[Resolved] Max Life Insurance — surrender of policy -balance amount not received policy no.[protected]

jagathratchagan.v

from Nagapattinam, Tamil Nadu

Address:

609118

Till date my surrender of policy amount has not been received.For the past one month they are delaying to transfer my money. I am in need of money. I request you to approach max life insurance to settle my balance . I am retired government employee, and 70 years old. I took the Insurance policy in Max Life Insurance company in the name of my daughter. I am paying Rs.55000/- as insurance premium per annual from July 1911 to July 1916. The premium had been deducted by the Max insurance company from my bank account every year and the total amount up to 3, 30, 000 /- At present situation I have no money I am not able to pay the premium amount and I want to close the policy and the matter had been intimated to insurance company. They transferred a sum of Rs.102124.59 on 21.8.2017 .when asked for the poor amount reason again they transferred a sum of Rs.51544.56 on 15.9.2017. From now on I know that they cheating peoples money. The Max insurance company does not have much office. They employee agents via banks. such these companies will get bad name for the Government also I want inspection and audit at this insurance company . I hope that you take necessary action right way. There is no such insurance company like Life Insurance corporation. Totally I have received Rs.1, 53, 669.15 from the Max Insurance company.In addition I have enclosed a statement from Max Insurance company herewith .Please take immediate action and help me.

Statement of Account
Mentioned below are the details of your policy no.[protected] and its performance for the period 16-JUL-2016 to
15-JUL-2017.
Policyholder Name Sum Assured (Base)
Mr. V Jagathratchagan ` 5, 00, 000.00
Product/Plan name Sum Assured (Rider(s))*
Max Life Life Partner Plus Limited Pay Endowment to Age
75 Plan ` 0.00
UIN No. Total Death Benefit*
104N029V01 ` 8, 23, 110.09
Life Insured Policy Status
Ms. J Suganya Premium paying
Nominee Cash/Surrender Value
V JAGATHRATCHAGAN ` 1, 42, 998.23
Effective Date of Coverage Maximum Loan Permissible @ 11% (applicable rate of
interest)
16-JUL-2011 N/A
Maturity Date Annual Premium + GST
16-JUL-2069 ` 55, 404.16
Money Back Amount (If any) Premium Mode
` 0.00 Annual
Money Back Due Date (if any) Next Premium Due
16-JUL-2017
Bonus Option Opted (Cash/PUA/Premium Offset/On
Deposit)
PUA Purchased (Base + OPPB)
Paid Up Addition ` 91841.47
Bonus Declared (Base+OPPB) PUA Sum Assured**
` 12994.65 ` 3, 23, 110.09

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Oct 25, 2017

Complaint marked as Resolved

Max Insurance Company does not give me the balance amount. . A mail in the name of, " Madhup Bajpai Gurugram 90-A operations " has been sent to me as " to treat this as an full and final amount..". According to their Oct.3 2017 statement nobody has ever talked about the matter of balance amount according to their statement till date.As per account statement of the Max Insurance Company the sum of premium Rs.3, 23110.09 paid by me. Due to my finance situation I told my difficult situation also, would not be able to pay premium regularly after that, they said we paid our money according to our contract. I think this is also a way of cheats the money received from the subscribers in the name of contract. The company action is not good for the government. Max Company does not have a separate office like Life Insurance Corporation of India.This is also a way to cheat the public. There is only a few places Max life office.The bank is also supporting this. People need to know about this company I want to take action immediately. ..The rest of the money should be paid to me by the Max Life Insurance company . Otherwise I will report this complaint to the Indian Government.also.

Max Life Insurance customer support has been notified about the posted complaint.

Verified Support

Oct 03, 2017

Max Life Insurance Customer Care's response Dear Jagathrat, We apologize for the inconvenience you have faced. Our representative spoken to you about your concern. As requested by you we are arranging a call back in Tamil for your convenience. Kindly don't share your policy details on the timeline to maintain security of your policy related information.

Regards,
Max Life Insurance.

Oct 06, 2017

Updated by jagathratchagan.v Till today my rest of the money did not return. It may cause me to complain otherwise .If I do not return my money anymore, I will inform to the government. There is no use anymore. I am writing this in detail through the face book According to their report, my money should come back. Delay is not acceptable. Sorry to write .. But there is no other way.

Oct 19, 2017

Updated by jagathratchagan.v Till date there is no response as per your 3/10/2017 letter no call back Tamil. I will also send a email to the Max insurance company to day. I will report the matter to the Government of India and concerned Minister and also IRDAI.

Oct 29, 2017

Updated by jagathratchagan.v This Max Insurance Company is not a good company. Cheating company. This company is not like Life Insurance Company. I wish to apply to the government to ban this Max insurance company. Only then the subscribers will be saved. Do not lose your hard work money. Those who do not pay the paid money...How will they pay insurance amount to the deceased family. The government should take appropriate action.

Nov 09, 2017

Updated by jagathratchagan.v There is no information till today about my balance amount. I request the public people do not insure their saved money on this Max insurance company. Saved money will not come back to you, " they tell our decision the surrender value of the policy is correct this is out company policy rules" ...it means policy is the exploitation of peoples money . Paid money can not get back by the policy holders. .. How to give the heirs. The government should take appropriate action and take immediate action .Then only the policyholders will be saved. The company is fully enjoying in policy holders money.

Nov 15, 2017

Updated by jagathratchagan.v Max Insurance Company has not taken any action yet to day about my surrender of policy balance amount. This max company lives in self-interest in people's money. It is not an insurance company. The company is pawnbroker. People have mortgaged their lives. They are lost their life and looking for money. The Max Company uses that opportunity. The government must take action against this company. They should also examine the policy holders account. The government should ban like this companies. I request IRDAI take action in right way . I also request an investigation.

Jan 08, 2018

Updated by jagathratchagan.v Reminder ...Max Insurance Company has not taken any action yet to day about my surrender of policy balance amount. This max company lives in self-interest in people's money. It is not an insurance company. The company is pawnbroker. People have mortgaged their lives. They are lost their life and looking for money. The Max Company uses that opportunity. The government must take action against this company. They should also examine the policy holders account. The government should ban like this companies. I request IRDAI take action in right way . I also request an investigation.