[Resolved]  Max Life Insurance — Surrender value

Yes, even i have faced the same problem with Maxnew york life insurance. We paid for 6 years and now they say that we will get only 30% back with a little bonus. It was so shocking experience, please...do not take this policy and don't loose your hard earned money. They are FRAUD!!!

I have taken two policy with this company and my policy no is[protected] &[protected]
under the Plan Max Life Life Gain Plus 20 Participating Plan i have paid more than Rs.2, 70, 000 by 3 years .While taking this policy they convincingly stated that for this policy, the lock in period is 3
years and the policy can be surrendered any after 3 years .

After surrender it returns 50% of my invested money.(1, 43, 009).How is it possible?They did not gave any satisfactory reasons.I loss 1, 40, 000 (Aprox).


Can you please help me and i humbly request the forum.

Himanshu Sarkar
Ph:[protected]

Please do not take this policy for heaven sake. axis bank has cheated by forcing me to take this policy. a stupid policy ever I have seen. for this they could have clearly indicated that this policy is a term policy then I would not have opted for it. Ms, Ushamani is right, I also got the same feedback from max toll free. MAX LIFE should sell this policy directly to people through qualified people. Request to MAX LIFE is pl. spell out your policy details very well. U/your dealer are in a hurry to achieve your target and put common middle class people in trouble.

Yes i got Cheated by Axis bank aswell by getting this policy.

I am experiencing same trouble when called customer care on surrender policy Max New York Life Gain Plus 20.
Till now, I have paid Rs.90017 from 2011 but now they said they are able to pay only 53000 rupees. Axis bank advised me to take this policy when I am required to open Savings account in the bank...

Insurance company at least not able to pay total money paid by me.The reason I decided to surrender policy is policy term is very long...ie 20 years.

This policy is not quite useful..After maturity of 20 years, they are able to give only 6-10% of Bonus..
Just think about inflation rate after 20 years...? I suggest everyone NOT to choose this policy..

Surrender value of policy=1 premium held-back/not paid+30% return of total premiums paid!!!

Very disappointing...Max New York Life Gain Plus 20 is...

Max Life Life Gain Plus 20 Participating Plan : Junk and Waste policy: Surrender value is hard hit.

Axis bank Konappana agrahara branch Blore forced me to buy this policy when walked into bank for locker facility. This is purely worst policy, by which I have lost Rs 37000/-.
I bought this policy on 11 Aug 2011, after paying 6 premiums, I decided to get rid of this policy because there is no good maturity benefit. I had to pay premium of Rs 15000 for ten years. After all premiums paid for 10 years. I again need to wait for another 10 years to get maturity benefit.(Total 20 years policy)
I spoke to customer care executive about maturity amount, he told me that I would get 1, 97, 000 rupees after 20 years. If I invest my 1, 50, 000 rupees in any of the Bank Fixed deposit (FD), I will get double the amount of 3 Lakh rupees only for 7 years for 15000 investments.
Surrender value: Pathetic. As I already paid 6 EMIs, accumulated amount is Rs 90000.out of this I am getting only 53000 rupees now.
Surrender value calculation: total premiums = 1st premium non-refundable+30% of return value of remaining EMIs.
So my total paid amount is 90000. Money I have got back is 53000 only. I have lost Rs 37000 on this policy.
I suggest everyone to not to invest on this policy. It is COMPLETE CHEATING BY MAX LIFE AND AXIS BANK. They never exposed this risk while issuing policy. When enquired about surrender value to customer care executive, he said that it was mentioned in policy document. In actual sense MAX Life never mentioned surrender value calculation in policy document. So please don’t fall prey for this policy.
I regret that it is bad financial decision in my life.

Hi,

I am Priyanka sutar.
My policy no is[protected], I have paid 5 premium out of 6 premium .
The policy name is max life gain plus 20yr 6yrs, I need to pay only 6 premium .
the policy locking period is 4 years, the policy lock period was till 2016.
now I wanted to surrender my policy, when I called Customer care then they said that there will be 30% for surrender changers.
Already Locking period is passed then why should I get 30% less amount.
I have already paid 98000 Rs . When can I get all my amount.
What is process to surrender.

I am also a victim of max life miscommunication about policy benefits, lodged a complaint received a call but problem as usual unsolved. My policy no. is[protected].
But, max or any other company who cheats people doesn't know that one satisfied customer makes 2 more customers but unsatisfied customer ruins 20 existing customers by sharing their bad experience .
And i think LIC should stop giving advertisements customer care of max or other companies are more than enough to increase their business by their attitude .
thanks
Pradeep

Very true. Same with ICICI lombard life insurance. If we surrender endowment policy, 1st year premium gone + you receive only 30% of the remaining premiums paid. IRDA should visit these companies policy declarations and make rules for benefit of the common peoples who are loosing their hard earned money while surrendering the policy.

Yes, even i have faced the same problem with Maxnew york life insurance. We paid for 6 years RS.120000 and now they say that we will get only 30% back with a little bonus. It was so shocking experience, please...do not take this policy and don't loose your hard earned money. They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!!
on JAN 2018They are FRAUD!!! WHERE IS MY MONEY AND ALSO BONUS

Yes, even i have faced the same problem with Maxnew york life insurance. We paid for 6 years RS.120000 and now they say that we will get only 30% back with a little bonus. It was so shocking experience, please...do not take this policy and don't loose your hard earned money. They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!! They are FRAUD!!!
on JAN 2018They are FRAUD!!! WHERE IS MY MONEY AND ALSO BONUS

I hope all the statements related to the policy is true and Axis bank cheating all the people who going for obligation like locker and other facilities.

Even I got Cheated by Axis bank as well by getting this policy.

Hi, sorry for the inconvenience. Please provide us with your contact number through a DM. We will get back at the earliest. Regards, Team Axis Bank.

Axis bank cheating all the people who go for an obligation like a locker. They have a stake in Max insurance and Bank's website is full of advertisement of Max insurance and their employees must have a target to sell these fake policies.

What if a person whom you trust the most betrays you? It’s a horrible feeling to even think of. It would be worse if the betrayal leaves you with a financial loss. You would be shocked to hear that the very own banks we visit in our daily life have been doing this time and again.

Feeling like this is a combined plan of MaxLife with Axis Bank... I'm also a victim of "this policy" and paid more than 6Lakhs and after my third payment asking about surrender value (which was told to me then after 3rd premium payment we can surrender) shocked to know that I will get only 3.5 Lakhs. I'm holding my payments now, don't know what to do. Like people mentioned here... with plenty of small letter Terms and Conditions and Sweet Talks while making us to sign, this people are looting money organized.