[Resolved]  Max Life Insurance — mis-selling of insurance policy through axis bank ltd.

Website:

www.maxlifeinsurance.com

While working in ONGC, (I have retired now) and was posted in Kakinada I approached the Axis Bank, Sarpavaram Branch for issue of one locker. The branch manager forced me to agree to take the insurance policy viz., Life Gain Plus 20 Participating Plan of Max Life Insurance Company Limited. This policy has annual premium of Rs.2, 00, 000/- and Policy Payment Term is 6 years.
I had to take this insurance policy and then only the locker was allotted to me. Now I have retired and settled in Hyderabad, due to which the locker was closed by me. But I am paying the policy payments due regularly for a period of 5 years successively.
Recently, about one week back I received one phone call from one person claiming to be the Regional / Login Manager of Max Life Insurance co. ltd., Delhi informing me that the bonus commission due to me, the policy holder is being paid to the Agent enrolled in the said policy. If I have to get that that amount, which rightfully belongs to the policy holder, it can be done provided the Agents code is deactivated in a guided manner / specific procedure.
Sensing some fishy points in this affair, I have intimated to the Customer care email id about this telephonic conversation for which the reply given was that no official of the insurance company had contacted me and it may be a spurious / fraud call. I kept quiet since then.
Today, one lady from ICICI bank told me that, the cheque is being issued by Max Life insurance in favour of the Agent and I can request only the Max Life insurance co. ltd. official to stop the payment by cancelling the cheque. But I was informed that the official from GBIC would contact me for further procedures.
The GBIC official told me that I have to take one more policy through RGF (Reserve Govt. Fund) - designated insurance companies and hold it for one year at an annual interest of 12% per annum.
It looked suspicious and a waste of money in respect of for the said policy and is troubling the policyholders.
The concerned authorities have to take positive action in respect of such policies issued and save the customer from being for forced into unnecessary and unwanted insurance policies involving hefty premiums.