Max Life Insurance Company
Reviews and Complaints

I had a policy in which I had to pay 2 lakh each year for 10years and my policy would mature after 20years . After paying 10 lakhs, I thought of surrendering my policy. And I didn't even get what I had payed leave aside any interest. I only got about 6.37 lakh. 3.63 lakh is not a small amount. I had opened this policy through Axis bank. I believe both Axis bank and Max life go hand in hand in cheating people and stealing their money. I plan to press charges against them, if similar incident has happened to anyone else please come forward.

I had a policy no [protected] which I had requested their team to change the tenure of it in 2015 but they never back. I kept chasing their customer service which was a fail. At last I had to write to their MD after which they reverted that I should have requested in 2016.in the same email the trail is there but no 1 tried to even read it.

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From: Sandeep Biswas (Gurugram -90A - Operations)
Sent: Tuesday, November 7, 2017 12:11 PM
To: maninder singh
Cc: Vidit Bhasin (Gurugram -90A - Operations)
Subject: RE: Regarding policy number - [protected]

Dear Mr. Singh,

Greetings from Max Life Insurance!

We have reviewed your request and express our inability to cancel the above mentioned policy as the policy stands outside free look period. Also, unable to revive the policy with one year annual renewal premium. Further, the policy revival period is already over on Aug 05, 2016.

In case of any further assistance, please feel free to write back to me.

Thanks and Regards,
Sandeep Biswas
Customer Service
Max Life Insurance Co Ltd

_
From: maninder singh
Sent: Saturday, April 18, 2015 10:05 AM
To: customer. [protected]@maxlifeinsurance.com
Subject: RE: Revival of your Max Life Insurance policy [protected]

Hi,

As per my policy ([protected]) I have to pay premium for 6 years however I have paid only first 2 premiums so far and last 2 premiums are still pending.

Now I am not in a position to pay further premiums however now I am planning to revive this policy but I can pay a single premium only.

I would request you to change my plan to 3 years premium payment as both 3 year and 6 year premium payment option was available and let me know the final payment with penalties.

Please contact me to discuss further.

Maninder Singh
[protected]

Search Results - Consumer Court
by MNYL. Forum: Life Insurance. Life Insurance ... Complaint against bajaj allianz life insurance pvt ltd ... Complaint against ING Vysya insrance: Guaranteed ...
www.consumercourt.in/tags/life ​insurance.html - 72k

this has been posted by max new york group to taint the other private companies from coming up

my issue is i have joined recently as an agent about a month ago and i took six policies and two policies for customers, they are not cancelling the policies under free look period and harassing the customers and and the agent to convince the customers instead of cancelling the policies and also we dont what is the amount that will be deducted each person from the company is telling diffrent versions of the amount of deduction.

this is really unbecoming conduct from max new york life

In the year 2008 march i approched Mrs Edna an amgent for max new york life to take a one time policy for both my children for a sum of 50, 000/ which was an amount that was given to them by their grandmother who is now no more as a gift for their wedding i had investested it in indra vikas patra all these years but now i told her i wanted to invest in max she agreed gave me some suggestions as to put one on my name an one on my sons name which i did
after the initial signing of papers and taking the cheque that ended our work only in the year 2009 in march i started getting reminders of a payment due (i am one person who doesnt like payment reminders hence even for my other policy i was after her to do an ecs clearing which took 6-8 months(mistakes from their end not mine ) but it was done .Shocked at the reminders i frantically called Mrs Edna who was in bombay for a long while said she will sort it out when she gets back and she stopped the phone calls that were coming to me (which was a relief) After a couple of months she came back during which time she told me she has spoken to a Mr prasad who will make it a one time payment when she gets back.We she got back she changed the whole story saying there is nothing that can be done about it etc an speak to Ms RAJANI etc i spoke to her an told her this is what i had asked for an i didnt get it she was pretty rude and told me off there is nothing that can be done i reverted back to edna but there was a silence from her end too i kept sending her sms es and giving her calls but she never took the calls
About six months ago i got a call from a Mr Nagendra who rang up an said i have just joined in and i was looking at your accounts and i see u have many policies and tried to sweet talk me and said he would come to see me and tht was it.Again in feb 2011 this mr nagendra rings me up and i told him what i had to say regarding the policy can u imagine he calls me about the policy revival and when i had to tell him what is on my mind he says he doesnt have the policy nos if i mail them to him which i did and he promised to to coem and see me on the tursday after his call that was it i wrote to rajini in march regarding this and she sends me back a reply which is attached to the letter i have not even got the policy from them if they say i have received it where is the acknowledgment form that is at the back of each policy that i have to sign and give back to the company
i have some emails tht i have sent to them it was mostly making calls to edna who never answered the calls
please help me regarding the same
thanking you
samina javed

Subject: Misrepresentation and Fraud Committed by managers of Lucknow Office
Reference: Policy No. [protected] & [protected]

Dear Sir,

I am constrained to write to you as under for your information and
necessary action in the matter: -

I have two above mentioned policies in my wife’s name and my name. The
premiums of the policies are of Rs.9998.77 and 10000.02 to be paid
annually. It is noteworthy that the policy was taken on the advice of
Mr. Vinay Varshney of your Lucknow office who had come to my office
personally and persuaded me to take this policy, which would give me
coverage of life for financial security of my family as well as
handsome returns. Mr. Varshney also advised me that I can withdraw my
amount after 3 years of deposit without any deduction and will get
handsome bonus as well.

Mr. Varshney had by misrepresentation, persuaded me to take the above
policies, which is impossible to continue for a further period of 43
years since my age is 55 years.

The following points may also be considered:

a. That the policy, instead of covering my wife’s and my life, is
covering my son’s life, who at that time was only 12 years old and he
is not an earning member of our family. So covering his life gives the
family members absolutely no financial security at all.

b. Moreover, Mr. Varshney had kept me under the impression that my
wife and me will be covered but now I see that my son, who was only 12
years old, has been insured, which again is of no practical use since
he is not an earning member of our family.

c. Kindly, note the entire purpose of the policy is of no use at all.
Moreover, I do not intend to add any burden on the shoulders of my son
to pay for the policy for 43 years.

d. It is also noteworthy, that when the boy achieves an age of 60 he
will get the maturity, which shall be of no residual value, at that
time. The whole purpose of the policy is thus defeated and bogus by
any standards.

e. It will thus be observed that it was sheerly due to the
misrepresentation and incorrect information given to me by Mr.
Varshney, that I took the above policy.

f. Sir, I believed in the words of your senior officer, who had
represented you also, I am a busy man and could not go through the
details of the policy earlier within the stipulated period of 10 days.

Under the above pressing circumstances I request your good self to
kindly intervene and cancel the aforesaid policies Nos & and refund me the entire
amount already paid by me together with interest.

Thanking you,

Yours faithfully

(Nakul Sawhney)
173 E, Defence Colony,
Jajmau, Kanpur 208010
[protected]@gmail.com
[protected]

Respected sir,
I would hereby bring to your notice about the 6
Policies made in max new york life insurance company through yes bank, rudrapur
Pin - 263153
I would discuss one by one the 6 policies which were made by misguiding us.

1.) policy no. [protected] life insured - ms. Mahak nayeem, policy
Holder - mr. Naim mohammad, date of proposal - 28/01/2008

This policy and the policy to be discussed next were made from a
Single cheque without our consent (Cheque no. 930794 of icici
Bank). A cheque of 25000/- was taken and 2 policies were made from it
Without our consent. The signature of proposer were made by agent
Himself. Date of birth (20 may 1988) and educational
Qualifications (Intermediate) were wrong inputs which he made himself.
With a modal premium of rs.12501.95/- and term of 12 years sum assured
Being 61000, i'd like to ask who would desire such a policy. All such
Misguidance took yes bank to the peak of their commission, befooling
Us.

2.) policy no.[protected] life insured - ms. Mahak nayeem, policy holder-
Mr. Naim mohammad, date of proposal - 28/01/2008

All the above misguidance continued in this policy too.

3.) policy no. [protected] life insured: mrs. Shahanaj, policy holder:
Mrs. Shahanaj date of proposal: 30 jan 2008

For a modal premium of 12559.90/- and 12 years being term of plan, the
Sum assured is 58000/-. Who would desire such a policy. All such was
Misguidance of yes bank, befooling us. Wrong date of birth and
Education qualification (Intermediate instead of real i. E double m. A.)
Were the inputs. Signature of life to be insured were not taken.

4.) policy no. [protected] life insured: mrs. Shahanaj, policy holder:
Mrs. Shahanaj date of proposal: 30 jan 2008

All above misguidance continued in this policy too.

5.) policy no. [protected], life insured: mrs. Shahanaj, policy
Holder - mr. Naim mohammad, date of proposal - 20/02/2008

In this policy annual target premium has been stated rs. 30000/- and
Sum assured is 150000/-

6.) policy no. [protected], life insured: mrs. Shahanaj, policy holder-
Mr. Naim mohammad, date of proposal - 20/02/2008

In this policy modal premium has been stated rs. 19987.57/-, term of
Plan - 12 years and sum assured is 92300/-

In view of the above, i, naim mohammad, would like to withdraw these
Policies and would like my money back.

Yours sincerely,
Naim mohammad
Ashiana, railway bazar,
Haldwani pin-263139
Ph no.+[protected]

This is with the reference of two of my policies nos. [protected] and [protected]. I have purchased these policies from Mr. Suresh agent of Max New York life insurance co. ltd.Karnal (Haryana) I have purchased these policies with premium of Rs. 5000/- annual in each policy. In these Policies Nominees are my sons Vishal And Vikas respectively. After three months Mr. Suresh had handed over policy packs to my wife when I was not at home. Then I have gone through the policies it surprised me when I have seen the amount of premium from Rs. 5000/- to Rs. 20000/- annually. I have taken Plan Whole life par but they had given me life maker premium.
Then I visited the Karnal G.O for changing amount. But they refused me that free look-up period is expired now. Then I had words with customer care executives Ms. Renu, Mr. Kapil, and Mr. kapil Bhasin regarding this. They committed me to change policy packs. I couriered the policy packs to them. One day they told me that policy packs are under printing.
After some days and continue follow-up the y told me that changed policy packs are couried to Karnal G.O on 21 -July-09. but Karnal G.O People told me that they haven’t got any policy pack for me. Then Ms. Teena Dureja in customer care told that we haven’t got any policy packs from you. Kindly get duplicate policy packs issued and send those to us. Karnal office is denying issuing duplicate policy as it is lapsed due to non-payment of premiums. They are asking for more funds.
Kindly help me in this regards. Or cancel the policies…..

Thanks,
Anil Kumar S/O Sh. Shyam Singh
V.P.O Padla
Distt. Kaithal

Horrible experience with max new york life insurance: please stay out of them.

This company (Max new york life) doesn't have any credibility.. I have similar experience with the company where I was rejected for a top-up option on what they say is "on-medical-grounds" for a "good-for-nothing" traditional policy with policy number [protected] (I do agree that it is my mistake not to understand the policy before buying it, but its because the company agent who happened to be my friends brother misguided me and suggested me to take this policy). My personal doctor verified my report and said that there is no scope of rejecting the top-up option on medical grounds. To make it worst, they did not provide me my medical report for an year intentionally to make it invalid (Every medical report stays valid (In effect) only for an year)!

I thought of going to the consumer court, however not sure if this is going to work as companies like this trap us by making us sign the multiple page confusing contract document. However I do have proof of communication emails that shows that this company has dodged from providing the medical report in time. (No company has the right to fiddle with our medical report and keep us in dark. This is illegal trade practice!)

The company customer care is highly arrogant, at the same time having the slightest idea of what is happening within.

I have lost rs. 26, 000 paying for illegal trade practice! My sincere request to all of you is to stay away frommnyl. I have couple of other polcies with lic, ing vysa and all of them have good credibility.

Basically, I hate to write anything negative about any company. However this has crossed the limit. The most painfull thing here is that there is no resource in this whole company who can listen to what a customer has to say! Pathetic customer relation!

Frustrated mnyl customer

Policy number [protected]

Any suggestion/feedbacks, please reach me at [protected]@gmail.com

I was scammed by this company. This company is not worth trusting they will really betray your trust. I had taken a policy for my daughter and was very very regular in paying my premiums on time. I had feed in my mobile the date I had to fill my premiums so there was no chance of me to be late. I received a letter stating that I had to pay the premium and without wasting the day I send the check to their office and I also called them to confirm. The lady there said yes that the check is reached. But again I got a letter stating that I had to pay the premiums or my policy would lapse. I was very disturbed and called the lady again she told me not to worry and to ignore the letter. After few days I also checked the status of my account and found that the check was cleared, but again another day I received a letter saying that due to the delay in paying the premium my policy was relapsed. I was stunned and called back the same lady said that I ignore the letter. But how many time should I ignore I requested her to send me a letter stating that the payment was done but i never received the letter. I am calling her every now and then for the letter but no one seems to be interested in sending or taking care of the matter. I am fixed whether I should pay the premium again or what? Please help me. I am caught in their clutches, but would like to warn all those who are planning fro a insurance please say no to this company. The matter of insurance I all about trusting this company is not ready to apologies fro this nor are they ready to send a letter, so that it becomes a proof for me that the premium has been deposited.

Hello everybody,

I would like to bring to your notice the issues that i have had with the max new york life insurance company.

I do not know how this company is still in the market despite the pathetic service they offer their customers.

To give you a background, my dad had purchased a policy from them (Whole life plan) around 4 years ago.

Since i became a major, i started paying for the policy myself, anyhow, in 2007 i was unable to make the payment in February as i was not in town and it completely slipped my mind to be honest!, anyhow, in April i realized that i had to make this payment when i received a mail saying that the policy was in a lapsed status.

I went down to their DLF Office in Gurgaon and offered to pay the amount to renew the policy, at this point i spoke to a Mr. Sumit Joshi who gave me his assurances that the policy will be displayed as an active policy in 2 days time, i asked him clearly if he can accept cards as well, to which he readily agreed and made me fill out a form with my Credit card xerox as well (Copy for me)... After this i was assured that a premium receipt would be sent to my email address, which astonishingly never arrived!, again i completely forgot about it and assumed that all was well, until my tax consultant came onto the scene and asked me to get him the proof of investments, at this juncture, i realized that i had not received the premium receipt from Max, and assuming that all was well, gave them a call to inquire about a receipt, just imagine my shock when i was told that they have never received a payment, and to top it all, the agent was very rude and accused me of lying!

I told the young lady that i had a copy of the receipt given by Mr. Joshi, she then told me to fax the same to her and gave me a fax number, i went out and tried to fax the document but was told that the fax number was incorrect and hence i called them again from the fax shop, again i was given 2 other fax numbers, tried them as well but nogo.

Now an irate customer called the Max new york line again and this time i demanded that they send someone over to collect the document from me, coz of the number of phone calls and money i was wasting calling them, but this was flatly refused and the agent said something like "We do not even know if you have a document", am i a fool to keep calling you guys and for requesting for someone to come down IF I DO NOT HAVE A DOCUMENT? I AM NOT CRAZY!

Anyways, i was fed up by this time and quietly went home to rest.. After a few days, i again dialed their number and asked to speak to a manager and was put onto a Ritu Yadav, who actually identified that i had come down in Feb to make this payment and also, suddenly, had a record of the transaction as well, i was told that this amount was not debited coz of the fact that the rear of the card xerox was not there! i would have thought that their customer care rep Mr. Joshi would know all this, but i was told that he does not know anything as he is in the corporate office, anyhow, i was asked to go to their office (Opp.Sahara mall) to make this payment, to which i readily agreed and went ahead and made the payment in cash to thir desk, and here i was told that the policy will be active again in 2 days time, the guy also said that the health declaration that needs to be filled up by my dad and signed is important, but then said that it is not needed (When i told him that dad was in Dehradun), anyways you would have probably though that this was the end of the story, but NO, i again called them to check the status of the Policy and it was STILL IN LAPSE STATUS, i again got fed up and left it for a few days, then called again and was told that they need the health declaration form signed by dad, i got an email and printed the health declaration, made a trip to dehradun, got it signed and submitted it to them... today i called them once more and i am told that the policy is lapsed and they have refunded me the premium by Check!? i told them that i havent recd. anything by check and was given the website address http://xpsworld.com/trackdocket.asp and a tracking number: [protected] , when i checked online it said that it was delivered, to my chagrin, i now told the agent that i never received it and frankly i was very happy with the refund rather than continue with their policy, she then told me that she needs to check and will let me know when she finds out where the check is!

Im still waiting for her call

My sincere request to all of you is, never ever do business with Max, its not worth the troubles you will have overall

All present and potential policy holders, Beware of Max Newyork Life Policies. Their "agent/advisors' are agents first and only incidentally advisors. Bad advisors at that.
They do not divulge vital details of the policies like periodic hike in premia for the riders, that the cash surrender value, vitally essential for the policy holder about to commit to potentially 43 years of bondage. The Cash surrender value at any time before death/dreaded disease or age 100 do part us is 30 percent of the fully paid up premia excluding the first year's premium(gratis for the company) and any dues at any time after 3 years. Which means that they get to keep SEVENTY PERCENT of your money and all that it earned over the years. This Magical SEVENTY PERCENT probably based on the illiteracy rate of INDIA is a very high penalty for leaving a "satisfied family partnership" begun on the basis of incomplete information provided by their 'highly trained advisors'.
The policies, riders, premium notices, receipts, account statements and annual performance reports are american jargon filled, complicated, confusing. Even Lawyers and number crunchers would have difficulty interpreting them, forget the laymen.
Freelook carries a penalty again the magic SEVENTY PERCENT We suspect.
The company is inefficient with unresolved issues from 14 months pending. When questioned waves the IRDA recognition as a justification for all their actions.
IRDA's duty was first to protect the 70 percent illiterate from the clutches of these multinational sharks.
IRDA seems to have grossly failed in its primary Mission to protect the Policy Holder.