I had bought a Unit Linked Plan(Policy Number 466271673) from Max New York Policy in March 2008. The insurance agent showed me details of the plan and other statistics which confirmed that I would be getting a return of 20 - 30% per annum on my investment. Based on the documents from Max Life Insurance, I bought an annual plan where I had to pay rs. 50, 000 per year for 5 years and I was assured a more than 100% return by the year 2013.
Till date the policy has never shown any return on my investment and every month Max Life makes handsome deductions from my fund value. The hefty charges levied by Max have eroded the fund value and instead of getting any return, the principal amount deposited by me has been reduced by around 30%. I have deposited Rs. 2, 12, 000 over the last 5 years and if I withdraw the money today I would get only Rs. 1, 50, 000.
Please see the following details from the policy. The average NAV of the units bought in the last 5 years is 14.45 and the current NAV is 17.16. Despite this increase in NAV, I am losing 56, 000 on principal amount itself. Had I deposited this money in bank then by now this amount would have increased by 50 - 70%.
Total Premium Deposited 212, 500
Average NAV of Units bought over last 5 years 14.4518
Fund value as of 6th June 2013 158, 968
Market NAV on 6th June 17.1600
Total charges deducted by Max Life since policy inception 56, 058
When I had bought this policy in March 2008, share market had crashed badly(before I bought the policy) and the NAV of my first purchase was only Rs. 11.08. Now the share market is almost back to the highest levels and still I am in deep loss. If my policy has not made any positive performance now, then there is no hope that I’ll ever get any returns from this.
I am a senior citizen and do not have much sources of income. I have been very badly cheated by Max Life Insurance and do not have any means of getting back the money from the insurance company.
I request you to help me recover at least the principal amount deposited by me.