Max New York Life ULIP Capital Builder
Incorrect information

Hi,

I am Prashant Prakash Karadi.

I had a Max NewYork Life ULIP capital builder plan with effective date from 21st May.

Policy Number: 471316109

The yearly premium amount was Rs 20000/-.

The agent while giving the policy had informed me that after 3 yrs of locking period is over, I can withdraw the complete amount and close the policy without any charges.

Now, after 3 yrs when I decided to close the policy and get the amount back, the company said the amount given back would be only around Rs 34000/- only.

They said, the fund value is Rs 4- and surrender charges would be 40% of the premium amount which is Rs 8000/-.

They even showed me the same in the policy document. I felt that I was fooled by the agent and also by myself as I never tried to go through the complete policy document.

I lost my hard earned Rs 26000/- by trusting people blindly. I would have never invested in ULIP if I knew it before hand or even if the agent had informed me before enrolling me into the policy.

The reason for this complaint is, i want the companies to provide even the minute details to the customers not only in the policy document. But, also verbally so that the customer comes to know about such details.

I am very sad now and would never trust any company for any sort of financial matters hence forth.

Thanks,

Prashant Karadi