Max Life Insurance Complaints & Reviews

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

Hello MY Name is Hemant.
I have taken a maxlife gain plus plan policy no.[protected].
I am paying premium of 40k/annum for the last 6 years so the total i have paid 2.40lacs.
Now when i asked them that i want to surrender my policy they are saying that i will get only 1.15 lacs.
First time i am seeing a policy which is giving negative value that too more than 50% how ridicolus.
These guys are cheaters & looting a common public.
I am planning raise a complaint against them in consumer court.
If anybody else is intersted please let me know.
MY COntact Details are [protected]

My name is parmjeet singh dhunna and my policy number is[protected]. I just wanted to transfer my policy to one of my cousins and i was about to transfer it but unfortunately, bank employees made me fool. They said to me that your policy has been cancelled so there is no need to transfer it. I have a recording of one of the employees who is admitting that i was misguided and given false information about cancelling my policy. I am totally mentally tortured. I want my money back. I do not want to continue it.

पालिसी नंबर[protected] मै 2007 में hole life plan खुलवाया था और2017 में मै अपना पालिसी sullender कर दिया लेकिन मुझे स्लेंडर अमाउंट बहुत कम मिला मेरा जमा हुआ57000 और स्लेंडर अमाउंट दिया24450कृपया मुझे इस बारे में संतुष्ट करे

I had Taken a Policy with Max Life in 2013, I have paid Premiums not time for every month till Feb 2017, Now I have Requested for Surrender of My Policy.
I Submitted all Documents at Thane Branch Office on 8th March, & they said Amount will be credited in my Account in 8 Working Days, it is still not credited.
There Customer Care Executives says that Payment has been Initiated on 17th March & Kindly Wait Amount will be credited.

Policy No.[protected]
Mohammed Yusuf Rassiwala
[protected]
[protected]

Hello,

As discussed in start only you call representatives told me that this is possible and they will change the plan after this.
If I am getting promised by your call representative person and he is telling me that it is possible and all my documents is checked and verified on the grounds of 50 lakh then now how you will not allow me to get enrolled in 50 lakh sum.

The mail is with you only when I told you that I want to change my plan on the date of purchase of policy 16 Feb. So why don't you verify this thing in start only ??

Also I got a mail from service.helpdesk that they never recieved my request of plan changed and they are telling this to me when the policy is issued. I send all the mails snapshots and mails that I got from online maxlife insurance. After that your representative call me and fell sorry for that.
Now your representative is saying underwriting team is saying No. please explain how come you never get the request as I have all the hard copy with me for change of plan mails.

Please give me your clear answer as the person Sourav your representative is telling me to quit the policy. As he is saying me like I am begging for policy from you. Is this the way you treat your Coustomer.

I want clear things on this as previous also you told me that I haven't raised any request for policy sum change but I show you all that proofs and now Sourav is saying the that I am not eligible. I want clarification on this as it's unacceptable. It's your duty to check the requests made by customers and get reply with that.

You manger.maxlifeinsurance person mail id is making promises that hey will get back to me in 1 day but after 8 days they told me I can't get the policy change to 50lakh and now also it's 2 days now reply or call from your side.

Please reply me with this.

Thanks

Dear MAX LIFE INSURANCE

I have 2 policies of Max Life Insurance. The policy was taken thru Axis Bank.
The payment for this is through ECS, and it is done through an annual payment. The next scheduled payment for these 2 policies is early April 2017.

Today, 17th MArch 2017, an agent of Max Life Insurance (Nikhil: Phone #[protected] called me and mentioned of a 10% discount, which is typically given to Agents, that would be passed on back to me if I transferred the premiums directly via NEFT to a bank account they would specify.

A 10% reduction in the premium would have meant I saved Rs 30, 000/-

This was too good to be true.
Which is why I did a google check on the same.
Thanks to the complaints made in this forum, I now know this is a fraud scheme.

These fraudsters have MAX LIFE customer information, obtained through lax information security policies at your end, and are making illegal use of the same.

There have been quite a few instances of this fraud happening, and too many for Max Life to treat as a one-off.
It is not good enough for MAX LIFE to request duped customers to file a police complaint after the event.
Please take the proper preventive measures to ensure customers are not being deprived of their hard earned money.

My request to you, MAX LIFE, would be to immediately send an email or SMS to ALL your customers alerting them to such a fraud.
Send the email / SMS now!!

After all, these fraudsters claim to be MAX Life agents and have information that customers shared with MAX LIFE trusting it would not be used for malafide intentions

Thank You,
Arup Ghosh Dastidar
[protected]@hotmail.com

I have a policy with max new york life insurance which was taken in May 2009 and the policy number is[protected]. This is basically my father's policy name as Mr Sushil Kumar Sharma. The Agent Mrs Kajal Rathi, Agent code: 251587 told him to pay his premium for at least 3 years after that you can continue this policy otherwise you can withdraw the amount. The company will pay your deposit amount with some advantage, So continuously My father had paid 3 years premium of 80, 000 i.E 20, 000 per annum for 3 years + 20, 000 Policy Amount. Now in Feb 2017 when I consult with their Ghaziabad branch, they told me you have to continue this policy till 75 year of age, then I decide to close my policy and request to return my amount, The manager told me the company will return only 50, 200 Rs. After hearing their words, I was shocked, the company is using my deposit amount from last 6 to 7 years, then what about the interest amount?

Basically, we don't know about the company & company owner, as per the customer perception, your agent is one, who represents the company, for the customer he/she is the company or owner, so they must give proper information without focusing their target, and company must appoint the Genuine agent and guide them to focus on customer satisfaction, not on the sale.

Company agent ditched my father by giving wrong information, company and Mrs Kajal Rathi is responsible for creating this scenario.

Conclusion/Suggestion:

The company should pay my actual amount (80, 000) which i have paid + Interest Amount. And take suitable action against the Agent Mrs. Kajal Rathi.

Can call me at : [protected]

Dear All,

Good Day,

Please note, I am having two policies with Max Life ( Policies No.'s[protected] &[protected] and was called upon by Miss Sonia Sharma ( Mobile No. - [protected] ) on 9th and 10th February 2017 as Max Life insurance advisor and she was having each every details related to both my policies which are actually supposed to be confidential. She told me that there was a 10% Agent Code which was...

Sir,
I have taken a Policy No.[protected] as assisted by Axis Bank Chennai Main Branch in 2011. When I taken the policy they informed me that the policy is for 20 years but you can surrender after six years. (If I paid six years premium regularly). Due to my unexpected medical expenses, I decided to surrender the policy since I have paid six year premium totaling to Rs.1, 52, 000/-. I have approached through axis bank to surrender the policy. The person told me that they will call you and inform you about the surrender value after your confirmation only they will surrender the policy. But nobody spoke to me about the surrender value, suddenly I got a SMS that your request is in process.. After two hours I got a credit confirmation from my bank a sum of Rs.71, 130/- credited.
Then I approached Max Insurance office at Mylapore they told me to mail a complaint/request stating that without confirmation they surrender the policy. But they have not even acknowledged the mail.
Rs.80, 000/- deduction is a very huge amount (it is my 4 month salary)
I can not sleep or eat for the last 6 days.
Because of trust I have lost Rs.80, 000/-. I request you to deduct some reasonable amount as surrender charges.
I anyone can help me, It will be very useful to rest of my life.
B Jayagurunathan
[protected]

Dear Sir,

I have a policy of above number and I receieved a call from your Lucknow branch stating that the above policy is not very useful. They told me that this policy can be surrendered and if I get a new policy with a premium of 40000 than therer will be no deduction on my old policy and also I will get a bonus. Initially I did not heed their advice but I was repeatedly called and also they told all details of my policy my dob, my address and also agent name and code who did the policy. I was asked to send address proof, adhar card pan card, cancelled cheque and a cheque of 40000. I did send all these to your LUcknow office on Feb 7th. After that I received a new policy no[protected] on 25th Feb and they told me that the money will be done RTGS by 28th. After 28th when I enquired I was told cheque had been send from Head office by speed post Tracking no EB[protected]IN which was again found to be false. Again they told me that they will do RTGS and till date I am being fooled.
The concerned agent of our office was Mr Rahul ([protected]) .
I would request max life to terminate my new policy and refund my amount of Rs 40000 to my account.
I have all conversation with him and all my call records, please expedite the matter or else I would have take it to consumer court and IRDA

Hi,

I had purchased the online term plan of sum (50 lakhs) paying the annual premium of amount (Rs. 5093.65). After purchasing the same I had my medical done on the same week (Saturday). Next week I had a chat with one of the executive and I was told that the policy has got issued and I would receive both the soft as well as the hard copy within 2 to 3 business days. After that discussion it's more than 5 days and when ever I am giving a call I was being told to wait for another 48 hrs i.e 2 days. Whereas I discussed with few of my know persons they applied for the same policy and they have received the hard copies also in their communicating address.

I am not understanding why MAX is lingering the issue unnecessarily while everything has got settled and the policy has got issued. Unnecessarily they are buying time from the customer and wasting time so that the free look period of 30 days get over and the customer cannot claim the amount.

If this is the case at the initial stage of issuing a policy they how much a customer needs to be harassed while claiming the amount in genuine case. The customer care executives are not at all polite/ helpful also, as they dropped the phone without listening to the customers. I had recommended few of my colleagues to go with MAX and now I need to tell them to think twice before renewal.

I don't want to continue with MAX after this incident and do the needful to cancel the policy and initiate the refund.

Thanks & Regards,
Partha Pratim Pal
Email: [protected]@gmail.com
Mob: [protected] / [protected]