[Resolved]  Max Life Insurance (Max New York Life) — "Multiple ways to cheat customers" Max Life will teach you, you only need to take a policy

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Bangalore, Karnataka

Did you fall prey to miss-selling from Max Life Insurance? Did they cheat you by showing an inflated surrender value? Don't get surprised. Welcome to the club! You are only one in thousands of victims cheated by Max Life. (Re-posting in a detailed manner as I don't see an option to edit complaint. Attached proof of cheating, please see that as well) Here's how Max Life Insurance cheated me twice on the same policy! I had taken a Unit Linked Insurance Plan from Max New York Life (now known as Max Life Insurance) in 2008 (Policy No:[protected]. The plan name is "Life Maker Premium." I was guaranteed the following by the Max New York Life employee (not agent, Max Life often correct the word). What was offered to me? 1. 10% growth on fund is guaranteed, it can go up to 20 %(Illustration was shown in the brochure). 2. Flexibility to surrender the policy any time after 3 years (locking period as of 2008) without any surrendering charges. 3. This fund is performing best in the market; you never get a better product from anywhere else (only this product of Max Life can give you awesome returns on your money. I got goosebumps after analyzing the profit that I am going to get after 3 years!) 4. I can claim tax benefit under 80C. What was given to me? 1. Yes, I was able to claim tax benefit under 80C. (Thank Max Life, thank God, at least I got this benefit) 2. Rest all promises given to me was fake, misleading and with the intention to cheat me. 3. Max Life sincerely deducted all charges belongs to them, fund management charges, allocation charges etc. from my premium. (my premium was 20, 400/annual, after all deduction they allocated 12, 000 approximately towards my fund). 4. I decided to surrender the policy as the fund value was at 10% loss than what I paid after 3 years. When I went to surrender the policy, they surprised me! There’s a surrendering charge of 25% of fund value. (whatever they allocated towards your fund after all deductions) 5. I waited for two more years to surrender the policy to avoid surrendering charges. I went to the branch office to surrender the policy. Max Life employee (from office) confirmed that the fund value and surrender value is same.(Rs. 69, 534) 6. After surrendering the policy, Max Life surprised me again! They credited 49, 977 instead of 69, 534 with an explanation “there is a clause in the policy document, the surrender charge is 25%, if premiums paid are less than four times the ATP paid. What was the final benefit to me? I invested my money for 3 years and 8 months(total Rs. 74, 800 ) and waited for 5 years, the final result was, I lost Rs. 24, 823 . Remember, it was more(21.7% more) than my one year premium paid! In effect, they just stolen 15 months premium from me. What was the explanation given from Max Life Insurance? (Words from their email) “The surrender charges were duly informed to you at the time of surrendering the policy.” My comment: If they had informed me about the surrendering charges, I could have paid a very nominal amount to match the 4 times ATP, and saved at least Rs. 20, 000. Max Life has no guarantee on their words; they will change it any time. They intentionally hided this clause from me, when I visited the branch office to save that money. (see how cheap attitude) “Moreover, the benefit illustration signed by you before the issuance of the policy clearly reflects the applicable surrender charges in the policy” My comment: I have clearly noticed the benefits were not written in the document when I received the policy document. I have called “Aapke Sachche Advisor”, he invited me to the branch office and his manager convinced me “it’s a limitation o[censored]LIP plan, all the benefits will not be documented.” I admit it was my fault, trusting their employee and his manager. I can’t follow Hindi. Can someone explain the meaning of “ Aapke Sachche Advisor ”? Max Life’s conclusion : “It was because of the IRDA regulations I lost my money, not because of Max Life”. Thank you Max Life, it was nice to know. Dear friends, do you know I had taken another policy from Max Life Insurance before surrendering this! I stopped payment towards this for the same reason, what is offered to me is not there in the document. I can’t trust Max Life any more. I lost some money in this, but do not want to lose more and regret later. Trust me, you cannot read all their terms and conditions(* marks) even with magnifiers. The Max Life agent may be your friend, your relative or someone who is important to you. You can offer them an expensive gift for not taking a policy from them; you will still save a huge amount and keep the relationship. If you come to know that you got cheated (after few years), you may lose relationship and money. Imagine my frustration against that agent (excuse me, employee) now. Max Life will hire, utilize their relationships maximum and then fire them. Serious thought for Insurance Customers : If an insurance company (Max Life Insurance) is cheating a customer for saving Rs.20, 000, do you still want to trust them for your life insurance (for few lakhs or even crores)? I am alive to fight against them. Think about the situation of your beloved dependents in your absence. "Think twice before you leap." Are you interested to see some statics on Max Life’s cheating business? Please go to the IRDA (Insurance Regulatory and Development Authority) website: http://irda.gov.in/ and go to -> Quarterly supplements to journal (left side of the page). Download the latest report available and go to "Individual Death Claims"(page 354). You will be surprised to see how many claims are getting rejected by Max Life Insurance. Remember these are "Death Claims", which your dependents deserve in your absence. You can analyze the statics and find a better Insurance Provider for your dependent’s safety. There are the worst insurance companies than Max Life. Go and find them in the report. Do you know Max Life denied claim, even though the medical checkups are done by Max Life’s doctors’ panel? But the customer was not willing to give up; he approached consumer court against this, and got a favorable judgment. Please read a judgment below: http://164.100.72.12/ncdrcrep/judgement/[protected]A%201143%20of%2011.htm (Brief: Death claim was denied by Max Life saying the customer was suffering from pre-existing ailment. The court observed that the insured had undergone thorough medical checkups through Max Life’s doctors in the panel, before acceptance of proposal. This incident was happened on March 2009, and the judgment came in April, 2012 (with appeal is “allowed”. Which means if the insurance company goes for appeal, the customer will need to wait for few more years to get his claim) There are more in the Consumer Forum’s website. I just picked this up, being the latest one from Max Life from Karnataka. Please read more judgments here: (all companies) http://ncdrc.nic.in/ (National Consumer Disputes Redressal Commission) There are choices for life insurance companies. The sites listed above will help you to do a market research and find a right policy for you based on credibility of the companies. Can’t trust Max Life for ULIP plans, can’t trust them for life insurance! Are we making donation to them? If you are trapped already, good luck! We will meet here after few years. If you need any help fighting against them or choosing right policy, feel free to write to me. I am not sharing my email here. But you will get it through social networks soon. I will use the “six degree of separation” to reach out you :) Note: Some companies are underestimating the power of customers. That’s why they continue to cheat again and again. Please join my hands to reach out this blog to maximum people. We can share this in our social networks, corporate websites, and other blogs (I know you’ll surely do it, if you are a victim). If you are an IT professional, you can give this incident as an example of “cheating customers” during training programs. Most o[censored]s hesitate to say "I got cheated." But let our friends and colleagues know about our experience. Say it loud! We can make a difference. Let’s teach them a free lesson “customer impact on business”. Cheers! Leo