Misrepresentation by MAX New York Life Insurance
Querist :
Anonymous
(Querist) 15 December 2010
This query is : Open
Hi, I am from Mumbai. I have taken a home loan from Citi bank. They told me that they would give me the loan with which i will also have to take a life insurance policy of equivalent amount. They bought a policy from MAX New York Life Insurance which was unit linked. I took that policy and also home loan. Policy was for 3 years, unit linked, after which i will get amount after 5 years. However, they had misrepresented me the policy terms, charges, maturity amount, etc. which i got to knew from their customer care. The agents who sold me the policy has already left the company. Then i had been in contact with someone from max who told me that i will have to pay premium for 3 years otherwise the amount which i had paid till now (1.5 years) will be kept with MAX and policy will lapse. I want suggestion as to what i need to do now. Do i stop paying my home loan and then tell bank to dispute with MAX orelse any other option. Please assist...
What should i do. Any suggestions ... Should i stop paying my EMI's and let bank put a case on me so that i can explain everything to judge or should i put case on MAX. Also i would like to know how to case on Max. Any lawyer who deals with these types of cases ?
Thanks.
