[Resolved] Max Life Insurance — my surrender value did not receive what I paid

 
2 Reviews
Gulbarga, Karnataka, India
 s85syed on Apr 24, 2019
What to me was explained by axis bank priority account manager at the time of opening my policy what he said me is totally different and when I went to local bank for surrender to my policy he also said that u will get back only 1lakh 90 thousand insect of what I paid for yearly for 6 years, for me its very urgent so I said only 1 lakh 90 thousand how I paid so Nd so,
After some days I get one mail saying I will get back only 1 lakh 18 thousand,
I inform all this to local bank and related people,

After long time I decided only two ways,

One I will go to consumer forum court
Or

I better I will get and take till hang till death ( suicide ) phansee leyleta...

Mai mere mehnath ke paise ka nuksan kaise karoon,

Tomorrow or else After some time i will sure to go consumer court or else I I’ll make suicide with all writing notes in all u r name
Complaint marked as Resolved Jun 16, 2019

Complaint Status


[Apr 24, 2019] Max Life Insurance customer support has been notified about the posted complaint.
Verified Support
Max Life Insurance Customer Care's response, Apr 25, 2019
Dear Sir,
We are very sorry about the inconvenience caused to you. Thank you for sharing your policy number. Our customer service team will reach out to you shortly to help understand the issue in detail and resolve it. Regards, Team Max Life Insurance
Verified Support
Max Life Insurance Customer Care's response, May 14, 2019
Dear Sir,
We wish to clarify that the cancellation of a policy is strictly governed by the terms & conditions of the policy contract and these terms & conditions are part of our product approval processes with the regulator. As per the regulatory provisions, there is a free look period of 15 days during which the policyholder may approach the insurance company for cancellation (if not satisfied). This free look period starts from the date of receipt of the policy pack by the policyholder. In line with above, your policy pack including proposal form and benefit illustration was delivered to you via M/s Professional Courier vide air way bill number GGN9207140 on Nov 07, 2013. We wish to confirm you that at the time of policy issuance, a verification call was also done on your registered mobile number during which you confirmed that you were in agreement with the terms and conditions of the policies. We have received your request for cancellation now, which is beyond the free look period of 15 days. Hence, we express our inability to cancel the policy and refund the premium paid. Further, we would like to inform you that surrender value of a policy is strictly governed by the terms & conditions of the policy contract and these terms & conditions are part of our product approval processes which follow a due approval process by the regulator. We also wish to draw your attention towards the surrender clause mentioned in the policy terms & conditions. It states as below: "This policy will acquire cash value if it has been in force for at least three years and provided all the premiums that have fallen due have been received. The cash value in this Policy will be thirty percent of the premium(s) (excluding the first year's Premium) received". Please note that as per your request, the policy has already been surrendered and the surrender value of Rs.1, 18, 307.15 was credited to your bank account on Apr 22, 2019. The surrender value is in accordance with the terms & conditions of the policy contract. Also, the same has been communicated to you on your registered email id. Do reach out if there's anything else we can help you with. Regards, Team Max Life Insurance
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Hi, sorry for any inconvenience. Here is a link that will help address your concern - http://bit.ly/2N9b0Zm.
Also please note, as part of the resolution process, our executives will never ask you to initiate any financial transaction or download any app or part with confidential account related information. Please refrain from doing so and report such incidents immediately. For more information, please visit http://bit.ly/2VadVIq Regards, Team Axis Bank.

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    Max Life Insurance - my surrender value did not receive what I paid