[Resolved] Max Life Insurance — Less maturity benefit | |||||
I have purchased a money back life policy fro Max in 2004 and paid total premium of Rs. 76820 and received maturity and money back benefit in total Rs. 79531 which is too much less as benefit of Rs. 2711 in 11 years. No insurer declare the bonus rate during policy purchase but in case of other insurance company the return is reasonable. Now Max is saying that the amount is ok. I have contact to Grievance Redressal Officer of Max Life Insurance ([protected]@maxlifeinsurance.com and manager.[protected]@maxlifeinsurance.com and service.[protected]@maxlifeinsurance.com ), but they are ignoring and regretting my case saying that payment was correct. If it is correct then why did not they have mentioned the interest rate or PUA during policy purchase and how it is correct that total maturity and money back benefit will be same as premium amount. Policy no[protected] IRDA Token number=[protected], Entity ref. number[protected] Was this information helpful? | |||||
Complaint marked as Resolved
Max Life Insurance customer support has been notified about the posted complaint. Verified Support Dec 04, 2015 Max Life Insurance Customer Care's response Dear sbbs, We apologise for the inconvenience and assure you that your concerns have been duly noted. Our customer representative has spoken with you but was unable to complete his entire conversation with you. The complete solution will be communicated to you at your registered mailing address. Should you need any further information, please write to [protected]@maxlifeinsurance.com. Request you to please mention Ticket No.16077780 in future communication on this subject.
Regards,
Max Life Insurance
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 4 Comments | |||||
Comments
I think that the conversation was complete, as there was nothing new they were talking about. Since last few months Max life is informing me the same that the payout was correct. But I don't think so as difference in between premium paid and total benefit is only Rs.2711 in 11 years. Why should a person will invest to get Rs. 2711 in 11 years. Norman bank savings interest is more than this. Max was telling about the benefit of life coverage, but every insurer are providing this life coverage and further not only Rs. 2711 but more than this. Further is it a desire of Max that one should die to get risk benefit so that declare that they have provided so much benefit. Max can contact me ([protected]) if they have something new to inform me.
Reply
it is better to not to suggest anybody with maxlife.
Dear sbbs, Our customer representative has spoken with you and provided you the policy related and maturity benefit details. A mail has also been sent to you regarding the same.
Regards,
Max Life Insurance
Regards,
Max Life Insurance
As I have mentioned earlier, nothing new you have told. Since July, you, Max people are talking the same. You may be satisfied but not me. You did not mention the PUA rate during purchase of the policy. You have fixed the PUA rate very cleverly and set the total refund just higher ( Rs 2711 more)or same as total premium paid. Now you are talking that you have paid the money backs, bonus etc but the FACT is you have refund me only Rs. 2700 more than the premium paid by me in 11 years which is very very less in comparison to other insurance companies or banks etc. A policy from other source/insurer would have been better. Mex life Insurance is cheating the customers by paying approx. the same amount as premium paid. The interest of premium paid by the customers are being enjoyed by Max.
The most important point is I am complaining not to see or hear your so called statement that everything is OK.
The most important point is I am complaining not to see or hear your so called statement that everything is OK.
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