I have done a blunder by taking 3 policies from MAX NEW YORK LIFE INSURANCE. They had misrepresented all the terms and conditions of the policy. I am paying rs. 15000/- P.A. (Ulip) and rs. 12, 000/- For other insurance policies and have been paying since last 5 years regularly. Now its been noticed that even after paying rs. 75, 000/- Towards ulip policy, now the fund amount is rs. 59, 000/-. When I asked them about this deivation, they have informed me that out of this policy amount, they charge martality charges, policy adminsitration charges, premium allocation charges, fund management charges, etc. They have not informed me about all these charges when their officer approached me for taking this policy. When again I asked them about to have brief description of amount lesser than the investment amount even after 5 years, they have informed that this fund is based on market conditions. For them I wish to inform that when I made these investment of rs, 15, 000/- Sensex is very lower than what is at present and I do not understand why they are looting, charging and making much benefits out of hard earned money.
I have written letter to surrender my whatever balance amount is left against all these three polcies and after continuous follow up through consumer forums they have responded to my letter stating that surrender value is only 25% of premium paid.
I have received letter from max new york life insurance regarding surrender value in respect of follwoing three policies.
Policy no. Start date amount remitted till date
292885985 27/07 rs. 36, 000.00
295869150 27/07 rs. 36, 000.00
436096846 15/01 rs. 75, 000.00
now max new york life is stating that surrender value against policy no. 292885985 is 10327.59 and against policy no. 295869150 is rs. 10395.62.
When last year I approached max newyork life, they have assured that adfter 5 years' of policy date, surrender value is full amount and there will be no deduction of any charges. Now, they have deducted rs. 52, 000/- Out of total payment of rs. 72, 000/- Against first two policies.
Now what is the surety if I remit the premiums and will get money at the time of whole term is completed from this FRAUD Company.
Regarding third policy (ulip) total payment made to company is rs. 75, 000/- And the fund value as on date is rs. 61, 426.21. They have ate the entire premium amount of first year and second year onwards, they are charging, martality charges, policy adminsitration charges, premium allocation charges, fund management charges, etc which is not communicated to me at the time of taking this policy.
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