[Resolved]  MaxLife — Surrender value

Address:

Chennai, Tamil Nadu, 600024

Have taken a policy with this company and my policy no is[protected] under the plan max life life gain plus 20 participating plan and the date of the policy is 27/12/2011. As on 27/12/2013, i have paid rs.90, 000/-. This was taken through the agent amsure. 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 and the surrender value will be the nav on the day of surrender. Today i approached the insurance company on the toll free no [protected] and the customer service executive who attended my call gave me a shocking information which has taken an hour to recover. He said that the first year premium amount of rs.30000/- will be withheld.in the ii and iii year premium paid by me, they will pay only 30% of the premium amount paid which works out to rs.18000/-. They will be paying some bonus amount which will be informed only on the surrender date that is 27/12/2014. To sum up, for the amount of rs.90000/- paid by me as premium amount, i am facing a loss of 80%. This may be a peanut for the insurance company, but a for a common man from a lower middle class family it is a blow on his face. Now i am jobless and i am doing a very very small business and unable to run my daily life with 3 dependents. Is this not equal to cheating a common man who is always at the receiving end of all misgivings of others. Can you please help me and i humbly request the forum. R ramesh babu