Jay (Team Member) 05 December 2009

Wrong information provided by Max Newyork Life Insurance Co.

I have taken a policy from Max Newyork life insurance co. However i have been wrongly informed about the charges and benifits of the policy. Its been 6 months i have taken this policy. They claim that i can terminate the policy with only refund of 40% of the policy. What should i do. I want another policy and transfer this policy to another one which is suitable for me. I have also not been informed that if i wish i could have surrendered my policy within 15 days. Now they are telling that this policy is profitable if i keep it for more than 5-10 years. Before which i was informed that i will recover whole amount at the end of 3rd year, etc.... What can be done. I have taken this in respect to my home loan with Citibank. I prefer not to pay premium and also the loan as they forced me to take this insurance policy.

Please let me know available options.

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14 Replies

N.K.Assumi (Advocate) 05 December 2009

Supreme Court has ruled that where the words of a documents are ambigous, they shall be constured against the party who prepared the document.This Rule applies to contract of Insurance: See the Classic observation of Supre Court in : United Insurance Co.Ltd Vs pushpalaya Printers, 2004 CTJ 421: M/S Peacock Plywood Pvt.Ltd vs The Oriental Insurance Co.Ltd 2006-14-SCALE 300

PJANARDHANA REDDY (ADVOCATE & DIRECTOR) 05 December 2009

Dear Ajay,

MAX IS THE NO.1 FRAUD COMPANY I HAVE PROVEN EVIDENCES TO THAT EFFECT.

ANY GET BACK THE 100% INVESTMENT BACK- PLS FIND THE ATTACHED JUDMTS

Attached File : 46 46 insurance case 2.rar downloaded: 312 times

PJANARDHANA REDDY (ADVOCATE & DIRECTOR) 05 December 2009

PLS FIND THE ANOTHER ONE

Attached File : 23 23 insurance case.rar downloaded: 226 times

Shree. ( Advocate.) 05 December 2009

To sort out such kinds of Insurance complaints, you will have to send a written complaint to the Head Office of the concerned Company and wait for the response for nearly 15 to 20 days. If the Bank fails to provide you any help in that time frame then you can send your written complaint to the Insurance Ombudsman Division.

List of Insurance Ombudsmen

Office of the Ombudsman	Name of the Ombudsmen	Contact Details	Areas of Jurisdiction
AHMEDABAD	Shri Amitabh	Insurance Ombudsman Office of the Insurance Ombudsman 2 nd floor, Ambica House Nr. C.U.Shah College 5, Navyug Colony, Ashram Road, AHMEDABAD – 380 014 Tel.079- 27546150 Fax:079-27546142 E-mail: insombahd@rediffmail.com	Gujarat , UT of Dadra & Nagar Haveli, Daman and Diu
BHOPAL	Shri N.A.Khan	Insurance Ombudsman Office of the Insurance Ombudsman Janak Vihar Complex, 2 nd floor Malviya Nagar, BHOPAL Tel. 0755-2769201/02 Fax:0755-2769203 E-mail: bimalokpalbhopal@airtelbroadband.in	Madhya Pradesh & Chhattisgarh
BHUBANESHWAR	Shri S.K.Dhal	Insurance Ombudsman Office of the Insurance Ombudsman 62, Forest Park BHUBANESHWAR – 751 009 Tel.0674-2596461(Direct) Secretary No.:0674-2596455 Tele Fax - 0674-2596429 E-mail: ioobbsr@dataone.in	Orissa
CHANDIGARH	Shri K.M.Chadha	Insurance Ombudsman Office of the Insurance Ombudsman S.C.O. No.101, 102 & 103 2 nd floor, Batra Building Sector 17-D , CHANDIGARH – 160 017 Tel.: 0172-2706196 Fax: 0172-2708274 E-mail: ombchd@yahoo.co.in	Punjab , Haryana, Himachal Pradesh, Jammu & Kashmir , UT of Chandigarh
CHENNAI	Shri V. Ramasaamy	Insurance Ombudsman Office of the Insurance Ombudsman Fatima Akhtar Court , 4 th floor, 453 (old 312) Anna Salai, Teynampet, CHENNAI – 600 018 Tel. 044-24333678 Fax: 044-24333664 E-mail: insombud@md4.vsnl.net.in	Tamil Nadu, UT–Pondicherry Town and Karaikal (which are part of UT of Pondicherry)
NEW DELHI		Insurance Ombudsman Office of the Insurance Ombudsman 2/2 A, Universal Insurance Bldg. Asaf Ali Road NEW DELHI – 110 002 Tel. 011-23239611 Fax: 011-23230858 E-mail: iobdelraj@rediffmail.com	Delhi & Rajashthan
GUWAHATI	Shri Sarat Chandra Sarma	Insurance Ombudsman Office of the Insurance Ombudsman Jeevan Nivesh, 5 th floor Nr. Panbazar Overbridge , S.S. Road GUWAHATI – 781 001 Tel. : 0361-2131307 Fax:0361-2732937 E-mail: omb_ghy@sify.com	Assam , Meghalaya, Manipur, Mizoram, Arunachal Pradesh, Nagaland and Tripura
HYDERABAD	Shri K. Chandrahas	Insurance Ombudsman Office of the Insurance Ombudsman 6-2-46 , 1 st floor, Moin Court Lane Opp. Saleem Function Palace, A.C.Guards, Lakdi-Ka-Pool HYDERABAD – 500 004 Tel. 040-23325325 Fax: 040-23376599 E-mail: hyd2_insombud@sancharnet.in	Andhra Pradesh, Karnataka and UT of Yanam – a part of the UT of Pondicherry
ERNAKULAM	Shri James Muricken	Insurance Ombudsman Office of the Insurance Ombudsman 2 ND Floor, CC 27/2603, Pulinat Building , Opp. Cochin Shipyard, M.G. Road , ERNAKULAM – 682 015 Tel: 0484-2358734 Fax:0484-2359336 E-mail: iokochi@asianetglobal.com	Kerala , UT of (a) Lakshadweep , (b) Mahe – a part of UT of Pondicherry
KOLKATA		Insurance Ombudsman Office of the Insurance Ombudsman North British Bldg. 29, N.S. Road , 3 rd floor, KOLKATA – 700 001 Tel.:033-22134869 Fax: 033-22134868 E-mail : iombkol@vsnl.net	West Bengal , Bihar , Jharkhand and UT of Andeman & Nicobar Islands , Sikkim
LUCKNOW	Shri M.S.Pratap	Insurance Ombudsman Office of the Insurance Ombudsman Jeevan Bhawan, Phase 2, 6 th floor, Nawal Kishore Rd. Hazratganj, LUCKNOW – 226 001 Tel.:0522-2201188 Fax: 0522-2231310 E-mail: ioblko@sancharnet.in	Uttar Pradesh and Uttaranchal
MUMBAI	Shri S. Viswanathan	Insurance Ombudsman Office of the Insurance Ombudsman, Jeevan Seva Annexe, 3 rd floor, S.V.Road, Santacruz(W), MUMBAI – 400 054 PBX: 022-26106928 Fax: 022-26106052 E-mail: ombudsman@vsnl.net	Maharashtra , Goa

Note : Address and contact number of Governing Body of Insurance Council:

Secretary General
Governing Body of Insurance Council
Jeevan Seva Annexe
3rd Floor, S.V. Road,
Santacruz (W)
Mumbai - 400 054
Tel. No. : 022 - 2610 6889, 26106245
Fax No. : 022 - 26106949, 2610 6052
E-mail ID : inscoun@vsnl.net

PJANARDHANA REDDY (ADVOCATE & DIRECTOR) 05 December 2009

SHREE GUIDED WELL, IMMEDIATLY FOLLOW

Shree. ( Advocate.) 05 December 2009

Dear All,
I missed to post the link...Here is the Link below and i forgot to thank both Assumi Sir and reddy Sir for their classical updates...

LINK: https://www.gbic.co.in/index.html

Pramod Harkisondas Divecha (private) 06 December 2009

Dear Mr. Shree,

As I understand Ombudsman has reconciliatroy powers. Is it compulsory to exhuast this avenue also before one goes for legal actions?

Jay (Team Member) 06 December 2009

See, I am not planning to take any legal action, I am going to stop paying my EMI's and then they will have to cancel this policy and transfer to different policy which i was not informed in advance. I wont bear any losses. Citi and Max both are having tie-ups, so they will settle it.

Pramod Harkisondas Divecha (private) 06 December 2009

Dear Mr. Jay,

Noted that you do not propose to take any legal action. But while the issue is being discussed,it is important for an onlooker and a person without legal know how and who happens to browse through the threads to know, academically and procedurally,whether it is compulsory to first approach Ombudsman and only then a court can be approached. A clarification on this aspect may, in my view, complete the guidance on the subject matter.

Jay (Team Member) 06 December 2009

Will Ombudsman reply via e-mail, or do i have to courier them full details. Wats the procedure to have advise from them. Are they legal body like court (take decisions) or they will give only advise??