[Resolved]  Max Life Insurance — Policy surrender value

i am also a victim and no 1. cheat company max newyork life. especially partner plus was a big scam by the company and their agents. we are trapped...

I agree with every word of what you say as I am in exactly same situation. MAXLIFE is a big CHEAT company, please everybody beware!, I am writing this letter on behalf of myold mother who was Duped by the Max agent into buying this Scam policy Max Life Life Partner Plus Limited Pay Endowment to Age 75 Plan, Policy number[protected]
As my mother due to her advanced age is unable to hear (deaf), does not understand English language, I work overseas and in my absence, some agents from Max life misinformed my mother with false promises and sold her a policy on February 04, 2013 knowing that she cannot understand English, hence cannot understand what is written on policy document.
Only when I came back to my native place and saw the policy document that I was shocked to see that the policy that she was made to buy is due to mature only in 2070 or so!
My mother was misinformed by Max agents who told her very clearly that she would get returns from her policy after three years and along with other benefits. My mother is a retired senior citizen who has no sources of income apart from her pension. She was made to put in her hard earned money into a policy that she believed would augment her income however this policy is of no use to her in her lifetime. She has already paid premiums of One and a half lacs as premiums automatically deducted from her bank acocunt.
Please advice what is to be done now? whether to cancel the policy or what?
sincerely [protected]@yahoo.com

write to the CEO of Max life...

rajesh.[protected]@maxlifeinsurance.com

Let him know how many of the public are cursing the company.

pls escalate to PM complaint cell...these kind of insurance company should not exist in india.

I have a similar case, I have paid 900000 rupees, now refund is less than 150000

cheat company...eating hard earned money of public in the name of policies...

write to the CEO of Max life...

rajesh.[protected]@maxlifeinsurance.com

Let him know how many of the public are cursing the company.

pls escalate to PM complaint cell...these kind of insurance company should not exist in india.

I have a similar case, I have paid 900000 rupees, now refund is less than 150000

cheat company...eating hard earned money of public in the name of policies...

I also realised this after I looked at it this year. it was sold to my dad. Its a big fraud product. I went and had a high pitch discussion at Max office few weeks back. Who knows where Max company would be in 2055 or so ?
Few good things that might help are as follows :
1) It has bonus accrued from the end of 3rd year. Check this amount. This amount can be withdrawn or used to pay future premiums. Just be sure to let it accrue for 12-15 years so that you can get good compounded interest on this. This is not sure though, depends entirely on the company. For me, its almost 1 lakh in 6 years.
2) Buy Paid Up Additions (PUA) - Increase the death benefit of your base policy - Sum Assured also keeps accruing every year. For me PUA is already above 4.5 lakh

Just hope that these keep adding as they are for next few years and then i can use the bonus amount to pay off that last few premiums.

My sister has invested in this policy in october 2011, yearly premium INR 2, 50, 000 – with GST, it is over 2, 55, 000.
She has completed 6 years and asked me if she should stop paying premiums or continue as her date is November 8th.

Life partner Plus – Endowment to Age 75 Plan – 10 Pay
She has paid 2, 50, 000 * 6= 15 lakhs. (November 2011 Policy was taken)
Premium Due until 2020
/ Sum Insured/ Face Amount: INR 16, 62, 335

What will be the Surrender Value?

Thanks in advance.

Hi I am also a victim of same policy and badly cheated by Max agent making his own profit. I took this Life partner Plus – Endowment to Age 75 Plan – 10 Pay plan in 2010 through the agent and totally misguided. Now I have made 7 installment but not got even a single rupee back on bonus yet. I called at customer care people to know the surrender value of my policy and its horrible . Worst insurance polity I have ever bought. Kindly help and guide me at pant.[protected]@hotmail.com what to do.

i am also a victim of the same policy. i have paid 1, 20, 000 till date and i have never been opted for auto debit through my CC. my surrender value comes to 49, 000 with a loss of 71 thousand .

any help in this regards would be appreciable.

thanks
Gagan

I am also a victim. have given 50K p.a. * 6 = 3 lacs and surrender value is 1.2 lacs. Feeing cheated in a big way. How can such product be allowed in market. Feeling disturbed and helpless after 6 years.

Hi, I have got this Life partner plus endorwment plan at date of 30 march 2011. till now i am paying 50000 per year premium. so i paid about 4 lakh as of total 8 years.

Now i want to know if IRDA can help what are the regularities about Insurance policy and endowment plan for. some told me i should finish 10 years but not sure what are its still not clear to me.

I m not in situation to pay now yearly premium and want to surunder this policy. but same not getting enough return amount as other says. how can we get gud price return what are rule for old endowsment policy by IRDA.

if any can help here about.

I am holding policy no.[protected] of Max Life Gain Plus 20 Participating Plan . I va paid all the 6 premiums. If I want to surrender the policy as on date, what is the amount I will get as I have deposited Rs.143, 400/- till now. Pls reply at "[protected]@rediffmail.com".

Thanks
R.C.Mittal