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Max Newyork Life insurance policy whole life participating plan / American Greed & Indian Inefficiency

1 India Review updated:

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.

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  • Om
      2nd of Jun, 2008
    0 Votes

    Pls send me the contact details /address where i can also register my complaint against Max New Life Insurance.

    Kind Regards
    Jaiprakash Saraogi

  • Ni
      7th of Jul, 2015
    0 Votes

    Dear Mr Saraogi.. I agree with you as it is most painfull policy has sold to me as well as advisor has mis sold to me and hide all relevant facts. I am planning to file a legal case against the company and need support of all such customers who are victims of MAX... I am avaibale on 9899300238 and will make a group to make our case strong... Please try and get more information and also share nature of complaint with each other... Regards Nitin

  • Pr
      14th of Jul, 2015
    0 Votes

    I too have Max insurance Whole Life Participating Plan, my yearly premium is approx 26000/-, I had paid for last 10 yrs Rs.2, 60, 000/- and my surrender values is Rs.1, 00, 000/-. I am confused now should I continue with this plan or go for term plan of rs.1 crore with less premium amount and more death coverage. Since this plan is same as term plan with less sum assured of Rs.10 lakh.

  • Ni
      14th of Jul, 2015
    0 Votes

    yes agree... they have sold the worst plan.. I am also planning to file against IRDA that how come they have approved such plan.. wud be interested to file a case.. let me know.. Nitin Batra

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