Max newyork life insurance secured investment plan(ULIP)
Efund of premium

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.

Company: Max newyork life insurance secured investment plan(ULIP)
Country: India

  <     >