[Resolved]  Max Life Insurance — mis selling of product and then denying the surrender process

Mis selling
The insurance agent (Yes bank) sold me the policy stating that the maturity proceeds from policy will be tax free u/s 10 (10) d of income tax act and supported the same with pages from income tax act (Copy attached). I came to know recently that this policy is not eligible for tax exemption as per the amendment made to section 10 (10) d in fy 2012-13. These documents were handed over in their branch office and never by e-mail so that they will not be traceable. Nris are the best clients since they come for short visits and have little time and access to financial consultants.
After receipt of policy during 15 days look out period i did not verify the same since i had no reason not to believe the income tax act pages provided by the agent. These pages were for fy 2011-12 whereas the relevant clauses were amended in fy 2012-13 which they were fully aware. Also, there was no clear information in the policy document that the maturity proceeds will be taxable. The income tax when applied to entire proceeds will have 20% to 30% reduction in amount i will receive in hand which is significant.

I would therefore advise all customers that whenever insurance companies sell (Lure you with attractive propopsals)/ financial product please ask them send full details from their official email address and not on plain piece of paper. Ask them to stamp sign and then send.
These people are selling policies and once your money is with them, you are left with no face to talk with about complaints except so called service centre /help desk person who own no commitments or responsibility.
They keep sending same copy paste message to whatever complaint you may have testing your patience to finally give up.
I have lost faith even from the ombudsman.
Delaying the surrender:
Now when i went to surrender the policy, the counter person tried his level best to convince me. I had taken all filled up surrender forms with cancelled cheques, nri declaration form, bank statement, pan copy and original policy document etc but he refused to take the same and instead gave me a new surrender form to fill and took the original policy with cancelled cheque, pan and original policy document.
After one month the original policy was returned stating that we could not process due to nri declaration form. You must submit the policy again personally with all relevant forms.
Max life office does not know which documents are needed for surrender of policy or he intentionally did it to delay the process? It is very obvious to me that they intentionally want to delay the process at the cost of customer. If any document was missing the same can be requested by mail or courier, why i should travel again to submit the same documents again?
You can not call and talk to any senior person to resolve your issues. Their email response is very pathetic. They never reply to the query instead keep sending standard cut paste messages.
Big fraud and cheating business, be alert and best avoid putting hard earned money with them. Invest where you will have full control on your money like mf, fds, etc