Sep 04, 2013 12:26 PM
9542 Views
I wanted to surrender my policy no. 305964694. I had paid all premium till last year accumulating towards Rs.48000. When I requested to max employee in Kolhapur about the surrender value, I got the figure Rs. 23442 from the system itself. I agreed on that and surrendered my policy. However I actually received Rs. 20, 017.
So I sent following request to Kolhapur employee,
Could you please let me know why there is a short-fall of Rs. 3425? If you could share the calculations done, it would be really helpful?
From Kolhapur employee the request got forwarded to max customer care with proper details. The reply from customer care I got was very vague and generalized and not the exact calculations,
The Cash Surrender value will be at least 30% of all premiums paid (Excluding first years’ premium).
On that I again replied that then Why is there a discrepancy? The earlier value generated was
through system only. Please share me the exact calculations on the basis of which you arrived at figure
On which I got a call from max customer care and following are the main points of this vague and not polite conversation,
1) Firstly, he said there was some technical issue due to which the earlier figure was not correct. On that I said, fine let me know the technical issue and let me know the calculations on the basis of which you arrived at the current figure. Then there is a system flaw. On which he did not give any answer.
2)Then he said, You are getting more than 30% of all premium paid (Excluding first year's premium) then what is the issue? On that I replied I just want exact calculations on the basis of which you arrived at the figure.
3)Then he said, sir if you are thinking you should get more than what you got, then you have to deposit already received money and we will work out the calculations again. However it can come less than what you have actually got now :). I replied on that this is just a ridiculous statement means you are still not sure about the calculations you have done. So there is a big system flaw. I just want simple calculations that's it.
4)Then he said, we can not rely on any verbal communication though it was by max employee itself. (and He himself was communicating through phone).
5) He was talking left and right with very vague statements.
Afterwards I got a reply from him,
As per our telephonic conversation we would like to inform you that as per policy contract 30% of total premium excluding first year premium along with special benefit (if any) will be payable on surrender.
we have paid the correct surrender value of Rs 20, 017.07, please ignore if any incorrect value informed to you.
Please find the surrender break up below:-
Paid up addition (Bonus Option) value :- Rs 7, 381.82
Base surrender value :- Rs 12, 635.25
On which I replied,
Could you please give me calculation for the paid up addition (Bonus Option) value :- Rs 7, 381.82? You must be having standard formula right?
The following policy contract statement is very generalized statement as the surrender value can vary from customer to customer :
30% of total premium excluding first year premium along with special benefit (if any) will be payable on surrender. And also the above statement varied from last communication.
I have every right to know on which basis you have paid the bonus value. Please give me written details not verbal.
This is the last communication (dated 13th Jul 13) happened from my side for which I have not received any reply. My concern is that if they are so sure about the surrender value why just they can't be transparent and share the calculations. This means that there is a goof-up and they want to hide the mistake.
I request you to help me and let the people know true picture.
