I am Anju Titus, a ULIP plan holder of Max New York Life Policy (Policy #: 436475073).
Initiation date of the policy: 29th Mar'07 - Policy amount Rs. 5, 000/- per month.
Total Annual Target Premium: Rs. 60, 000 p.m.
I had paid all my first premium dt: 29th Mar'07 by cheque of Rs. 5, 000/- for intiating the policy and filed an ECS mandate form drawn on my ICICI Bank Salary A/c for the subsequent premiums to be automatically debited to my account every month.
Due to some system issue / error within Max payment procedures:
1) The premium for the month of 29th Apr'07 never got debited to my account; Rs. 5, 000/-
2) For the subsequent months 29th May'07, 29th Jun'07, 29th Jul'07 and 29th Aug'07 the company did ECS of Rs. 2, 835.5/- per month for the above mentioned months as automatic debit to my ICICI Salary A/c resulting in shortfall of monthly targeted premium; (Rs. 5, 000.00 - Rs. 2, 835.5 = Rs. 2, 164.5*4 months = Rs. 8, 658/-)
3) Hence my total premium received by MNYL for the year 29th Apr’07 till 29th Mar’07 = Rs. 46, 342
4) All the above resulted to a shortfall of Rs. 13, 658.00 in my annual targeted premium (Rs. 60, 000.00 - Rs. 46, 342.00)
- Shortfall of Rs. 8, 658/- (May’07 until Aug’07) Apr’07 Premium Rs. 5, 000/-
For the 2nd Year Apr’08 till Mar’09
On account of insufficient funds in my bank I had paid to the MNYL in clubbed amount through my credit card making a total of Rs. 68, 660/-
Rs. 8, 660/- Excess Premium paid
(Premium Paid Rs. 68, 660/- Annual Target Premium Rs. 60, 000/- ) during 29th Apr’08 till 29th Apr’09 adjust the shortfall of last year occurred during 29th Apr’07 till 29th Mar’08
Balance left / shortfall for 29th Apr’07 till 29th Mar’08
= Rs. 13658 - Rs. 8, 660 = Rs. 4998/-
Premium still unpaid for 29th Apr’09 = Rs. 5, 000/-
29th May’09 = Rs. 5, 000/-
Total Outstanding premium that I am supposed and liable to max as per the calculation and receipt received from MNYL is:
29th Apr’09 = Rs. 5, 000/-
29th May’09 = Rs. 5, 000/-
Shortfall of 29th Apr’07 till 29th Mar’08 = Rs. 4, 998/-
Rs.14, 998/-
All the above calclaution is precise and clear anough and very well with me in Black and white as per the receipts and annual statements received from Max New York Life for financial year:
- 29th Apr’06 till 29th Mar’07 (Rs. 5, 000 for entire f.y. for policy initiation
- 29th Apr’07 till 29th Mar’08 (Rs. 46, 342/- for entire f.y.; Rs. 60, 000 – Rs. 46, 342 = Rs. 13, 658/- shortfall)
- 29th Apr’08 till 29th Mar’09 (Rs. 68, 660 for entire f.y.; Rs. 60, 000 Annual Premium Rs. 8, 660/- balance of previous year adjusted
- 29th Apr’09 till 29th Mar’10 (Rs. 5, 000 for Apr’09 Rs. 5, 000 for May’09; still unpaid/outstanding)
The need rather want for lodging this complaint is that inspite of my several reminder/requests/complaints/notification to Max New York Life customer care, innumerable emails to service desk and customer care, innumerable visits to max office nothing is yet sorted out.
I still get payment reminders through email and posts mentioning the total dues pending is Rs. 23, 658/- or some other high value amount.
Although I have all the proofs in form of receipts credit card statement bank statements annual premium statements which I have shared with MNYL corporate office, regional office, customer care, emails no body has really sorted my problem and agony rather increased it by irritating me to the worst possible way as unheard request or notification that is supposidely to be dumped.
I feel either the system are not updated or they do not have correct data as in a month I get some stupid reminders over email and post or SMS for paying an unevaluated premiums which is not even just to ask to customer who had been loyal and honest for payment and continued support to MNYL for the past three years.
Apart from all this I had been having harassing notes and reminders that my policy has lapsed, I don’t mind paying the premium but it has to be genuine and as per the records.
I sincerely feel MNYL to look into my case and analyze it thorough to realize and fix the holes, errors, omissions done by them and where the actual problem exists due to which the unpaid premium or outstanding premium calculated by them is on higher side than actual.
If required I am ready to show the records including my bank statements, credit card statements, premium receipts, annual premium statement, email records and certainly you can hear to VOX files or call records with the customer care.
I am really pissed of to my last level and that is the reason I thought I can share my concern and ask for consumer rights.
Regards
Anju Titus
E-mail: [email protected]
Personal email: [email protected]
Cell#: 9910046312
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