[Resolved]  Max New York Life — They are not Refunding my Premium even after 4 years

Address: Chennai, Tamil Nadu

I have been chased by their employee to buy a policy from them through axis bank. What these guys do is they choose premium banking customers by having a tie-up with the banks and will appoint a employee in the bank itself. That employee will pick the customers of the bank who has good bank balance and good transactions in the bank and will chase them. I was fallen prey in that way. They will come to my office, home and everytime i visit the bank they will be surrounding me like bees. After their torture, I finally decided to take a insurance to escape from this torture thinking that I will get my money back after some years. I asked that employee if i wanted to surrender the policy, when can i surrender. He said that i can do it after 3 years, so that they will refund regarding the NAV value as it is a unit linked. I paid the 1st premium of 25, 000 and I got the policy document after 10 days, I noticed that only 17, 462 is been added in the account, the rest is taken as other charges. I didnt want to continue the policy as i felt that there wont be good returns as compared to the investment in my business and so i decided to stop paying the premiums and i informed them about this, He said i have to wait for 3 years and then only i can surrender the policy. Else i wont get a refund. So i waited for 4 years and now I called their customer care to surrender the policy and get the refund of what i have in it. They said that the policy can be surrendered but i wont get any refund. I asked them why is it so and they replied it is what unit linked plan is, I have to pay atleast 3 premiums then only i will get the refund.This is so called high tech cheating. Who the hell are you to tell me that you cant refund my money. In the same way I have took a policy from MET Life on 2007 for Rs.15000 per year and i paid only 1 Premium, after these many years i surrendered the policy now and got a refund of Rs.4281.65 . I hope IRDA has the same rules for all the insurance companies . If MET Life can refund me some amount for the unit linked plan after 3 years with a single premium paid. Why cant MAX NEW YORK LIFE insurance refund the money. One thing is clear here MAX NEW YORK LIFE INSURANCE IS A CHEATER. THEY WILL STEAL YOUR MONEY IN THE NAME OF POLICY. MY policy NUM :[protected]