Address: | Chennai, Tamil Nadu |
I have a policy with Max New York Life, which was taken in
31 Jan 2011 and the policy number is[protected].The complaint on them is, I had
paid 3 years premium of 60000 i.e. 20, 000 per annum for 3 years. I was need of
money and I went and SURRENDERED the policy, they told me that your policy was
lapsed and we don’t know how much you will get and the amount will be
calculated and credited to your account with
in ten days and[protected] I got the message, I will received 29884.95, with in three days. The amount needs to be received is 60000 + interest
of the policy.
According to them and the policy regulations there should be
no surrender charge Was this information helpful? |
I dint receive any explanation regarding the policy terms. My policy was lapsed for a month period, i asked how much amount i will get, the front desk in Max Life Insurance Adyar, has told me that we cant see your account, due to lapsed policy, the calculation will be done in the home branch and you will be intimated and your amount will be credited to your account with in 10 days. After 5 days i received a message that 29884.95 will be credited in your account, i was shocked and the next day I received Rs.29884.95 in my account. I called to the customer care,
Max Life Insurance customer care told me that they have explained me regarding the policy. i got the information from the customer care that when surrender the policy 30% of the amount and first paid policy premium will be deducted. The policy main aim is to save the amount and reduce the tax. If I calculate the tax for 3 years the amount 60000 Rs it would come around 4266 Rs.
Regards
Madhu