[Resolved] Max Life Insurance — loan against policy

shivdeep mhatukade

from Umred, Maharashtra

Address:

Pune, Maharashtra, 412115

I have approved loan against policy (policy no.[protected] from Max life insurance Karve road office. It was sanctioned 100%.
But it was credited only 58% amount of my approved loan amount. Remaining 42% amount was debited by company by without any intimation as a policy premium. I will pay the premium on Nov 17 because I want loan for my personal reason. But company gave me loan by diducted my policy premium amount. So I need it refund as 100% loan.
But if the process as like this type, then why did the mot company asked me before loan sanctioning that loan amount will be credited in my account with current premium amount diducting. So please refund my policy premium.

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Dec 7, 2017

Complaint marked as Resolved

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

Verified Support

Nov 06, 2017

Max Life Insurance Customer Care's response Dear Shivdeep, We apologize for the inconvenience. Our customer representative has spoken to you and informed you that at the time of loan approval you filled the form where it is clearly mentioned to adjust premium amount from loan amount.Kindly never share your policy details on the timeline to maintain security of your policy related information.

Regards,
Max Life Insurance.