amount of 3 lakh rupees only for 7 years for 15000 investments.
Surrender value: pathetic. As i already paid 6 emis, accumulated amount is rs 90000. Out of this i am getting only 53000 rupees now.
Surrender value calculation: total premiums = 1st premium non-refundable+30% of return value of remaining emis.
So my total paid amount is 90000. Money i am getting is 53000 only. I have lost rs 37000 on this policy.

Good evening sir/madam,
I was having my code with max life insurance earlier and now i have shifted to hdfc life.
I have gone through the training and examination.
However when uploading the file it is showing that my pan number is still reflecting in irda portal with max.
Kindly help me out with the same to remove it from the list on a urgent basis.
My details are as under:
Name - bhuvan billore
Pan no - alfpb2819j
Sp code - sp[protected]

Also if possible, please provide me my urn no as i am not able to get the same from max life insurance people after a months follow up.

Thanks and regards
Bhuvan billore

Insurance broker had made a fraud with with me he told you cam withdraw your policy when ever you want now i was asking for the surrender of my policy he is not responding me none of the term and comdition are matching what the agent told me he us diing a fraud with me please help me out i will be very thankfulnto you

Thanking you
Sirajuddin
Policy no:[protected]
[protected]

My name is tania d/o vijay kumar sethi.. My dad started the policy on 27 feb 2006 having policy no[protected]Plan of max life insurance endowment to age 24). He expired on 5th nov 2015. My mother is a heart patient so this policy couln't be transferred to her, so this policy has been transferred to me.. I went to max life insurance office ludiana and i submitted my all details and documents there. They send me the inclimation letter yesterday but all the details are wrong there (They write my details as mrs tania s/o hari chand sethi but the right details are miss tania d/o vijay kumar sethi) so please change my details as soon as possible

Dear sir / madam,

Policy no. :[protected]

I am compelled to raise this concern in this forum, after a long chase of 3+ months with maxlife insuracnce regarding policy issuance.

I bought a maxlife online term plan policy on 28-april-2017 of sum insured of rs. 2, 00, 00, 000 by making a payment of rs 31, 503.63

But after a follow up and begging for policy issuance of all 3 months, finally i received the policy with a date as 28-april-2017, which is totally incorrect.

Does this mean i was insured from 28-april-2017? Would company had paid the sum insured if anything would have happened to me during this 3 months? No. The comapny would have happily declined the saying the policy is not issued yet.

And now they send me a back dated policy stating i was covered from last 3 months?

So the money which i have paid as a premium for 1 year, the first 3 months are a total waste.

I demand a refund of 3 months of premium where i was not covered as policy was not issued to me or change the issue date in the policy to 24-july-2017 when i received the policy by mail & courier.

Kindly help resolve this issue and advise the further proceedings.

Thanks

Regards,
Jiger shah
+91-[protected]

Hello,
I used to have a policy with max life till last year after which i surrendered it. Yesterday, one year after the policy was surrendered, i received a call from some people claiming to be customer service executives from max life. They claimed that they can help me get back the agent commissions that were paid out back to me and i just need to follow a process. I got suspicious and found out that it is indeed a fraud call. Later when i got the call again, i clearly stated that it is a fraud call after which the person disconnected the call.

Now, the main concern is that they had the exact details like premium amount, the total number of premiums paid, the primary and secondary contact numbers registered on the policy. This is a clear case of data leakage and needs to be looked into. How can sensitive information like this be made available to fraudsters is beyond comprehension. The policy also records other details such as pan, which is now in the hands of malicious people.

I request the concerned people to look into this to investigate the matter.

Max life insurance_ application no.[protected]

Max life insurance very very very very... Poor

I am a max life insurance term plan holder i am a policy fill the 26 april 2017 policy online

Policy delivered in 8 june 2017 2month in policy delivered & 7july 2017 the policy plan

In correction the the mail to service. [protected]@maxlifeinsurance 15 days no mail & no phone call
Naveen kumar
[protected]

The information given at the time of taking this policy by your insurance advisor was that i will be getting my total paid premiums as well as the bonus accumulated - 10% of total deposit value once i surrender my policy (After minimum 5 yrs lock in period).

Now customer service executive saying the cash surrender value will be at least 30% of all premiums paid (Excluding first years’ premium)..

That means i will lose the maximum 70% of the premium amount which i paid from my pocket. I want to know why this was not told by max life appointed agent at the time of applying for the policy. Why should i lose my hard earned money to this company's agents fault.

Please advise.

Rajesh anumolu
[protected]

The information given at the time of taking this policy by your insurance advisor (Mr anup bhandari) was that i will be getting my total paid premiums as well as the bonus accumulated - 10% of total deposit value once i surrender my policy (After minimum 5 yrs lock in period). Now the email that i received from maxlife grievance team shows a different calculation.. Which is as follows

As per email — the cash surrender value will be at least 30% of all premiums paid (Excluding first years’ premium)..

That means i will lose the maximum 70% of the premium amount which i paid from my pocket. I want to know why this was not told by max life appointed agent at the time of applying for the policy. Why should i lose my hard earned money to this company's agents fault. I spoke to the agent (Mr. Anup bhandari) today. He told me the same thing again. He says he was trained to give the information that he gave me initially to apply for this policy.

Also this company is not giving any replies to my email about claiming my bonus or the surrender value if i surrender my policy on a later date.

I want to take strict action against this company and agent.

Please advise.

Mustafa kasim
Email : [protected]@gmail.com
Contact no.[protected]Doha, qatar)