[Resolved] Max Life Insurance — Surrender Value of policy.[protected]

balasai9

from Wanparti, Telangana

Address:	Guntur, Andhra Pradesh, 522001
Website:	www.maxlifeinsurance.com

Dear All

I, Mr. Bala, have taken a whole life
policy from Max life insurance, in June 2009. Policy no. is [protected] and since then I have been paying
premiums monthly (4200.00/- per month). So far the total amount of
premium paid by me against the policy is INR 3, 74, 742, 56.00. In between I had withdrawn bonus of INR 39, 900.00.

While offering the policy, the company agent told me that, after paying premiums
for 12-13 years, the bonus amount will be equal to premium amount and
after that the policy will continue without paying any premium. But in
actual the amount of bonus that has been awarding by the company does
not match with those promises. As per the present trend I have to pay
for another 15 years (total 25 years) then only bonus will be equal to premium. I have
been to nearest branches couple of times and sought for help but no
one care to help.

So finally I decided to surrender the policy and asked for surrender
value and I was told that I would get INR 1, 08, 523.77 (against total
premimum paid INR 3, 74, 742, 56.00). I was utterly shocked and asked for
details of calculations.The customer representative of the company didn't care to
bother to my concern and said some calculations which I couldn't get.
Also said that all these terms were mentioned in the policy bond which
I couldn't find. Moreover while offering the policy your agent never
told about these regulations.

This is nothing but fraud and cheating. I feel being cheated by the company. These 7.5 years I had paid my hard earned money with hopes on future. There are no words to describe my feelings.

I had written a mail/ coming to the customer care of the company on 24.01.2017, ticket number is. 17859444. There is no response from the company.

Hence I am filing this complaint and humbly request to help me in getting back my money.

Bala
[protected]

Was this information helpful?

No (0)

Yes (0)

Mar 29, 2017

Complaint marked as Resolved

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

Verified Support

Jan 30, 2017

Max Life Insurance Customer Care's response Dear Bala, we apologize for the inconvenience you have faced. Our customer representative has initiated investigation on the concerns raised by you. Please allow us some time post which we will be able to provide a resolution to your concern. Incase you need any further information kindly write to us at [protected]@maxlifeinsurance.com and mention Ticket No 17859444 in all future communication on the subject.

Regards,
Max Life Insurance.

Verified Support

Feb 07, 2017

Max Life Insurance Customer Care's response Dear Bala, we are investigating the case in detail as this is a grievance case. Kindly allow us some time to get a clarity regarding this post which we will contact you. Incase you need any further information kindly write to us at [protected]@maxlifeinsurance.com and mention Ticket No 17876523 in all future communication on the subject.

Regards,
Max Life Insurance.

Feb 09, 2017

Updated by balasai9 Dear,

As requested I have given ample time for investigating my case. In between there was a mail from Investigating department, wherein it was mentioned that my greviance will be investigated and eredresse at earliest. I was really hoping for some positive response from this second tier of the company and waited for more than 10 days.

During this time there were couple of fake calls; who were asking me to buy another policy in order to get my maximum money back from this policy.

Yesterday I got a mail from the investigating department. To my astonishment nothing has been mentioned in that mail about my concerns. In brief two points are mentioned,

1. Free look period of for the policy was completed and 2. For the last 5 years, there was no complaint against bonus amount that had been paying.

I was clearly mentioned in my complaint that, I had purchased the policy way back in 2009. Hence there is no point of looking for free look period whatsoever.

I sought details of calculation of bonus against my policy. Your company claimed that you have declared bonus at 8% for last year. If it is the case, I have paid so far 3, 74, 000.00/- as a premium. If the premium of ongoing year is deducted then the figure will be 3, 24, 000.00/-. At 8 %, bonus for the last year should at least be 24, 920.00/- ( 3, 24, 000 * 0.08). But what I got was 12, 000.00/- only which is very less and not even 4 %. I accept my mistake of not looking for these details for last 5 years. But it doesn't mean that I have no right to raise concerns now. At least now I realised the fraud & cheating that has been doing by the company.

One more clarification I stressed upon is the surender value. There is no mention about this in the mail from Investigating officer. Instead a free advise has been tendered saying that it would be beneficial if I continue this policy.

I am deeply hurt & dissatisfied by the attitude of this company. I regret for choosing the company which I could not change. My sincere advise to people is do not buy any policies from Max life. They will show you big dreams while selling policies, later they will turn blind eye to your concerns. There is no need to tell about the attitude of people working at branch office.

In no way I will continue this policy and allow my self being looted. I have to surrender this policy, but the amount that is offered by the company (108000.00/-) is not at all acceptable. I need to check bonus amounts of previous years.

Hence seek intervention of the consumer complaints authority to help me in getting my money back. Plus I have got the services that have been promised by the company.

Bala
[protected]

Verified Support

Feb 23, 2017

Max Life Insurance Customer Care's response Dear Bala, our customer representative has mailed you conclusion of the investigation done relate to your concern. Kindly check your mail for the same. Incase you need any further information kindly write to us at [protected]@maxlifeinsurance.com and mention Ticket No 17876523 in the subject line of all future mail communication on the subject. Regards, Max Life Insurance.