[Resolved]  Max Life Insurance — Premium payment through monthly installments

Address:	Bangalore, Karnataka, 560095
Website:	www.maxlifeinsurance.com

I have a Policy No.[protected] and had requested to stop the ECS due on the 27th April 2017. Reason is as stated below:

I had 3 policies before this one and had decided to close them in 2016 as they were not increasing in value at all even after more than 12 years. When I approached their office in Koramangala, Bangalore I was put in touch with your Service Executive Mr.Ashokan (Insurance Broker Code 580976) to process the closure of those 3 policies. After initiating the closure procedure he in-turn introduced me to his senior/colleague Mr.Ramu (Mob No.[protected])

Mr.Ramu convinced me to take one single policy instead of 3 with a payment term of 5 years and a policy term of 10 years. At that time I had asked both of them whether I could pay the premium in monthly installments and they said that I could. Just that the first year I would have to pay the premium in one installment of Rs.60, 000/- (Rupees Sixty Thousand only) and from the second year onwards it could be changed to monthly installments.

With that confirmation I went ahead with the "Max Life Fast Track Super" bearing Policy No.[protected] commencing from the 22nd April 2016 for 10 years. I made the first year's payment by cheque immediately on that day itself and signed up with my bank account for the monthly ECS to commence from April 2017. In March 2017 I received an SMS from Max Life that the next premium due on the 27th April would be deducted in full for Rs.60, 000/- .

I then called Mr.Ashokan (Mob No.[protected]) and asked him as to why the monthly ECS wasn't activated as per our discussions and my desired payment terms. He said that he had been transferred to Chennai and that I should speak to Mr.Ramu. So I called Mr.Ramu and he said that the change in the ECS instructions can only be requested for 15 days prior to the date of the premium being debited. So I waited for a month and then called Mr.Ramu again couple of weeks ago to remind him of what had to be done. Mr.Ramu said that he has informed the concerned department and that It will be processed accordingly.

On the 24th April with 3 days to go for my premium payment I tried calling Mr.Ramu multiple times but he just would not receive the call. I had to forcibly message him sternly for which I received a response saying " Sir please wait for a few minutes I'm in a meeting please" The message I received was at 12:30 pm. He finally gets the time only at 14:40 to call me and again says the same thing that the process request has been sent to the concerned department 15 days ago and that he has no say in whether that department allows it to be changed from one-time to monthly ECS. After a lot of arguing an not getting any conclusive or positive information from him, I asked him for the name and contact number of the person from the concerned department.

He gave me the number of Mr.Parveen (Mob: [protected]). Mr.Praveen after listening to my concern very categorically told me that the policy is such that the only payment option available is one-time annually and that it cannot be changed to monthly. This is totally opposite of what their sales team are telling prospective customers and convincing them. To which I asked Mr.Praveen to stop the ECS due on the 27th April so that I could go to the Max Life office and put in a request for cancellation of the Policy because this is totally cheating people with blatant lies and wrong information provided by both your Sales personnel Mr.Ashokan and Mr.Ramu.

Mr.Praveen then called me back and asked me to send an email to the support section requesting to stop the ECS due on the 27th of this month and that he would then send a representative to meet me to get the required signatures on the form for converting it into monthly EMIs.

In this regard I requested them to kindly stop/halt the ECS due on the 27th April for an amount of Rs.60, 000/-. If the change is not possible to be done, as I have said earlier, I wanted to cancel the said policy. I received and email from their Gurgaon office stating that issue could have been done if the company hadn't sent the ECS reminder to the concerned bank.

I went to meet them at their office this morning the 27th April 2017 as my Premium amount would get deducted from my account. The receptionist sent a word to Mr. Ramu that I was waiting. He just came out peeped, saw me and went back in without the courtesy to even acknowledge my presence. I was made to wait from 9:30 to 11:00 until I finally got to meet Mr. Ramu and Mr. Praveen. Instead of sorting out the issue, they give me an option of paying through credit card and converting that payment into monthly EMIs. Why didn't they suggest this earlier.. I could have approached my bank, cancelled my ECS and paid via credit card. Now my ECS payment will also go through today and I pay a charge to have that payment canceled and credited back to my account.

Then came the ultimate shock. I was told I can't even cancel my policy and take the money invested which is duly mine. I can opt not to pay for the next 3 years but can't take the money out for 5 years. It's as though Max Life Insurance has given me the money.

The worst experience with any investment company that I have had. Should have just walked away after having cancelled my first 3 policies. But yeah I can prevent others from making such mistakes

Regards,

Nikhil Baliga
[protected]
nikhil.[protected]@gmail.com