A agent from Max Newyork Life insurance canvassed me repeatedly for taking life insurance policy from their company. While canvassing me she along with their colleagues repeatedly approched me with computer printout containing number of sheets, all the sheet gave the speculations of exhorbitant benefits in lakhs and some in crores. But the real details and depth of the calculations are not clearly visible, openly or any common man, even educated cannot understand their terms and calculations.
And moreover the agent is not having any clear understanding of the pros and cons of the policies issued by the company. Their only mottos is not the public benefit but to pocket our hard earned money as commission.
They themself gave a policy called LifeMakerGold in my wifes name for Rs.20000 payable a annual premium and paid the first premium in Dec2007.
This policy's fundvalue is less than or approx equal to 3000 as on Jan2009. And this also i cannot withdraw, so it is of ZERO VALUE. and also the policy lapses due to the premium due. Will any one already fooled by the agents and sales manager of the company will pay premium once again.
Add to the astonishment:Another Rs.20000 was used by the company to provide me Two "Whole life policy" in my children name.
When I approched the companies Chennai, Adyar office recently for any clarification, they say that if I want life cover i want to proceed with paying the premiums and getting them lost like this, otherwise choose to loose your Rs.40000/. paid earlier. And this policy will be paid when my children are dead or they reach age of 100. So I am going to get nothing. So neither me or my children will benefit from these policies in this century. So I am fooled by the agent and the Sales Managers who canvass with promissing high figures and drives a nail when asked for clarifications.
Now only they are saying that 70% of the premium is swallowed to pay agents commission, management expenses, mortality morbidity charges and fund mismanagement charges, etc intially and every month reducing the amount further by deducting charges. So a poor will end as a pauper provided.
the trend continues.
So beware think and get full knowledge before investing in any Life insurance promising about high returns. They are worst than the Private finance frauds. Legally your money will be killed. And you have to cry yourself for the lose or hard earned money.
I hope that i have already lost my Rs.40000(Rupees forty thousand only) paid to Max Newyork Life. These people used its for their agents and for the management so this is my mismanagement.
Aug 13, 2020
Complaint marked as Resolved 
Reduce the amount of salary you people are giving but give a secure future to your employees and clean business deals to the customers. This is the only way to survive long term in the market. Don't open new offices but only small kiosks. This way you will have presence in most of the places with least of the expenses involved.
Kindly understand that an average middle class person takes around 7-10 policies in his entire life. If this remains the scenario people would stop investing in insurance or opt for LIC thinking that at least it is a government body. Though LIC is also doing the same malpractices and their services are pathetic since beginning. I just wanted to say this over this issue. I hope company reads it and at least the one who owns it reads because the top officials would never like to tell the owner to reduce their salaries. They might even try to erase this article:)