Consumer Issues
Max New York Life drags and delays compensation

Insurers go to any length to lure new customers, but when the time comes for payback, they often try to drag the claim proceedings and delay payments

 

I had a pension policy from Max New York Life (MNYL), which I surrendered in April 2012. However, I did not receive the cheque and enquired as to what was happened to it. MNYL’s Pune office took roughly eight days to inform me that the cheque was dispatched on 18th April.

I therefore contacted their courier, an international company, Express-IT. They informed me that, as per their records, the cheque was delivered on 24th April and had an acknowledgement signed by me along with my mobile number. Upon hearing this, I thought that I had misplaced or lost the cheque. I therefore asked MNYL to issue “Stop Payment” instructions to their bank, which they did promptly. In the meantime the bank also confirmed that the said cheque remains unpaid at their end, which was a big relief.

Now started the big drama. I received a courier from MNYL through Express IT in May which was duly received by my wife. To my surprise, the envelope contained a cheque of redemption bearing the same number as the original one which was presumed to have been lost by me. I purposely banked the cheque knowing that it should bounce as payment was stopped.

I contacted MNYL to complain that the original cheque was received only now. I had to speak to a lot of people for this but that was possible because my wife is my advisor! I also spoke to Express-IT and asked to see the POD on which my signature was supposedly there. After considerable trouble they showed it to me and it was clear that nobody had signed it and the signature was someone else’s.

It seemed that the courier person took my phone number from the window envelope and “signed it off”. I complained to the courier company. They stalled me for a long time by saying that they were investigating the matter! When I asked them to compensate me for the delay of nearly one month, their customer relationship department flatly refused and told me to claim the compensation form MNYL!

A few months back my aunt had found a number of packets of the same company dumped in her building compound. She took the trouble of locating their office and returned them. This is the total callous approach of an international courier company!

I then wrote to MNYL asking for interest for the delay and the inconvenience caused for no fault of mine. I had told their officials that I expected them to pay me interest, which they had accepted. Now it has been more than 15 days since I put the request in writing. I have received three SMSs from MNYL that they were processing my request and will get back to me in three days. The first message was received on 6th June and the final one on 11th June!

With all new admirable advertising by MNYL, the customer still is where he always was!

This same company had once told me that the Reserve Bank of India (RBI) does not allow policyholders to pay their premium in advance through ECS. I had to fight with them before they apologized and admitted that if they invoked the name of RBI or IRDA most of their clients would believe it!

In short all service providers are the same. Customers are at their mercy and that’s what they love!

User

COMMENTS

Max New York Life

4 years ago

Dear Mr Tiwari

Greetings from Max New York Life!

Thank You for sharing your concern. We request you to help us with your contact number and policy details to assist you. Post receipt of the requirement , our customer service representative will get in touch with you within 48 hours.

Alternatively, you may also post your concern along with your policy details at http://www.maxnewyorklife.com/contactus/....

We look forward to hearing from you.

Regards,
Max NewYorkLife Insurance

REPLY

tewarisurendra

In Reply to Max New York Life 4 years ago

To MNYL,

Dear sirs, It appears irrelevant to ask for my policy number or my phone number. I simply asked where MNYL shal be going to adjust/ appropriate the charges commited to pay for a fault on the part of courier. Why MNYL has agreed to pay the compensation under reference for a fault not on thei (MNYL) part?
Anyway my phone number is 9451333600.

tewarisurendra

4 years ago

My question in no way relates to Mr. Anil but to MNYL and MNYL should respond to my querry.

Anil Agashe

4 years ago

Thanks to the article published by you, yesterday I got a call from Express IT couriers expressing regret and offering compensation! Why it took them so long is a mystery.
I request earnestly to all readers to bring out service deficiencies through Money Life so that they get highlighted and also force the companies concerned to take notice. Power of media that is trying to do the right things is enormous.

tewarisurendra

4 years ago

It is difficult to understand why MNYL has agreed to compensate for a fault on the part of courier. If they agreed so, they are wrong and are guilty, as the money they are wrongfully agreeing to pay as compensation belongs to other policyholders and not to MNYL. MNYL are supposed to act only a trustee of its policyholders and can not be deemed to own the funds/ earnings except the reasonable expenses as maintenance charges. Where MNYL would adjust such wrongful compensations so paid?

Max New York Life

4 years ago

Dear Mr. Agashe

Greetings from Max New York Life!

We are concerned to note that your interaction with us did not elicit a satisfactory response. We acknowledge your concern pertaining to policy number 230300188 . Request you to quote the reference number 9047983 in all future communication with us.

Our customer service representative will get in touch with you within 48 hours.

In case of any clarifications please feel free to write back at [email protected] or call us at 1800 200 5577

Regards,
Max NewYorkLife Insurance

Anil Agashe

4 years ago

Thanks to this article MNYL called today and said they will pay the interest immediately. Thanks debashis and Sucheta.

Anil Agashe

4 years ago

I have today received a mail from MNYL saying that they will pay the compensation..
The point is the major fault in this case is that of Express-IT and they have been pretty arrogant.

Personal Finance Exclusive
StanChart launches online credit card approval solution

The online application process involves verification of key customer details such as Permanent Account Number, mobile number, email ID and credit history through CIBIL, and other internal eligibility criteria

 

New Delhi: Standard Chartered Bank said it has launched an instant online credit card approval solution which will enable a customer to apply for a card online and receive an ‘approval in-principle’ (AIP) almost instantly.

 

Standard Chartered will extend this process to several other consumer banking products over the next few months, making it more convenient for its customers, Standard Chartered Bank said in a statement.

 

“The online Credit Card AIP is poised to revolutionise customer experience with its instant feedback feature,” it said.

 

“Digital solutions are the future of banking and Standard Chartered is leading the way in making digital channels an important and integral part of the way customers bank,” Standard Chartered Bank regional head (South Asia) and chief marketing officer (consumer banking) Sanjeeb Chaudhuri said.

 

The online application process involves verification of key customer details such as the Permanent Account Number, mobile number, email ID and credit history through CIBIL, and other internal eligibility criteria.

 

The AIP will be followed by a final approval after completion of “Know Your Customer” (KYC) and credit approval processes.

User

Personal Finance Exclusive
BSLI launches new ULIP whole life plan 'Wealth Secure'

BSLI Wealth Secure plan combines long-term savings and whole life cover in such a way that it allows customers to focus on their goals and maximise savings for their future

 

Mumbai: Private insurer Birla Sun Life has announced the launch of its new unit-linked whole life plan, BSLI Wealth Secure.

“With three investment options to choose from, the plan can meet the demands of the diverse investors. BSLI Wealth Secure plan combines long-term savings and whole life cover in such a way that it allows customers to focus on their goals and maximise savings for their future,” Birla Sun Life Insurance chief actuarial officer Niall O'Hare said in a release.

With a built-in savings component, BSLI Wealth Secure plan can help accumulate sizable returns with every premium paid, owing to its long tenure and equity market participation, he added.

The plan enables a customer to fulfill his family’s dreams with prudent investments and also financially secure their future with a whole life cover.

The company, it said, is positive that the product will induce many more customers to achieve a balanced growth on their investments while they benefit from advanced investment strategies and also a whole life cover.

The plan offers customers a choice to select the premium amount, based on the current age and the premium amount that the customer opts for, the company will determine the life cover applicable on the policy.

Wealth Secure plan also provides tax benefits, it said.

BSLI is a joint venture between the Aditya Birla Group and Sun Life Financial Inc, one of the leading international financial services organisations from Canada.

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