Max Life Insurance Complaints & Reviews

Sir

Myself santokh singh from hoshairpur, i ve buyed ur insurance plan via a axis bank agent gurpreet singh. My policy number is[protected], i ve payed three installments, of thirty thousand each, due to financial conditions i cant pay it further, as when i buyed this policy agent and your office told me that i hav to pay three regular installments then it will go but now they are asking me to pay further installments which i am unable to pay.

I request you to please guide me through the cancelation of my policy.

I have a Policy No.[protected] and had requested to stop the ECS due on the 27th April 2017. Reason is as stated below:

I had 3 policies before this one and had decided to close them in 2016 as they were not increasing in value at all even after more than 12 years. When I approached their office in Koramangala, Bangalore I was put in touch with your Service Executive Mr.Ashokan (Insurance Broker Code 580976) to process the closure of those 3 policies. After initiating the closure procedure he in-turn introduced me to his senior/colleague Mr.Ramu (Mob No.[protected])

Mr.Ramu convinced me to take one single policy instead of 3 with a payment term of 5 years and a policy term of 10 years. At that time I had asked both of them whether I could pay the premium in monthly installments and they said that I could. Just that the first year I would have to pay the premium in one installment of Rs.60, 000/- (Rupees Sixty Thousand only) and from the second year onwards it could be changed to monthly installments.

With that confirmation I went ahead with the "Max Life Fast Track Super" bearing Policy No.[protected] commencing from the 22nd April 2016 for 10 years. I made the first year's payment by cheque immediately on that day itself and signed up with my bank account for the monthly ECS to commence from April 2017. In March 2017 I received an SMS from Max Life that the next premium due on the 27th April would be deducted in full for Rs.60, 000/- .

I then called Mr.Ashokan (Mob No.[protected]) and asked him as to why the monthly ECS wasn't activated as per our discussions and my desired payment terms. He said that he had been transferred to Chennai and that I should speak to Mr.Ramu. So I called Mr.Ramu and he said that the change in the ECS instructions can only be requested for 15 days prior to the date of the premium being debited. So I waited for a month and then called Mr.Ramu again couple of weeks ago to remind him of what had to be done. Mr.Ramu said that he has informed the concerned department and that It will be processed accordingly.

On the 24th April with 3 days to go for my premium payment I tried calling Mr.Ramu multiple times but he just would not receive the call. I had to forcibly message him sternly for which I received a response saying " Sir please wait for a few minutes I'm in a meeting please" The message I received was at 12:30 pm. He finally gets the time only at 14:40 to call me and again says the same thing that the process request has been sent to the concerned department 15 days ago and that he has no say in whether that department allows it to be changed from one-time to monthly ECS. After a lot of arguing an not getting any conclusive or positive information from him, I asked him for the name and contact number of the person from the concerned department.

He gave me the number of Mr.Parveen (Mob: [protected]). Mr.Praveen after listening to my concern very categorically told me that the policy is such that the only payment option available is one-time annually and that it cannot be changed to monthly. This is totally opposite of what their sales team are telling prospective customers and convincing them. To which I asked Mr.Praveen to stop the ECS due on the 27th April so that I could go to the Max Life office and put in a request for cancellation of the Policy because this is totally cheating people with blatant lies and wrong information provided by both your Sales personnel Mr.Ashokan and Mr.Ramu.

Mr.Praveen then called me back and asked me to send an email to the support section requesting to stop the ECS due on the 27th of this month and that he would then send a representative to meet me to get the required signatures on the form for converting it into monthly EMIs.

In this regard I requested them to kindly stop/halt the ECS due on the 27th April for an amount of Rs.60, 000/-. If the change is not possible to be done, as I have said earlier, I wanted to cancel the said policy. I received and email from their Gurgaon office stating that issue could have been done if the company hadn't sent the ECS reminder to the concerned bank.

I went to meet them at their office this morning the 27th April 2017 as my Premium amount would get deducted from my account. The receptionist sent a word to Mr. Ramu that I was waiting. He just came out peeped, saw me and went back in without the courtesy to even acknowledge my presence. I was made to wait from 9:30 to 11:00 until I finally got to meet Mr. Ramu and Mr. Praveen. Instead of sorting out the issue, they give me an option of paying through credit card and converting that payment into monthly EMIs. Why didn't they suggest this earlier.. I could have approached my bank, cancelled my ECS and paid via credit card. Now my ECS payment will also go through today and I pay a charge to have that payment canceled and credited back to my account.

Then came the ultimate shock. I was told I can't even cancel my policy and take the money invested which is duly mine. I can opt not to pay for the next 3 years but can't take the money out for 5 years. It's as though Max Life Insurance has given me the money.

The worst experience with any investment company that I have had. Should have just walked away after having cancelled my first 3 policies. But yeah I can prevent others from making such mistakes

Regards,

Nikhil Baliga
[protected]
nikhil.[protected]@gmail.com

Dear Sir
Hello
Mr Pankaj came to my office and recommended me to open my account in Yes Bank and i opened and again he told me to sell me the Max policy but i refused then he told me that she would take the policy and he would return the policy after some time because he had to complete the target, So i agreed now he is not returning my money and and saying me like that whatever you want to do, do he will not return the money. i took the policy only to complete his target not for my requirement i have already one in the same company, So i request you to kindly cancel my insurance and take a action against this person .

I did free-look cancellation of a policy on March 7th at Indira Nagar branch Bangalore and also received an acknowledgment for the same.

But till date there is no refund has been made for the policy[protected].

I called more than 30 times to customer care and sent an email with attached acknowledgement of cancelled policy. But there is no proper response given by customer care.

Every time then will tell they are going to arrange a call back and I never received call from them.

Now I am really frustrated with maxlife insurance services and not sure how I can proceed further.

Re: policy no.[protected]

My above policy matured in march, 2017. I have received approx 45000 in my account whereas the policy amount was rs.50, 000/-. On checking from your head office, i have been informed that an amount of rs.17, 500/-, rs. 15, 000/- and rs. 10, 568/- was paid to me. I would like to inform you that i have received cheques for rs.15, 000 and rs. 10, 568 only. I have not received cheque of rs.17, 500/-. I request you to kindly check from your account and issue me another cheque of rs.17, 500/-

Hope to hear from you soon,

Dear sir,
Today i have visited bulandshahr branch office of max life insurance company for knowing surrender value of my uncle's policy with original policy document. Mr. Sankoch was on enquiry counter. He strictly denied to tell any information about policy. I requested that, you can call my uncle on mobile as per your policy record. My uncle is unable to come only for knowing surrender value.
He has misbehaved with me and way of talking was also negative. You are requested to please take action on his misbehave and negative attitude, so that any customer wouldn't face this kind of misbehavior.
With regards
Amit singh

Have taken a policy with this company and my policy no is[protected] under the plan max life life gain plus 20 participating plan and the date of the policy is 27/12/2011. As on 27/12/2013, i have paid rs.90, 000/-. This was taken through the agent amsure. While taking this policy they convincingly stated that for this policy, the lock in period is 3 years and the policy can be surrendered any after 3 years and the surrender value will be the nav on the day of surrender. Today i approached the insurance company on the toll free no [protected] and the customer service executive who attended my call gave me a shocking information which has taken an hour to recover. He said that the first year premium amount of rs.30000/- will be withheld.in the ii and iii year premium paid by me, they will pay only 30% of the premium amount paid which works out to rs.18000/-. They will be paying some bonus amount which will be informed only on the surrender date that is 27/12/2014. To sum up, for the amount of rs.90000/- paid by me as premium amount, i am facing a loss of 80%. This may be a peanut for the insurance company, but a for a common man from a lower middle class family it is a blow on his face. Now i am jobless and i am doing a very very small business and unable to run my daily life with 3 dependents. Is this not equal to cheating a common man who is always at the receiving end of all misgivings of others. Can you please help me and i humbly request the forum. R ramesh babu

My application no[protected] I am cancel my policy 15 days ago But they are not given any refund. My payment done by internet banking..then one associate tell me submitted Your documents for NEFT . Then I am send 5 day ago. Today a associate told me were are not get any documents. This is only public harassment. I want to refund my money it is urgently .

I had purchased online term plan on feb 28 andnpajd the necessary premium. Post that within a week they had conducted the medical test amd communicated that no negative resulta have appeared. Post that for 20 days i had not received any communication from thier end. Also the feature of online tracking of policy is totally false as it shows the same staus even today.post that i raised a complaint with IRDA and which was forwarded to the nodal officer at max life in which a time frame of 15 days was guaranteed for resolving the issue. To my surprise, despite a mail from IRDA that nodal officer had th audacity to leave yhe complaint unattended. Nkw, its been almost 2months since i have paid the premium and no policy is issued. It was a painful experience to undergo the followup procees with several mails and calls, all in vain.

Kindly request you plese my policy surrender policy no.[protected]

I have taken a Policy No.[protected] in March 2009. When I took the policy I was informed that I can surrender after three years.

I have paid 3 year premium total Rs.60, 000/-. (i.e. 20000/- per year)

For some personal reason I have now decided to surrender the policy. I have surrendered the same policy in Pune branch on dt. 30.03.2017, that time my fund value was Rs. 69800/- approx.

Today I got a SMS that your request is in process. Within one hour I got a credit confirmation from my bank a sum of Rs.48, 539/- credited.

Then I approached Max Insurance Pune office at they told me they will check and revert back to me immediately. But they haven't reverted back to me.

Now I have been constantly trying to contact your Pune office but they have not even picked up the phone. They have deducted almost Rs. 21000/- which is unacceptable to me.

Awaiting a positive response from your side.

Thanks & Regards
Mohol L P

This is Bala Ganesh from Chennai. I have taken Policy from Max Life insurance & Policy Number is[protected] taken on 2010. Now I have decided to surrender the same. Till now I've paid premium of Rs 84330. But when I inquired Max Life Insurance they mentioned my surrender value is only Rs 31, 086.45. Since I've paid premium for 7 years why should I loss around 53000. Whats the reason behind this much reduction while surrender the policy. Please tell me the reason for the same.

Below is the mail I got from Max Life Insurance

[protected][protected][protected][protected][protected][protected][protected][pr...⇄

Greetings from Max Life Insurance!

We are pleased to have you as our esteemed customer.

This is with reference to your query regarding the aforesaid policy number[protected] .

We would like to inform you that in order to surrender the policy we would require the below mentioned documents to be furnished:

1. Duly filled and signed surrender form
2. Cancelled Cheque (with policyholder name and account number printed) or Bank Passbook photocopy
3. Original policy documents from the policy holder.

You may submit the above document in our general office in your location, please carry your photo ID proof while you are visiting the branch office.

Please find below the surrender value details as on April 12, 2017, however these are the approximate figure and likely to change at the time of surrender.

Total Surrender Value = Rs 31, 086.45

The cash surrender value will be at least 30% of all premiums paid (Excluding first years’ premium) plus bonus (if any).

We value your relationship with us and will be happy to address any further queries that you might have
In case you are not satisfied with our response, please feel free to write to us at manager.[protected]@maxlifeinsurance.com.
To download premium receipt of your policy and get policy related information, please visit www.maxlifeinsurance.com and login to the policyholder portal.

Assuring you best of services at all times.

"Beware of fraud calls & emails! Please pay your policy premium only to YOUR POLICY ACCOUNT. For NEFT payments, please transfer only to "HSBC Bank A/c no. 1165 ". For cheque payments, please write beneficiary name of "Max Life Insurance Co. Ltd. . DO NOT PAY INTO ANY OTHER ACCOUNT! Max Life does not collect premium in any other account.

Max Life or any of its representative will never call or email you for the following:1) Discount offer on payment of renewal premium, 2) Asking for feedback on servicing by your agent, or3) To deposit extra premium to get the policy maturity / bonus amount

In case you receive such fake calls or emails, please file a FIR with the police and lodge a complaint at the TRAI regulated phone number ‘1909’ from your phone. Do also send us a copy of the complaint / report at service.[protected]@maxlifeinsurance.com.

Thanks and Regards,
Pratika Singh
Customer Service
Max Life Insurance Co Ltd.
Operation Center, Plot No. - 90 A
Sector - 18, Udyog Vihar
Gurgaon - 122015
Toll Free[protected] /[protected]
Fax Number[protected]
Email ID - service.[protected]@maxlifeinsurance.com

My policy number is[protected].4 yr back I have done one policy but now want to surrender and get my money back.They said we can't return since lock in period of 5 years, even interest also they will not give and morever its a non guaranteed return policy.Pls return my money to the linked axis bank account otherwise I have to file a legal case against it.Most fraud company, cheater in the market .pls dnt take people hard ear money and joke like that.want urgent action

Hi,
I received a quote from 'sacchi advice - Max life insurance' for a product I did not apply for. It implies two things. Either someone has been using my details fraudulently or this is a marketingood gimmick from you which I do not approve.
Could you please shed some more light on this. I am on email [protected]@gmail.com

Thanks
Sarang Kasture

A Life Partner Plus Limited Pay Endowment to Age 75 Plan having Policy no.[protected] was taken through Agent having code JG[protected] on 30th Jun-2009 having annual Premium of Rs 49, 994.57.

The above quoted agent has neither given any feedback regarding above quoted policy's status nor met me personally regarding the same till date .
But he uses to raise the claim of any benefit or bonus allotted against the above quoted Policy no. on behalf of me with out my concern or any authority
letter given by me.

Kindly do the needful for the same at the earliest.

Thanks,

Sourabh S. Chaurasia

Hi. An insurance policy was taken due to the never ending pestering of Yes bank's relationship manager. This was done so that their target for year end could be met. After that I have been hounded by incessant phone calls and follow up messages which require my response.
Is the control systems so bad that they don't realise a customer gets atleast 3 phone calls in one day asking for the same details? It's a complete waste of time and resources for both consumers and Max life. I request you to kindly value the time of customers like us. We take policies knowing that the service is going to be awful. Max life claims this is done as part of verification. How can you call it verification when the numbers we receive the calls from are different? Besides we have to be alert whether the calls are coming from the financial institution or not.
So please stop calling me. I am not jobless to give the same responses everytime i get a verification phone call. Kindly respect my time and patience.

[protected]@gmail.com

Refer to the Letter CANR1/[protected] Dated 29 march, 2017. The amount of Cancellation has been processed and same has been credited in my Account on 29 Of March 201. But till Date i have not Received any amount in my account. Repeatedly Called Max Costumer Care but not given any proper response .

Regards
Shaheen farooqi
[protected]

[protected], vishnu nagda ke nam se policy li thi, axis bank se, meri arthi isthti thik nahi h is karan me ise age nahi chala paunga is karan me ise freeluk me cansal karana chahta hu jo mere amt h wo mere khate me dalne ki kripa kare
Mob n [protected]

One year ago I have taken a policy where I didn't like it. Where I have already told that I don't like the product kindly close the policy but they still they taken my money from my account where it is not fair and I want my money to be refunded immediately.first time they tried to take my money it got bounce after they called me I told clearly told I don't want to continue and yesterday again they have taken my money without my permission

Respected sir/madam, I am phanidhar rabha, policy holder no. of[protected] want to cancel my policy with immediet effect due monytery problem of my familys medical expense, and get my amount refunded to my linked axis bank account as erliest as possible. And I want to be contacted with max life executive in my mob no [protected] . Moreover I was not well known and satisfied about this policy, so I want cancel this child education plan