[Resolved]  Max Life Insurance — max life life gain plus 20 participating plan : : surrender value is hard hit

Address:

560100

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 the 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.