So, last year (April 2023) I finally got Max Life insurance which was suggested by Ditto.
Last year I had paid the annual amount at once. So did not face any issue.
I had asked them to change the payment Frequency to Quarterly at that time, but they told I can only change it next year (i.e April 2024).
So 10 days before due date (April 1st 2024), I paid the quarterly amount (while selecting the option to change the payment Frequency to Quarterly in the app).
After numerous calls and emails, till now the payment Frequency has not been updated to quarterly and still shows I have pending amount to be paid. I keep getting calls to pay the remaining amount and I keep telling them to change the payment Frequency.
Overall the experience has been horrible with the customer care. I'm sure I'll sue them if my policy lapses after May 1st because of their inability to process such a small request to change payment Frequency.
Date of experience : April 18, 2024
Advertisement Mar 30, 2024I visited Axis bank (saket branch) to discuss problems related to remaining time and amount for my previous policy started in 2017 (policy no.407993203). They tried to convince me to apply for this policy. Neither did they tell me this policy, nor did they tell me about its time. They just took my sign on the blank form and assured me that only when I would revert to them personally or via call, then would only they start my policy. I never wanted this policy, so I did not report back.
They started my policy without my consent and when I received a message for the same, I went to the bank. They told me that if I apply for cancelation now, I won't receive a refund, but if I continue for 3 years, I will receive a complete refund. So, they suggested I continue for 3 years and apply for cancelation after 3 years for a complete refund.
Firstly, they didn't explain to me the complete policy and started my policy without my consent. They instructed me to sign the policy's blank form and then to talk to my family later and give my confirmation of the policy later.
Due to missing guidance from Axis Branch saket I went to Max policy after 3 years of payment, which was 4.5 lakh (1.5 lakh per year) for cancelation as I don't have that much amount to carry forward the policy. But Max policy (green park branch)refused to help. They don't even respond to their emails at the help desk as well as calls. And because of my leading from both sides, I lost around 3,45,755 rs as surrender value.
The reason for this feedback is that I don't want anyone else to fall into this trap like me. It's better to invest in FDS than to invest money in a Max Life Insurance policy. They try to fool you around with all their terms and conditions when you want to cancel the policy.
Date of experience : February 01, 2024
Jan 13, 2023oh yes, how can i forget incidence occured with Max Life Insurance Policy. This is about when i was 13 Years old. Ofcourse that was my playing age, i had no idea about what is insurance, how its works, and any kind of finance. in 2009 my father purchased a policy on my name and he kept paying premium arround 6000Rs per year for 5 years continuously. Later he lost his job and didnt managed to pay premiums, he was thinking he will get those premiums back at maturity that is arround 2030. now i am 26 years old, i saw policy papers in bag, i tried to login policy online, it says policy not found. And customer support is worst. their call center said me in harsh tone like "jo karna ho kar lo tumko ab 1rupiya bhi nahi milega kuki tumhri policy lapse ho chuki hai'. Seriously thats a very frustrating experience. i am telling you if you looking to buy a policy dont look at Maxlife, they are money eaters.
Date of experience : January 12, 2023
Sep 20, 2023I choose a policy plan with the company and submitted all documentation, however they kept bombarding me with emails and calls suggesting that I did not submit all supporting documents. This went on for a week, after which I decided to leave them and get my initial deposit money back. This is another challenge in itself, even after my numerous declaration and freelook cancellation requests, I have still not recieved my money back.
I have had a really bad experience with Maxlife, maybe go through an agent if you want to deal with these people or best off check another investment plan.
Date of experience : September 20, 2023
Aug 17, 2021Good experience so far. The consultants helped me choose the right premium basis my requirements.
Date of experience : August 17, 2021
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AdvertisementInformation written by the company
Max Life Insurance Company Limited is a leading life insurance company in India founded in 2001. It is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi business corporation. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including online, agency and third party distribution partners. Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement & service delivery and trained human capital. As per Max Life public disclosures for the FY 2020-21, it has a total sum assured of Rs.10,87,987 Crore and Assets under management(AUM) of Rs.90,407 Crore. Also, as per their Annual audited financials for the FY 2020-21, they have a claims paid ratio of 99.35% which is one of the highest in the industry. For more information, please visit the Company's website at www.maxlifeinsurance.com
