NAME OF COMPANYMAX NEWYORK LIFE INSURANCE CO.(ULIP)
POLICY NO.606133460
NAME-AJAY KUMAR MISHRA
D.O.B.13-10-1955
AT THE TIME OF ULIP POLICY ISSUANCE (AS MENTIONED ABOVE) 975 UNITS WERE
ALLOTTED TO ME IN FEB.23 I PAID RS. 30000 AS PREMIUM FOR FIRST
YEAR.WHEN I CHECKED PERFORMANCE OF MY FUND, I FOUND THAT FUND VALUE
BECAME ZERO.DUE TO SUCH POOR PERFORMACE I REFUSED TO PAY SECOND YEAR
PREMIUM DUE IN FEB.2009 AND REQUESTED TO COMPANY TO REFUND MY RS.30000
OR TO SWITCH OVER TO ANY OTHER SCHEME IN WHICH I CAN EARN MORE PROFIT
IN 3 TO 5 YEAR.PROFIT IS FIRST PRIORITY AND NOT RISK COVERAGE FOR ME
BECAUSE I AM 54.INITIALLY I WAS NOT TOLD THIS HIDDEN FACT.I HAVE
INVESTED MY HARD EARNED INCOME IN THE COMPANY BUT DUE TO VERY HIGH
CHARGES LIKE ADMINISTRATION ETC. ABOUT RS.1600 PER MONTH, MY FUND VALUE
BECAME ZERO.I UNDERSTAND THAT FUND VALUE MAY FALL DUE TO FALL IN SHARE
MARKET;NAV FALL FROM 25.59 TO 18.57 IN JAN.2009 AS PER STATEMENT ACCOUNT
DATED FEB.5;TAKING THIS FACT AND DEDUCTION OF RS.6000 AS PREMIUM
ALLOCATION CHARGES., FUND VALUE SHOULD BE 957x18.57=17771.49 BUT NOT
ZERO.
THE CO. HAD NEVER SEND STATEMENT OF MY INVESTMENT ACCOUNT.AFTER
REGULAR FOLLOW-UP, PHONE CALLS, E-MAILS I COULD GET A COPY WHICH SHOWS
THAT MY ALL INCOME HAS BEEN ERODED WITH IN A YEAR. I THINK THAT THE
NAME OF PLAN IS TOTALLY AGAINST ITS NAME "SECURE RETURN BUILDER ULIP"
IN SPITE OF SO MANY E-MAILS AND TELEPHONIC TALKS BETWEEN FEB.09 TO TILL
DATE, THE COMPANY IS NOT LISTENING MY REQUEST, AGAINST THIS CO. IS
SENDING SMS IN REGULAR INTERVAL TO DEPOSIT SECOND YEAR PREMIUM RS.30000
SO, AS PER FACT WRITTEN ABOVE I WANT TO CANCEL MY POLICY AND REFUND
MY RS.30000.
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