This is regarding the Complaint against Policy number number (879593192) and insurer is Max Life insurance company. Issue is that Six months back I applied for a personal loan Citi bank. Citi bank executive informed me that personal loan need to be insured and I agreed for that. She (Citi bank executive) also informed me that policy amount will be deducted from my bank accout but she will get the policy cancelled and I will get my money back. She collected (by an executive) a check on the name of Max life from me. Once I got the loan disbursed in my that check was cleared by my bank. As suggested by that the executive I called her after a week but she never picked my phone. I tried several time but she didnot answered my call. After one month she picked my phone and said as it is not feasible to cancel this policy now, she will get this policy cancelled after three months. I said her to send a mail from official mail box stating this but she denied to do that. I registered a complaint in in the company but Max life insurance says as free look period is expired it is not possible to refund the money. I need your help to understand what should I do to get this policy cancelled as it is costing 22000/-. The problem is I never informed about the policy terms and conditions by any executive, infact I never applied for any policy through Max life. It was mutual understanding between Max executive and Citi bank executive that I was misguided and fraud has been done with me. I would have accepted the policy if it would have secured my loan for the whole term of the loan but they have sold me a conventional policy to me for which I have to give premium (22000/-) for 11 years. Please help me to understand if I have not checked the policy within free look period then any insurance company is allowed to perform unfair business practices as this is simply a fraud. policy which should be to secure my loan is now doing nothing. This is mutual understanding of both executives to sell the policy fraudulently. I hope you will consider this as seriously and will take action accordingly. Thanks & Regards, Hemant Sharma 9953430033

I want to policy to be cancelled also compensation as the company used unfair practise to sell the policy.

Complainant Information
name- hemant.sharma