Max Life Insurance Complaints & Reviews

Hi,

I am Abhinav Kukreja, had taken 2 policies of Max NewYork Life Insurance, Policy No:[protected] and[protected].

I had paid the first installment of Rs: 50000/- (2 policies) in 2008 after which i couldn't pay due to financial problem and had to discontinue.

I would like to know is there any way IRDA or any court help me recover my original amount or make a new policy and utilize my existing...

I became a member of this forum before four years, Initially the client declared that as a policy holder i can withdraw my policy at any moment and the amount paid can be withdrawn at any point of time. Also for a premium of Rs 10,000 per year, a fixed amount would be paid as bonus every year, and once the bonus aggregates, i need not pay the premium amount and the bonus would be used as premium.
Now I wanted to close my account for they did not pay any bonus for 3 years and in the fourth year paid a very meager amount, the representatives say that, the first year premium would be deducted and for the rest of the three years, they are ready to pay only 30%. That is I would be getting only Rs 12,000 against Rs 40,000 paid towards this policy. Why do they train their representatives to cheat their clients like this??

DEAR CONCERNED,

I am having two above mentioned policies with your company. I am very Annoyed and disturbed with the Misselling and misappropiation of funds has been done with me. I went to axi bank patti for FD deposit.for 2 years.

But they didn,t gave me FD rather than depositing my amount in Axis bank. Person sitting over there mis appropiately they transferred towards Max life policy. I was never agree for that. They misguided me by saying its a FD from axis bank. He took my signature on Bank FD form and said it will be your Fd. I believed his Fake words and gave him the money. I went to Axis bank several times but there was no positive response. All the time they gave me excuse that system is not working. Connectiity is not available. I complained to manager also but there was no postive response.

I didn,t got any evidence for that deposit. when i became harsh with bank and cried for my money thy gave that two policies . by saying its your FD. i didn,t understood what kind of FD was that. he said u will get all amount with interest of 14% annually after 2 years. i still denied that. But he again tried to convince me for negative thing to accept. After my brutal response he left by making false exucse and there was no one to attend me. no one actually told me what was that and all the staff kept on saying TWO YEAR FD. Now after completition of TWO years i went to have my money back. But it was different story. MAnager over there said its Long term insurance policy and i have to it Annually. I was shocked and almost fainted. its 2 lac amount which they misappropiately cheated with me. It was money from my land which i sold. Now i don,t have land and it was for my children.
NOw i amin urgent need of money but from everywhere i m help less. Manager and staff didn,t supported me. I m very DIsturbed and mentally upset by this unethical behaviour of your Bank staff. I need my money back.

Please its a humble request help me in getting my money back.

Regards
Jaimal Singh
[protected]

send me insurance premium receipt policy number[protected] filed on3/8/2013 on my email surendra.[protected]@rediffmail.com

I Dharamveer Singh Policy No[protected] has the following few words for your kind attention and appropriate action at the earliest:-

(a) I have purchased the above said policy on 31 Oct 2010 from your company for my daughter Shatakshi Vikshana Singh as person to be insured from Mr Mane Agent No 346515 but the policy document which I received have myself i.e Dharamveer Singh as person insured. Having a blind faith on the company I didn’t scrutinize the documents at the time of receipt of the documents. But now near about 03 months back while paying the premium I found out that I was the person insured in place of my daughter which I haven’t opted at the time of filling up of form. On scrutiny of the document I found out that someone has done forgery in the proposal form by changing the person to be insured of my daughter to nominee without my knowledge (by cutting ) in the proposal form (scan copy of the proposal form annexed).

(b) I reported the same matter to my agent and asking clarification. He told that he doesn’t have any knowledge about this amendment and told me that he will put up an application for the amendment of the same. And after near about 2 weeks intimated me that Max life insurance (local office) at Koregaon Park (Pune ) has refused to carry out any amendment in the policy.

(c) Reporting the same matter I have put up a mail on the official site of the company and received a reply in hard through courier, stating that my problem ticket No 10170458 has been attended to and has been resolved by Vineet Sahni, when I rang up to customer care seeking what was the action initiated, I was assured by Mr Ashish (Customer care Rep) on 07 Jan 2012 at about 1130 Hrs that a teem will be formed under leader Vineet Sahni to resolve the issue and that he will call me up within 24 Hrs which he didn’t.

(d) Again on 13 Mar 13 I mailed my complain to service helpdesk of max vide ticket No 10788933 and received reply that nothing can be done and I have to purchase a new policy

(d) Left with no option and in agony I am writing this application to you to take appropriate action by correcting the policy document by making the policy as insured person for my daughter (Shatakshi Vikshana Singh ) as without this the complete policy document is meaningless.

Thanking You
Dharamveer Singh

Dear Sir,
on 21st November 2009 an agent from Max life insurance approached us, he explained us that there is a very good policy of Max New York life. We were convinced by him he said that we need to pay the policy for only three years and the lock in period of the policy is for three years only and there & after 3 yr. there wouldn't be any liability and I can withdraw the amount at any time after 3 years and I will get the deposited amount + interest in case I withdraw after 3 years. and he informed me that in the year of maturity which was on 2019 I will get handsome amount of Rs. 1,20,000 minimum and also he informed us that no money will be deducted from my installments only service charges which is nominal will be deducted. He assured us that there would be no administrative and file charges will be charged if I pay 3 installments minimum. As per details provided by advisor policy having 3 years lock in period, after that i can get at least premium paid amount or more according to interest rate which is applicable at the time of surrending the policy which will be minimum 6% to 20%, without any surrender charges. With above condition i agree to take the policy from them thinking that it will give good return after 3 years.
I have paid 6 half-yearly installments Rs. 6,000/-each; in total I have paid 36,000/- Rs. to the Max life insurance company. but to my surprise after paying 36,000/-, On 8,9th December 2012 we were told by the firm executive and also received call from the Call center people that I need to pay the renewal amount of the policy even after paying 3 years installment Thereafter I contacted the agency from wherein I have submitted the renewal policy amount Shri Ganesh crop services which is now shifted to urban state Hisar wherein i met max executive who was the in-charge over there I explained him all the details and what problem I am facing; he told me that by mistakenly the executive informed us the wrong details of the policy when I told him to lodge a complaint he refused for the same, They asked me to file a complaint against that agent when I said that it is your duty to provide correct information to the customer and lodge the complaint against the agent he refused and said that you need to lodge the complaint against the executive yourself. When I inquired about that agent, I came to know that he has been terminated which is informed by the officer there. The incharge over there informed me to continue the policy for the next 2-3 years and said that don't pay the renewal and after 2-3 years you will get around 40,000.i returned back to my home but after 2-3 days I have again received call from the call centre people and a letter too in which it is written that due to non-renewal of your policy, your policy may be terminated by the company and they will pay only remaining amount if any.
The agent name was karamvir who sold me the policy and he was from the Shri Ganesh Corp. Services Hisar. The broker code is CHSRI/199490.
There after I have send around 10-15 mails on customer care id inquiring and complaining about the agent and agency. I have lodge the complaint in there max Grievance Redressal also I have send around 10-15 mails on (service.[protected]@maxlifeinsurance.com, manager.[protected]@maxlifeinsurance.com and also on [protected]@maxlifeinsurance.com) and called 100 times on customer care. In return I got a mail and call from the escalation team that it was totally my fault the lady said that they have delivered the policy document to me with all the details however is it enough to send the policy document only. The max life insurance office (Shri Ganesh Corp. Services) and Grievance Redressal Officer are refusing to take the complaint, Instead of taking the complaint and resolving my issue they are saying it is totally your fault why have you paid the policy for 3 years. You need to surrender the policy in within 15 days if you are not satisfied. My complaint is that we had been given partial, hidden and wrong information by the company
agent. Most important thing is that after giving them Rs. 36,000/-, I am getting only Rs.10,000/-(approximately)..Max New York Life is the Worst Service Provider amongst all life insurance co.
In my entire life i haven’t heard about such a plan in which u invest 36, 000 and you get 10, 000.While issuing this policy i was not informed of such a plan. These people are a complete fraud and cheaters. They are cutting lots of charges and are not able to explain the details of them. Not only sub branch, but also Head branch is not able to give the whole detail. Now the executives telling me that the agent has sold me a wrong policy. After lot of inquiry from them I came to know that NAV of my policy has increased from Rs.10 to Rs. 15, which means my money has increased from Rs. 36,000 to 54,000/- and I am getting only 10,000. If I had put this money in any other savings account, I would have got at least 7 % interest. After detail study i found that all my premium part has been feed to company and advisor. The company had charged 100% of the first premium amount as admin. Charges, Irony is that these days, Max Newyork Life Company. Is showing advertisement that their audience should call their agents because they are their true advisor, but in reality they are not taking responsibility of their own agents and their products, I want them to refund my money. Agents and Managers of MAX NEW YORK LIFE INSURANCE are cheating innocent people. When i was taking the policy i was promised that the policy will give fixed returns between 6 to 20 percent returns. As I am from normal background, I was unaware of policies, insurance and related stuff.
Please look into my complaint.
1) At the time of taking the policy the Agent told me that the lock in period of the policy is of 3 years only after 3 years I can surrender the policy at any time and in return I will get deposited amount+ interest deducting only service charges which is nominal.
2) The agent assured us that there would be no administrative and file charges will be charged if I pay policy for 3 years. But after lot of search I found that they have charged mortality charges, policy administration charges, premium allocation charges, fund management charges, etc. which is not communicated to me at the time of taking this policy. The company charged 100% premium of first year as admin charges how in the world any company can charge 100% amount as admin charges. If it was told to me at the time of taking this policy I would have never deposited my hard earned money into it.
3) At the time of talking the policy the agent did not informed me that this policy is based on market condition he simply told me that this is a pure saving policy in which there is no market risk. He assured me that it was not based on market value; they will use my money in secured fund only. But after lot of search I found that all money depends on NAV value. It was a Unit linked plan.
4) The max life insurance office (Shri Ganesh Corp. Services) and Grievance Redressal Officer are refusing to take the complaint, instead of taking the complaint and resolving my issue they are saying it is totally your fault the why have you paid the policy for 3 years. You need to surrender the policy in within 15 days if you are not satisfied. It was my fault that I believed on MAX insurance and their agents.
Reference number for my complaint which was registered with Max Life insurance. 10564939
and IRDA token number[protected] and entity reference number 10713645
They have given me wrong information during purchase of policy & paying the premium. It’s a real case of fraud want to take legal action against at any cost. Please look into my complaint
Regards, Geeta D.O.B:- 26th May 1990 Policy number[protected] Father name Krishna bahadur
My personal call back number is [protected].

Sir, maxlife insurance's partner the Axis bank 's represetative sold me 3 policy pack the contovercy is that all the plan is same i.e. LIFE PARTNER PLUS AGE 75. I AM not satisfied and i m not interested to kept two plan out of three. in this regard i contact to company's officials but they shown inability to cancell it. their view is that they send me all policy paper in time and free look period has been lapsed. but i received policy paper on 20.12.12. and i represent the matter to company's officials. sir i m poor man and not interested to continue the same and i want to return my money without further dely.

thanking you

sharadendu sharma
[protected]

Please refer to the Policy No.:[protected] details as below . Kindly furnish the fund statement as on 28.02.2013.Kindly furnish by return e.mail. the comments such as profit or loss.of the said policy and also yearwise balance.
Policy No.: [protected]
• Life Insured : Mr. Ashutosh Tiwari
• Plan Name : Life Maker Premium Unit Linked Investment 10 Yr.5 Pay Plan
• Policy Issue date : 06-AUG-2008
• Sum Assured : Rs. 2, 40, 000.00
• Payment Mode : Monthly
• Payment Method : Direct Bill
• Modal Premium :2000(Monthly)
(Including planned Top-up) :

Pls send me the fund value of my polic which was started on 6th aug 2008.
it is a 10 yr 5 pay plan,
total su insurred is 240000
Monthly Premiun :2000
Pls inform me on my email.
aashutosh.[protected]@gmail.com

hello sir,
good morning
i have policy for max new york life company,and last 40 days i surrender my policy but company have no money transfor in my account ,then i call company ,they say to me 2 or 3 daya u received you amount but notwhen i call company say same repeat answer so please uinform company,whats action about company ,
name =barot shailesh kumar
policy number[protected]
dob= 3 april 1981
mob=[protected]
office= max new york life insurance
ahmedabad GO 1

i selected the max life insuancein January. policy no is[protected].but still i have not get the receipt or acknowledgement.

i purchased a policy[protected] in the name of health insurance from Max life insurance co.ltd.
but company & the employees of the company cheated me or falsely detailed the plan to me for their personal benefit ,they give me a unit linked product instead of a health insurance policy,I can’t received any bond or other paper related to this policy.i paid(1) 50,000/- on[protected] by cheque no.004293(bank of baroda)__(2)50,000/-on[protected] through cheque no.110710(bank of baroda).Max Life Insurance co.ltd.don’t pay attention to my complaints verbally then I complaint a written letter to max life on[protected],even after they don’t give any attention.i am a old age person this is not possible for me to follow up Max life insurance company ,who are in cheating intentions.
please help me,otherwise I am ready to go consumer forum.
Thanks & Regards_
from
BABU RAM DOHRE
559 kha/181,sringar,alambagh
lucknow(u.p)
dated[protected]
m.no--[protected]
mail [protected]@gmail.com

I withdraw my policy #[protected]Amount : 37024.37) in Dec-2012. but still I am not got my redeem amount cheque. I talk with customer care
many times for same but no proper response. I called many time to Max Life Insurance company agent but they also not properly
response my phone call. I also want me a two month interest on my current redeem amount (1000rs). Please help me get my money it is urgent.
My contact details : [protected].

I am having the policy of the Max life insurance having policy number[protected]. I have paid the premium for two years worth Rs.40000. Due to financial cries I am not able to pay the next premimums. I have contacted the company for the repayment of my money, but still they are not giving any responce for the same. I am in very bad financial condition and I want my money back. Request to help urgently. You can contact me on [protected].

Thanks
Vishal

Dear Sir,
My name is sulthanammal and my policy number is[protected]. I have applied for transfer of payment directly to my account through Mr. Raja sekar – [protected] 18.10.2012 in Madurai office. They assured that amount will be credited to the account within 7 working days. But everyday I am making call for my payment, But till date I am not getting any satisfactory reply from maxlife insurance company. I have travelled to Madurai personally several times to Madurai branch office for payment and I am totally got anguish on this issue. When I have raised query through customer service, they have given complaint number as 10574091 on February. Even after two weeks I haven’t received amount. I haven’t received neither any response and my amount. This I have never expected from maxlife, which is such a big organization. The letter which I have received through customer care is attached for your reference.
I hope prompt action will be taken against this issue.
Regards
sulthanammal
[protected]

I am saneh lata. pl. send my last 3 years premium receipts of policy[protected] as i have never received any receipts till date. I am very painful as the committments made at the time of booking of policy are not fulfilled. my e-mail is [protected]@gmail.com

This is with the extreme of a customer's frustration caused of a highly unprofessional behavior and service by MaxLifeInsurance. These are the points which are compelling me to knock the door of some judicial authority.

1. My policy was surrendered one year ago (April 28,2012)when one of the Max's executives Mr. Mohit Tiwari misguided me with the assurance that I'll receive the surrender amount in my account within 7-10 days. I gave all the required documents (e.g. cancelled check with IFSC code etc). Later, on non-receipt of the amount, when I recontacted MNYL people, they said that the amount can not be given to me before 31st Jan, 2013. I missed on several financial commitments and paid for them from my own pocket. What MNYL gave me was a mere empathy and I kept mum.

2. Further, when the date of receiving the amount came closer, on 22 of Jan, 2013 I revisited the branch and submitted another form for 'NEFT Transfer' with cancelled check and IFSC code etc. I was again assured by the same Mohit Tiwari that the amount will automatically credited into my account within 2-3 working days post 31st Jan, 2013. Which, obviously, never happened. I again called their customer care division who suggested me to wait for another 7-10 working days for the same. With a hope of getting the amount soon in my account I went to my native place to start something from that money, but that time frame also passed. Since then it's become a part of my daily routine to call MaxLifeInsurance people, reiterate the same thing every time and getting the same vague assurances.

3. In the same process, I spoke with a (so called) supervisor on the floor, Mr. Devdeep Chaterjee on 13th of Feb,2013, who told me that the check has been dispatched to my address of Greater Noida on 11th of Jan. I told him that I had already given the documents for NEFT transfer (REMEMBER, IT WAS DONE TWICE), then why did you guys send check? He said that it needs to be confirmed with dispatch team. Being at my home town, I was unable to receive the check (if it was actually sent) and for which reason I had requested the NEFT transfer (twice). When I requested him to take the ownership of this concern and resolve it using supervisory authorities, he again gave me the assurance that the amount will be credited in to my account latest by 15th of Feb (I have the call recorded in my phone), which is also passed.

4. Just to remind them of this last commitment, I called Ms. Kusum (another Supervisor) on Feb,14 when she confirmed me that the amount will definitely be credited into my account before 15th Feb EOD (another utter vague expectation). And if it doesn't happen, she will let me speak with Devdeep. But she did not respond to my question that, 'WHY TO TALK WITH DEVDEEP OR XYZ? I JUST NEED MY MONEY. GIVE ME THAT ONLY THING'.

5. This morning I again followed the routine and spoke with someone called Aditi, who told me that she will investigate from finance team that why a check was sent to me in stead of NEFT transfer and it can take another few days. I again repeated the same story that I merely need my money and I have nothing to with your report of investigation etc, but she said that this only thing she could do.

NOW, MY QUESTIONS ARE :

1. Is there any authority in this company called 'Max Life Insurance' which has the right to give customer's own money back to him? What else should be done for this?
2. What Max Life Insurance is going to pay me extra for this continuous mental and financial suffering of around a year?
3. As it is obvious, that my amount would have made a good some of interest in the company's account for these 16 days, will the company refund me that value too?
4. And again the first question at last too, 'WHEN WILL I GET MY MONEY? and WHAT ELSE AM I SUPPOSED TO DO FOR THAT?'

Still Optimistic
Shri Kant Dubey

I'm gnanasekaran s/o Krishnan and nomine is SELVI.L. and policy no is[protected] and what will be the fund value in the year of 2013

Dear Consumer Complaints Forum,

I was persuaded to invest in a policy of Max Life Insurance Company when I visited Axis bank regarding my savings account. I paid Rs.46,000/- on 17 November 2012 towards the plan. Till today they did not issue the policy documents or even the payment receipt to me. I have been calling and mailing to them and every time I receive a new false promise. When I got fed up with their behavior and asked for cancellation of the policy nobody responds. Even their service manager and grievance redressal officer don't care to respond to the mails, leave alone taking the ownership to resolve the issue. This is the worst service I ever received from any organisation.

I would really appreciate if someone can help me in getting my money back and also penalize Max Life Insurance Company for troubling me so much.

I am reachable on my mobile number [protected] for any further details in this regard.

Looking forward to some help. Thanks in advance.

Best Regards
V. Sharma

I am very much happy to being existing customer of Max Life Insurance (Policy Number :[protected]. But some of personal urgent financial requirement I am planning to withdraw my policy. While submitting withdrawal application the concerned person is raising the issue of "SIGNATURE MISMATCH". I also agree that, my signature is looks little bit different than in the application form( which I signed 5 years ago). For my eyes the signature will looks around 60 to 70% same. But your people rejecting my withdrawal application. Please update me with any solution for this issue.