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

1 Review
Asifnagar, Andhra Pradesh, India
 zulfekhar arif on Oct 27, 2018
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.
Complaint marked as Resolved 2018-11-29 00:18:18

Complaint Status

[Oct 27, 2018] Max Life Insurance customer support has been notified about the posted complaint.
Verified Support
Max Life Insurance Customer Care's response Oct 29, 2018
Dear Zulfekhar, Thank you for sharing your policy details with us. Our representative will connect with you shortly to understand your issue in detail and help resolve it.
Team Max Life Insurance
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