COMMENTS ON MAX LIFE INSURANCE COMPANY BY THE CUSTOMERS WARNING DONT TAKE MAX NEW YORK LIFE POLICY A FRAUD COMPANY & CHEATER STAF .... Go for Max Life Insurance, and regret later By: leocpaul | Jan 14, 2014 02:58 PM I will tell you my story. I had taken a Unit Linked Insurance Plan from Max New York Life (now known as Max Life Insurance) in 2008 (Policy No:713292100). The plan name is Life Maker Premium. I was guaranteed the following by the Max New York Life employee (not agent, Max Life often correct the word). What was offered to me? 10% growth on fund is guaranteed, it can go up to 20 %(Illustration was shown in the brochure). Flexibility to surrender the policy any time after 3 years (locking period as of 2008) without any surrendering charges. This fund is performing best in the market; you never get a better product from anywhere else (only this product of Max Life can give you awesome returns on your money. I got goosebumps after analyzing the profit that I am going to get after 3 years!). I can claim tax benefit under 80C. What was given to me? 1) Yes, I was able to claim tax benefit under 80C. (Thank Max Life, thank God, at least I got this benefit) 2) Rest all promises given to me was fake, misleading and with the intention to cheat me. 3) Max Life sincerely deducted all charges belongs to them, fund management charges, allocation charges etc. from my premium. (my premium was 20, 400/annual, after all deduction they allocated 12, 000 approximately towards my fund). 4) I decided to surrender the policy as the fund value was at 10% loss than what I paid after 3 years. When I went to surrender the policy, they surprised me! There’s a surrendering charge of 25% of fund value. (whatever they allocated towards your fund after all deductions) 5) I waited for two more years to surrender the policy to avoid surrendering charges. I went to the branch office to surrender the policy. Max Life employee (from office) confirmed that the fund value and surrender value is same.(Rs. 69, 534) 6) After surrendering the policy, Max Life surprised me again! They credited 49, 977 instead of 69, 534 with an explanation “there is a clause in the policy document, the surrender charge is 25%, if premiums paid are less than four times the ATP paid. What was the final benefit to me? I invested my money for 3 years and 8 months(total Rs. 74, 800 ) and waited for 5 years, the final result was, I lost Rs. 24, 823 . Remember, it was more(21.7% more) than my one year premium paid! In effect, they just stolen 15 months premium from me. Serious thought for Insurance Customers : If an insurance company (Max Life Insurance) is cheating a customer for saving Rs.20, 000, do you still want to trust them for your life insurance (for few lakhs or even crores)? I am alive to fight against them. Think about the situation of your beloved dependents in your absence. Think twice before you leap. Are you interested to see some statics on Max Lifes cheating business? Please go to the IRDA (Insurance Regulatory and Development Authority) website: irda.gov.in/ and go to -> Quarterly supplements to journal (left side of the page). Download the latest report available and go to Individual Death Claims(page 354). You will be surprised to see how many claims are getting rejected by Max Life Insurance. Remember these are Death Claims, which your dependents deserve in your absence. You can analyze the statics and find a better Insurance Provider for your dependent’s safety. There are the worst insurance companies than Max Life. Go and find them in the report. Do you know Max Life denied claim, even though the medical checkups are done by Max Life’s doctors’ panel? But the customer was not willing to give up; he approached consumer court against this, and got a favorable judgment. Please read a judgment below: 164.100.72.12/ncdrcrep/judgement/18012050317073024A%201143%20of%2011.htm (Brief: Death claim was denied by Max Life saying the customer was suffering from pre-existing ailment. The court observed that the insured had undergone thorough medical checkups through Max Life’s doctors in the panel, before acceptance of proposal. This incident was happened on March 2009, and the judgment came in April, 2012 (with appeal is “allowed”. Which means if the insurance company goes for appeal, the customer will need to wait for few more years to get his claim) NOTE: Some companies are underestimating the power of customers. That’s why they continue to cheat again and again. Please join my hands to reach out this blog to maximum people. We can share this in our social networks, corporate websites, and other blogs (I know youll surely do it, if you are a victim). If you are an IT professional, you can give this incident as an example of “cheating customers” during training programs. Most of us hesitate to say I got cheated. But let our friends and colleagues know about our experience. Say it loud! We can make a difference. Let’s teach them a free lesson “customer impact on business.” I R D A Welcomes You Insurance Regulatory and Development Authority irda.gov.in
Posted on: Sat, 06 Dec 2014 06:19:39 +0000