MAX LIFE INSURANCE - Max Life is a big cheater
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Complaint by: Shuvodeep on April 17, 2014, 12:37 pm in Insurance All

I have invested in a policy with Max New York,policy No:445091325 in Sep 2007,premium Rs.20000 /annum. Rs.60000/- for three years
As per details provided by advisor policy having 3 years lockin period,after that i can get atleast premium paid amount or more according to the market value,without any surrender charges.
With above condition i agree to take policy feeling at least my money will be safe.

When I went to surrender the policy as I was in urgent need of money in Dec 2013 (6+ Years) my fund value was around 61000. They never ever told me that there will be any charges. However, when the money got credited in my account i was shocked to find they have deducted about Rs 17000, which on persuasion they communicate is a penalty for not paying the 4th premium. Thsi si not only a fraud, this is a criminal offence for mis-selling and cheating.

Shuvodeep Ghosh
+********0849

Complainant's Goal: I want my money back!!
Complainant's Target: MAX LIFE INSURANCE
Complaint Location: IndiaWest Bengal
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Recent Comments
1.
Thu, 17 Apr 2014  Jerald Joseph

Dear Sir,
As this is true for MNYL, it is also true about most of the private insurance companies. There is a need for a very strict criminal charge to be initiated not only against the company but also against the CEO, COO, MD, CGM and also the call center staff who are involved in calling the insured. Though they are paid for this, but an action against them by the law of the land, may at least save many from getting trapped in such frauds. I hope Mr. Shuvodeep will get his hard earned money recovered. Someone has to stand up for the cause in the country.