MAX NEW YORK LIFE INSURANCE
False commitment

I took a insurance polict SMART step plus, policy no. 700343106 in Dec. I have paid 2 installments of Rs.20, 000 each in Dec'2008 & 2009. When I got the policy statement I found the fund value as Rs 8000 against the deposited 40, 000, means a total loss of Rs 32, 000/=.

Every month I was being charged around Rs 950 against the admin charges, which consist of rider charges, morgauge bla.bla.bla...

This huge amount of 1= per annum was eating away my deposit, hence the fund value was getting down day-by-day.

I talked to all officials of Max new york life including service manager (Jyoti Arora) but of no use. Finally I surrendered this policy, to stop further reduction, and lodged a complaint to IRDA. But it is of no use so for, still fighting for these false commitments...