I am a US Qualified Registered Microbiologist-Medical Technologist, operating my own Clinical Lab. I have been an activist advocating consumer, civic, citizen's rights for Thirty plus years & a Frequent contributor to the letters to Editor.

Tuesday, November 27, 2007

Beware MAX NY LIFE American Greed & Indian Inefficiency-LEDSTOI-14nov2007

All present and potential policy holders, Beware of Max New York Life Policies. Their "agent/advisors' are agents first and only incidentally advisors. Bad advisors at that.
They do not divulge critical details of the policies like periodic hike in premia for the riders, the cash surrender value, vitally essential for the policy holder about to decide committing to potentially 43 years of bondage.
A long contract based on incomplete and inaccurate advice and information doled out by their 'highly trained advisors'
Cannot be considered valid or ‘Your Partner for life’.
The Cash surrender value at any time before death/dreaded disease or age 100 do us part is 30 percent of the fully paid up premia excluding the first year's premium (gratis for the company) and any other dues at any time after 3 years.
In other words, they keep SEVENTY PERCENT of your money and interest it earned over the years, if you leave the “satisfied family partnership’ for any reason after 3 years. This Magical SEVENTY PERCENT probably based on the INDIAN illiteracy rate is a Draconian penalty which should not have escaped the watch dog IRDA. Whose primary mission was to protect the interest of the policy holders, especially the seventy percent majority.
The policies, riders, premium notices, receipts, account statements and annual performance reports are American jargon filled, complicated, confusing. Incomprehensible to Lawyers and number crunchers even, forget the laymen.
Free look proviso carries a penalty again the magical SEVENTY PERCENT we suspect.
The company is inefficient, 14 month old issues pending. When questioned waves the IRDA recognition as a justification for all their actions.
IRDA's duty was to first protect the 70 percent illiterate from the clutches of multinational sharks.
IRDA seems to have grossly failed in its primary Mission to protect the Policy Holder.


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