[Resolved]  Max Life Insurance — max life insurance surrender value

Address:

500028

I have taken a policy with this company and my policy no is[protected] under the plan max life life gain plan and the date of the policy is 2011. As on 2018, i have paid rs.29, 7000/- approx. This was taken through the bank agent.
While taking this policy they convincingly stated that for this policy, the lock in period is 5 years and the policy can be surrendered any after 5 years and the surrender value will be the nav on the day of surrender.
Today i approached the insurance company on the toll free no [protected] and the customer service executive who attended my call gave me a shocking information which has taken an hour to recover. He said that i will pay only rs 1, 44, 000/- of the premium amount paid which works out to rs.29, 7000/-. They will be paying some bonus amount which will be informed only on the surrender date.
To sum up, for the amount of rs.29, 7000/- paid by me as premium amount, i am facing a loss. This may be a peanut for the insurance company, but a for a common man from a lower middle class family it is a blow on his face. Now i am jobless and i am doing a very very small business and unable to run my daily life with 3 dependents. Is this not equal to cheating a common man who is always at the receiving end of all misgivings of others. Can you please help me and i humbly request the forum.
Md zulfekhar ahmed.
Telengana, hyd-28.