Sir/Madame,….With reference to the above subject I Prakash Motwani had purchased a Stock market linked life insurance policy bearing Number:744116211 in 2011. I continued to pay the quarterly premium of Rs.5000/= till 9 quarters that is 25 months amounting to Rs.45000/=,but after that due to financial problem i could not continue to pay and hence the policy got lapsed.i was informed via SMS to revive the policy by paying the sum of around 40 to 50 thousand of all the quarters i had missed,but i could not do so. I had inquired from the companys customer Care personnel about the surrender policy and i was informed that some 30% of the amount will be deducted.tey also said that i have to pay minimum of 9 years if i want non of the amount should be deducted.the agent PMC Bank Sion east Branch who had selled the policy to me didn’t inform me about this rule,where as other companies have a lock in period of either 3 or 5 years. then suddenly in the first week of Feb i received a cheque of Rs.25279.67 from Max newyork life co. without any intimation and they started sending SMS to deposit the cheque before its expiry Date. I immediately emailed the concerned service helpdesk manager and asked them for the detailed summary or statement of my policy and give me the latest NAV of the units purchased.Since it was a market based policy in 2011 the stock market Sensex was around 18000 to 19000 points and in feb 2015 it was around 28000 + points. so why my amount of Rs. 45000/= was not appreciated during this time and on what basis they have calculated the refund amount, but till date they have failed to provide me the details and just wasting the time by giving the same excuses. iam forwarding the repeated mail they have been sending me.
I would request you to please help me in this matter in getting my proper amount refunded….Hope you will do the needful……Thanking you and with Regards………….prakash motwani