MAX NEW YORK LIFE INSURANCE
Wrong Selling of Max New York Policy No. 26969214

With deep regret I am forced to write this mail. I had taken the captioned policy in April in my name. I was told that this policy is a whole life policy and I need to pay Rs 5000/- every six months. After 3 years, I will start getting bonus amount which would be approx. Rs 3000/- per annum. Also, If I stop paying premium after 5 years, the premium will be paid from my accumulated fund value but I will be insured for whole life till the time there are funds available in my policy.

Today, when I received my premium receipt for 4th year, I realised that there is no bonus accumulated and hence I called up the call centre. They informed me that there is no fund value as it is not a ULIP plan and all my bonus has been reinvested!!! Also, they said that I will have to keep paying premium of Rs 10000/- per annum till I reach the age of 100 and if I withdraw the policy in today's date, I wont get anything more than Rs 10000/- where as I have invested Rs 40000/-…

This is a case of wrong selling and wrong commitment. Why would I invest till I am 100 years old which I am sure I would never be?? I had reiterated to the insurance agent that I want this as an investment on which I would want a fixed income of Rs 3000/- a year.

Request you to look into the matter and help me get my amount back. I don’t want to claim any interest or mental harassment charges. I just want my principal amount and bonus accumulated.

Company: MAX NEW YORK LIFE INSURANCE
Country: India

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