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[Resolved]  Max Life Insurance — Max Life Life Gain Plus 20 Participating Plan

I was advised by an Axis Bank employee, who came along with the Max Insurance person, with a plea to invest in the above policy. The Agent Code 453355. They said that the lock-in period will be for 5 years and the 6th year I will be able to close with interest and bonus received on the same. Since I was not receiving statements I called the Max Insurance help-line and it was a shock to me. The executive said I will have to pay for 6 years and the amount will be locked for 20 years including the 6 years. I asked them if I have the option of closing this Policy they said that I will receive only 30% of the Premium amount. I am not looking for the interest or bonus, but I request for the actual premium that I have paid. Please help me sort out this matter as I am a single parent wrestling with 3 kids and I do not earn a high salary as well.

Regards: Wilma Fernandes
Complaint marked as Resolved Mar 2, 2017

Complaint Status

[Jan 20, 2017] Max Life Insurance customer support has been notified about the posted complaint.
Verified Support
Max Life Insurance Customer Care's response Jan 23, 2017
Dear Marceline, we apologize for the inconvenience you have faced. Our customer tried contacting you on the number in our records, but the number is not available. We would request you to please share an alternate number and a suitable time so that our customer representative can connect with you at the earliest to understand your concerns in greater detail. Incase you need any further information kindly write to us at [protected] and mention ticket no 17836138 in all future communication on the subject.

Max Life Insurance.
Verified Support
Max Life Insurance Customer Care's response Jan 30, 2017
Dear Marceline, our team is investigating the concern in detail and would require some more time before we can come back to you with a resolution. We will be able to update you shortly on your case. Should you need any further information, please write to [protected] and mention ticket no 17836138.

Max Life Insurance
Complaint comments  1 CommentShareTweet


Max Life Life Gain Plus 20 Participating Plan : : Surrender value is hard hit.

Policy no#[protected]

Axis bank Konappana agrahara branch Blore forced me to buy this policy when walked into bank for locker facility. This is purely worst policy, by which I have lost Rs 37000/-.
I bought this policy on 11 Aug 2011, after paying 6 premiums, I decided to get rid of this policy because there is no good maturity benefit. I had to pay premium of Rs 15000 for ten years. After all premiums paid for 10 years. I again need to wait for another 10 years to get maturity benefit.(Total 20 years policy)
I spoke to customer care executive about maturity amount, he told me that I would get 1, 97, 000 rupees after 20 years. If I invest my 1, 50, 000 rupees in any of the Bank Fixed deposit (FD), I will get double the amount of 3 Lakh rupees only for 7 years for 15000 investments.
Surrender value: Pathetic. As I already paid 6 EMIs, accumulated amount is Rs 90000.out of this I am getting only 53000 rupees now.
Surrender value calculation: total premiums = 1st premium non-refundable+30% of return value of remaining EMIs.
So my total paid amount is 90000. Money I am getting is 53000 only. I have lost Rs 37000 on this policy.

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