Dear Sir, My Problem: I have paid 1,50,000 /- 3 years back ( One lakh fifty thousand only) as my premium to MAX LIFE INSURANCE . Yearly 50k for 3 yrs. my policy number is 202391983 Now when i decided to get my money back, I am getting the reply from them that my first year Premium of Rs.50K would be deducted and in the remaining premium of 1 Lakh I can get only 71k. So out of 1,50,000/- of my premium , Max life is returning me 71,000/- only . Escalation is not yielding any positive reply. As I am getting poor response from MAX LIFE insurance regarding my premium amount refund, I am submitting this mail for your kind consideration. For every mail they keep on sending the same reply in different format. Is this just and fair ? Which rules are allowing these people to eat public money like this? Kindly do the needful to get my money back ASAP with due interest and Compensation for my mental stress. From: prasanna kumar <[deleted]> - my id Date: 21 March 2017 at 11:01 - below mail date Subject: Fwd: Ticket #[deleted] - ticket no. To: [deleted] - This is the mail id of escalation officer regards, Prasanna kumar
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Lawyers are available now to answer your questions.
It is necessary to peruse terms and conditions of policy
2) there must be clause in policy that in event you surrender the policy within x years you would be entitled to refund of only Rs 71000
3) if you have agreed to terms of policy it would be binding upon you
Send a Legal Notice to them asking them to forthwith return your deposit with interest and compensation for the mental stress that you have suffered. If they fail to redress your grievances despite the legal notice, file a case against them in the consumer forum.
It would be necessary for me to see the term of the policy.
If the police is otherwise to the act then you should serve them with a legal notice and ask for compensation.
if they fail to compensate even after the legal notice then you can approach the consumer forum.
regards
Yes they are also saying the same. but the point here is, when i called them for the first time , at that time i have paid only 50k. They said if i pay 2 more installments, that is 1,50,000/- i can get my entire money back. So i paid further. Else i wouldn't have paid the entire money.They didn't inform me about this deduction. now they are saying like this. Actually i didn't want to buy a insurance. i was running a chocolate shop (just for 1 year and then closed) , so i need to open a current account with YES bank. The manager of the bank and another guy keep following me and said if i took a policy of 50k per year minimum,then i can maintain a zero balance account in my current account. So i agreed to buy the policy. i don't know the link between YES bank and MAX LIFE insurance. both are fraud guys anyway. yesbank also didn't close my account even after repeated request and kept on sending me mails of fine amount increasing every month (for not keeping adequate balance ). 20k, 22k, 25k like this. As i closed my business i closed my account. but they don't want to close it. Back to MAX : I kept on mailing them for the past 1 year, but of no response i can forward those mails. And then i went to a company called 'insurancesamadhan.com' .mr.shailesh took this case and keep following with MAX LIFE. i don't know what happened between them, he stopped following up the case. So i need your help.
You can then file a case before the consumer forum, but in any case I will have to go through the insurance policy first.
Regards
Legal Notice is your only recourse.
Send a meticulously drafted legal notice to Max Life. Perhaps good sense will prevail and they'll do the needful just with the force of the Legal Notice, without you being required to approach the court.
Do you have any thing in writing from max life that if you pay Rs 150000 in 3 installments of Rs 50000 you would get your money back
2) if so then you can file complaint before consumer forum and seek refund of money paid by you with interest
Hi, you can file a complaint before the consumer forum and ask for your due amount alongwith interest
The insurance policy will be having the terms and conditions for maturity claim, death claim and surrendering the policy before maturity.
Since your policy is hardly three years old, the surrender value of the policy will be very less, however if you are dissatisfied with the value quoted by the insurance company you may prefer to institute a case before the consumer forum with your grievances.
You have become victim for your own innocence.
You have fallen prey to the attractive false promises made by the agents and the bank managers.
Now nobody will be there to help you or to solve the problem.
You cannot fight against the rules once you agreed and signed the papers, hence you may look for some other way to recover the money, i.e., through consumer forum.