Max Life Insurance — I need full amount as surrender value

Mahgaikw

from Mumbai, Maharashtra

Address:

Mumbai,Pune,Solapur, Mumbai City, Maharashtra

Hello Team,

I have issued max life insurance pollicy, below are the policy detaills

Life Insured Name - Mahesh Narayan Gaikwad
Policy Number - ******486
Issued date - 30/01/2016
Plan name is - Max Life Monthly Income Advantage Plan - 15 Pay.
Premium amount - 61533 rupees per year

When I issues policy, I was told that I will get lumpsum amount of 11 lac rupees after 15 years and 9500 per month till policy maturity date.

But now when I checked policy details, I found that I will receive lumpsum amount after 25 years, that is after maturiy date (30/01/2041), so I am not interested to pay remaining premiums as I was misguided. I have decided to surrender my policy but I can see only 96, 000 rupees as surrender value which is not expected, I need my full paid amount, that is 1, 83, 000 rupees.

I tried to contact max life insurance customer care but didn't received expected response hence I am raising complaint.Could you please help me on this.

Please let me know in case you need more information.

Thanks,
Mahesh Gaikwad

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Max Life Insurance customer support has been notified about the posted complaint.

Verified Support

Jun 20, 2019

Max Life Insurance Customer Care's response Dear Mahesh,
We are very sorry about the inconvenience caused to you. Thank you for sharing your policy number. Our customer service team will reach out to you shortly to help understand the issue in detail and resolve it. Regards, Team Max Life Insurance

Verified Support

Jul 01, 2019

Max Life Insurance Customer Care's response Dear Mahesh,
We wish to clarify that the cancellation of a policy is strictly governed by the terms & conditions of the policy contract and these terms & conditions are part of our product approval processes with the regulator. As per the regulatory provisions, there is a free look period of 15 days during which the policyholder may approach the insurance company for cancellation (if not satisfied). This free look period starts from the date of receipt of the policy pack by the policyholder. In line with above, your policy pack including proposal form and benefit illustration was duly delivered at your mailing address on time. We have received your request for cancellation now, which is beyond the free look period of 15 days.
Hence, we express our inability to cancel the policy and refund the premium paid. The current surrender value of the policy is Rs.97, 288.63. In case you wish to surrender the policy and take the surrender value, you are requested to visit any of your nearest Max Life office and submit the following documents:
• Surrender Form duly filled and signed by the policyholder. (Attached)
• Original Policy document
• Original Id Proof (self attested).
• Cancelled Cheque with pre-printed name and account number. (If not printed, copy of the bank passbook/statement with printed account holder details)
Also, the same has been communicated to you on your registered email id. Do reach out if there's anything else we can help you with.
Regards, Team Max Life Insurance

Jul 31, 2019

Updated by Mahgaikw Dear Team,

As mentioned already, I was told that I will get lumpsum amount of 11 lac after completion of 15 tears and after that for next 10 years I will get 9500 rupees per month till maturity date.
When I checked the documents, I found that I will get lumpsum amount after maturity date, that is after 25 years. So you guys provided me wrong information.
Now I am not interested to continue policy and want all the money back as soon as possible. I contacted customer care but my queries were not resolved.I cannot accept surrender value 97288, I want full amount which is 183000.
Requesting you to refund the money as soon as possible.

Thanks,
Mahesh Gaikwad