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Max New York Life / Life Partner Plus / MIS SELLING OF POLICY

1 India Review updated:

SIR, I HAVE TAKEN A POLICY FOR IN THE NAME OF MY DAUGHTER "AASTHA SANJAY SHAH" WITH MAX NEW YORK LIFE INSURANCE. I PAID CASH TO THE AGENT ON 20 TH SEPTEMBER. HE GAVE ME PROMISE THAT IF I PAY ALL THE PREMIUM MY DAUGHTER WILL GET RS. 50 LAKHS AT HER 50TH BIRTHDAY.
HE ALSO ASSURED OF TAX BENE FIT UPTO 120000.
HE PAID MY PREMIUM ON NOVEMBER 5TH. HE IS WORKING ON BEHALF OF HIS WIFE MRS. KRUTI DEVANG SUTARIA.(AGENT CODE 155081) WHICH I KNEW WHEN I RECEIVED MY POLICY FROM THE COMPANY"S FORT BRANCH IN MUMBAI ON 2ND FEBRUARY 2008 (SATURDAY).AS ALL THE PROMISES AND SERVICES NOT IN DISCIPLINE, I ASKED FOR MY REFUND ON 7TH FEBRAURY, 2008. THE PERSON MR. PRASHANT, TOLD ME THAT I WILL GET MY REFUND IN NEXT 20 DAYS.
AFTER 25 DAYS I CONTACTED ON TOLL FREE NO. [protected], THEY TOLD ME THAT MY FREE LOOK PERIOD HAS EXPIRED ON 26 TH DECEMBER. AS A LAYMAN, I HAVE NO SUCH RULE IN MIND, AND THE AGENT AND THE COMPANY TOOK THE BENEFIT.
I THINK THE AGENT AND THE COMPANY ARE MAKING ME FOOL.
MY POLICY NO. [protected].
THE AGENT IS DEVANG KAMAL SUTARIA( MOBILE NO.[protected])IS A FRAUD. HE INTENTIONALY MIS GUIDED ME FOR HIS GAINS.
MY COMPLAINT NO. WITH THE COMPNY MAX NEW YORK IS "1069411" AND 1128844". I HAVE CALLED THE COMPANY FOR 18 TIMES, BUT I GOT JUST AVOIDING AND DELAYING ANSWER.
I FEEL UN SECURED AND BEING CHEATED BY THE AGENT AS WELL AS MAX NEW YORK COMPANY. ALSO IF THE COMPANY IS NOT PAYING NOW WHAT MY FAMILY WILL GET IF I DIE.
WAITING FOR SOME POSITIVE REPLY FROM YOUR SIDE.
THANKING YOU
SANJAY SHAH

Ni
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Comments

  • Sa
      3rd of Apr, 2008
    0 Votes

    agent have miss lead the customer.

  • Vi
      24th of Aug, 2008
    0 Votes

    I want to know that how can i verify my policy no online ?

  • Ga
      15th of Oct, 2008
    0 Votes

    Dear NILESH,

    After getting your point, i can conclude on the point that your agent is surely not a long time member of the company and he just used his customer to get his bussiness and target.
    You have 2 options at this point:
    1. Either you go to the company corporate office and get all the information regarding your policy and continue that if satisfied.

    2. Or you can file a complaint / case in consumer court because this type of forgery can be stopped by them easily legally. you can search/talk to your known for the address of nearest court office. You just need to fill up some forms and give affidavit with a quite normal fees, you can get a good compensation against your problem..

    So be prepared and go ahead with your case.

    Gaurav M.

  • Ra
      23rd of Jan, 2009
    0 Votes

    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 medical grounds for a "good-for-nothing" traditional policy that I hold with this company ( I do agree that it is my mistake not to understand the policy before buying it). My personal doctor verified my report and said that there is no scope of rejecting the top-up option. To make it worst, they did not provide me my medical report for an year intentionally to make it INVALID!

    I am set to file a complaint against them in consumer court, just that my tight schedules did not allow me and due to my agent giving me false promises that he will get it fixed till now.

    Basically, I hate to write anything negative about a company. Let me see how it goes, I will then delete this post and maybe write something good instead.

    Regards
    Ramesh

  • Ba
      18th of Mar, 2009
    0 Votes

    hello in the maxnew york life empoyees making cheating at chaithanpuri branch, hyderabad-india how can give u complaints to the max officells plz give a reply to ur complaints e mail address.
    babuwabel@gmail.com

  • Am
      2nd of Jan, 2010
    0 Votes

    hello friends

    max newyork is 3rd class, worst and fraud insurance co.

    people who willing to invest in insurance pl stay away from this co.

    Regards
    Amul kamdar

  • Am
      5th of Jan, 2010
    0 Votes

    I am already a customer and own two polices of max. Let me tell you the services of max. are the worst i have experienced of the other insurance policies that i hold with LIC, HDFC and ICICI. Everytime the premium is due, you get 10s of calls for premium collection (everytime the call comes from different places like noida, bangalore or local office of ahmedabad) asking you whether they can come up for collection. Each time you agree, nobody turns up. If at all you have denied them not to come for premium collection, the other day somebody else from max. from some other place calls up and asks you the same questions. They are literally very unorganized and i do remember receiving 10s of calls even for updating my data (when i bought the policy)to be add to their database system. There are enough number of annoying things further.. .. Am just waiting for the insurance portability act to come into force so that i can switch over to somebody else. otherwise am damn sure to withdraw my money once my policy completes 3 years.

    Amish Shah
    Ahmedabad
    9879798424

  • Sa
      12th of Apr, 2010
    0 Votes

    we are talking about problems and I am too a victim, do we have any choice left. we don't have any solution.

    Our countries consumer law is bad and it is not protecting the consumer rights. I had surrendered my policy 50 days back and I haven't yet got my money. I got to know that my NEFT form is missing and they claim that they have sent the chq through courier but that courier is missing too. No answer from the management. I am not able to find any solution how to convey this message. or we are not able to convey to the concerned. If we can get the list of top management of max new york we can send one one copy of these mails.

    Please find a solution.

    regards,

    Sasank (Policy No. 414379115)
    9885225700

  • Am
      13th of Apr, 2010
    0 Votes

    ee

  • Am
      13th of Apr, 2010
    0 Votes

    Dear Mr. SANJAY SHAH

    Max new york is one of the worst insurance co.

    service.helpdesk@maxnewyorklife.com, group.ref@maxnewyorklife.com, becomeanagentadvisor@maxnewyorklife.com, premkunnel@irda.gov.in, mnyl@edynamic.info, rajesh.sud@maxnewyorklife.com, rajit.mehta@maxnewyorklife.com, anil.mehta@maxnewyorklife.com, sunil.kakar@maxnewyorklife.com, ajay.seth@maxnewyorklife.com, john.poole@maxnewyorklife.com, prashant.tripathy@maxnewyorklife.com, analjit.singh@maxnewyorklife.com, anuroop.singh@maxnewyorklife.com, william.beaty@maxnewyorklife.com, omkar.goswami@maxnewyorklife.com, rajesh.khanna@maxnewyorklife.com, marielle.theron@maxnewyorklife.com, leo.puri@maxnewyorklife.com

    this mail id include mail id from top managment

    No one is going to respond untill u send 10 - 15 reminder's because they are so busy persons no time to read such faltu mail and
    and no curtyst to reply single mail untill 10 - 15 reminder's so keep trying hope your problem solve


    u can also go to insurance ombudsmen with complete details

    you can also talk to following phone no also.

    In case of any further assistance, please write back to us or call us at
    0124-4239641

    Regards,
    Vidit Bhasin
    Deputy Manager-Customer Advocacy Group
    Max NewYork Life Insurance Co. Ltd.
    Phone: 0124-4239641

  • Gu
      7th of Jun, 2010
    0 Votes

    These insurance companies are only good for its agents, employees and executives.. NOT the customers. I agree to you Gopalakrishnan these are not charitable but profit making, blood sucking and fraud companies... whose main purpose is to lure people with false promises. Most of the agents are useless uneducated and unethical pimps. All they care is about making money!!!

  • Sm
      1st of Oct, 2010
    0 Votes

    There seems to be many comments by agents of other insurance companies and other people have been misled.

    Was the complainant misled by the agent or misunderstood. Possibly the second as a free look period anywhere is for 10-15 days and not months together.
    Max does have unique traditional endowment policies with compounded reversionary bonus with very good returns over a long term, which some other cos do not have. Here some agents seem to be putting wrong comments as their cos have a bad name.
    Max maybe slow to respond, was cheap or bad language used? If yes, even the IRDA would not care to respond.

    There are unethical agents everywhere, but customers need to check, they don’t for many reasons, one of them like this complainant is they do not know anything – how come he is now smart.
    Let me tell you when we provide correct advise, customers do not want it, many want dreams and go an buy crap. Like the person with Ulips who commented, he and his agent do not seem to know to log the policy - all he has to do is change the funds and the money will start growing.
    Also there isn't much money in Ulips with the life cover, everyone thinks so because it is market linked and want huge money in a Short time else start cribbing - Wahl.
    This complainant is indeed holding a very good policy (its a compounded bonus endowment plan), he has no idea.

  • Sm
      1st of Oct, 2010
    0 Votes

    Further to the above, note I am an agent from Bangalore.
    It is true that Max is quite slow in its process, though a pain it is good in some ways.
    You can always complain via email at: service.helpdesk@maxnewyorklife.com

    If like the person being troubled with too many calls, he can always contact his branch manager or send email as above.
    When I noted this in a couple of cases, it was stopped after strong objection given once (strong is okay, not rude or cheap which does not bring answers from anyone as some people tend to and then wonder why there is not response and complain).

    Agents from other cos please desist from false comments to improve your image. Some of the good cos named here are a joke, people go on to the IRDA site and read which cos have been fined/ warned and why - and you will know the real story.
    Everyday there are 2-3 complaints filed against ins cos in Bangalore alone in consumer courts (Times of India a couple of days ago) and Max is not one of them, so let only people who have genuine complaints or think they have because they do not want to ask the company to sort out do comment.

  • Sh
      24th of Nov, 2010
    0 Votes

    To
    The branch manager
    Max new york life

    I shilpa kumari basaiwala from last 6 month i am keep on following up to the max branch for my father (pawan basaiwala)policy surrender amount. after doing several try i never receive any positive respomse from there end every day they are saying we are trying. Is there any managment or higher authority for max insurance if yes then please stop doing scaming and issuse our cheque. i am not asking for any interest or something i am just asking my amount which you people comitted. If you people really understand the word customer and their value then please process my humble request...
    By doing this kind of thing you people not just spoiling your brand name but you are also responsible for spoilimng your sector.
    At the end i can only say it just up to Max that how they response in this kind of complaints, max need to decide what is more important brand building or making money by misconducting customers or scamming people

  • Sr
      19th of Jan, 2011
    0 Votes

    Max New York is supposedly one of the most responsible insurance companies however im sorry to say they have been very irresponsible by selling a whole life participating policy to my mother who is a housewife aged 57yrs at the time of taking the policy. Now any fool would also think twice before trying to make such a woman who is not even very educated, buy such a policy that is ideally meant for young people who have a long life ahead and also have ability to earn money to be able to pay towards such a policy. But obviously the agent waS MORE CONCERNED about selling than satisfying a customer. My mother was told that this is a 5 yr policy where she will have to pay rs 10000 every year for 5 yrs only and thereafter some amount of money will keep coming back to her as earnings. Therefore my mom was convinced rather fooled into signing the policy. None of us were there to read and return the policy either. And now the Manager at Max New York says that if we surrender then we will get only arnd 20000rs only whereas we have paid 50000rs. And also the sum assured have been reduced to 35000rs from 1, 25, 000rs. Now if we had deposited this money in a bank for all these yrs we have would have got good interest instead our hard earned money is sitting heavy in their pockets. Where is justice. We trust these compnaies with our money and this is what they do to us. We are considering going to the consumer court but then its sad that when we are all trying so hard to survive in these hard times, we have to waste time running after court cases.

  • Te
      14th of May, 2011
    0 Votes

    I am senior citizen purchased one plan of Max N.Y. in the Name of My wife Divya Prabha Ashok Ganatra. policy No. 717975023. in 2008. on condition in writing by Agent for single premium but after that they not given proper responce even though i approch to them by mail when in personally visited to Chemur Branch(Mumbai), Shri Syed Naqvi and Krupa Thakker officer heard me and seen the conformation letter of agent. And then we told them we purchased tis plan only for risk purchase as on this age every senior citizen purchasing the plan for their familly and as in India when LIC was only in Insurance where i also purchased more then 40 policies of LIC of term plan and we have writing conformation of all agent about our payment in time. But when ULIP Plan introduced in India most of the public purchased the plan under impression of risk cover and officer and agent any how mis-sold them plan misguding whatever they wanted in fact they sold only dream to clients to take first premium even 25% of first installment and when once public enter in "caves" they closed the all door of verbal conformation and starting drama and passing only time and lastly public either loosing investment or writing view or comment on this type of site but only sauting like small child and then tired and forgeting investment of this weak point of India Investor all companies enter to sell their Dream Project and lacs of public entered in such plan and they are running their companies under protection of IRDA (Who have no idea about about share market investment) even SEBI has raised the question but under the shelter of ministry they still continue that is our bad luck. '"THIS HAPPENED IN INDIA" But not to worry and we hope one GHANDHIBAPU WILL SURE COME " like Shri Anna Hazare. In the mean time i request to all such policies holder approch to one news channel UTV in which i seen Shri Vivek (Advocate) mail ID. fightback@utvmoney.com T.No. 02240987444 and expose@utvmoney.com. I hope that single voice not reach but when everybody will saut then voice will reach to Chairman IRDA or corporat office then i hope sure result will come. I request everybody don!t loose your fight we will sure get true and favourable justice in this as every one has paid their swept earned money and it will never go any where.

  • Ya
      2nd of Jul, 2011
    0 Votes

    Just as the above i am also a victim of max new york life, I had applied for endowment policy and was asked to appear for medical test and citing ridiculous medical reasons my annual premium (counter offer) was increased by over 25%. I had got these medical reports checked and was told by three doctors of repute and working in multi-specialty hospitals that everything is normal with reports including CBP, TMT etc. and when I had challenged them, citing under writers requirement I was asked to go for additional tests which also turned out to be normal, however they insisted on additional premium and when I had asked for reasons so called under writer (Supposed to CMO) called me and said test requested were not done and assured me that if TMT and 2D echo were normal he would waive counter offer and based on the assurance given I had gone for third round of test which turned out to be normal again (I got reports verified by well known Cardiologists from two popular hospitals in Hyderabad) with no apparent reason I was told counter offer will stand with no changes. Anticipating that I may not agree policy was cancelled.
    Looking at my experience and the mental agony it has created, I wouldn't suggest anyone even to approach/engage with Max New York life for any Insurance, This company is fraud and they show lower premium initially and suck your blood later through additional premium/counter offer. In an unfortunate event god knows how they treat/how much they pay your near and dear for whose benefit/well being you take these insurance covers and you won't be around to challenge. Please stay away from this 3 rd rated company

  • So
      22nd of Jun, 2012
    0 Votes

    I too had a very bad experience with this vendor MNYL. I would say that they have the worst after sales service and commitment towards the customer. Never give any business to MNYL. Please save your money and invest it wisely with any other vendor after performing a research.

    I took a ULIP policy from MNYL and paid my premiums via ECS. The ECS stopped suddenly one month and even after regulr followps from my side, got no help from MNYL. I started paying online and after my lockin period of 3 years my NAV value and net amount was much lowe than what I have invested. I beared a loss of 56K and surrendered my policy. The customer care executives and also the staff at the lcoal MNYL branches made me run around to cancel the policy for many reasons like, a cancellation cheque, if cheque doesn't have your name printed then latest bank statement etc. I provided everything and then came the net shocker, that they never received these documents that i submitted at their branch and NEFT trans can't be done. I showed them the proof my email sent ot their staff's officila email ID, still no help.

    I am yet to receive my cheque and absolutely dump response and help from the company MNYL. I would never evet recommend any one going for this company.

  • Te
      23rd of Jun, 2012
    0 Votes

    As per my view IRDA has given permission without applying the mind and when this U:IP Plan was introduced in India the people were only under old impression that Insurance means risk covere and long term investment and then agent and all insurance companies offered huge commission and other attractive offer for foreign tour to agent and promotion to the officer and then all team started to find customer and by giving fraud assurance and any how they taken first premium from investor and then after one year when investor getting reminder for second premium then only investor finding that mis selling made and where there is only one reply will received from companies that 15 days free look period is over you have to pay next premium Else your policy will laps. I went all these procedure of their terms and condition where educated man will never invest the money in such plan lastly in personal visit in their officer officer told me that plais very good and if you will pay further payment we will extend the risk cover double. I had purchased the plan on single premium where 3 installment which i had completed officer shown me" 3 pay" i told that officer that first premium i paid and balance 3 also i paid then they told me that plan is good and if you will pay further installment company will extend the risk cover double. I told my son but as a businessman he sent the premium but when company did not done so and once again started to threatening for laps of policy. Finally son handed over matter to consumer court as he told me that he has seen thousands of complain against this Max New York. As per my view and request to all investor not to pass any time of companies and approch to consumer redressal forum as even i written to secretory of Finanance minister but no one has even taken any care to acknoweledge of my complan and IRDA has informed me aftere 6/7 m onths that your complain status showing solved i can!t understood how such resaponsible deparftment has given such baseless rteply ande my son even telephoned to IRDA Chairman but they also never taken any action. As every person in insurance companies investing their swept earned money and hence there must be some strongs act or law for such public money. Hence as per my view i suggest all the investor to wake up and sure get the favourable order from CONSUMER REDRESSAL FORUM. Also i extend my thanks to consujmercomplain online site to expose such companies. Thanks best regards GOD BLESS ALL.

  • Ra
      4th of Jan, 2013
    0 Votes

    I took the Life Partner Plus policy. The agent assured me that I'll get the sum assured at age of 60. Now when I read the documents I can see that only at the age of 75 I'll get the sum assured. I opted for 20 year payment and when I calculate now, I'm not aasured even 2% return . This is fraud and 2% is nothing compared to inflation of 8%. Life Partner Plus policy is like putting money in drain.

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