Apr 06, 2012 09:10 PM
12375 Views
I would like to inform you that how AMWAY and Max New york Life cheated me
One person( who is representative of AMWAY) approached me and pestered me to join in AMWAY, Finally I joined
Then he compelled me to join their insurance scheme
he told me it will double after 3 years
I thought it will be like any other insurance company and joined
I paid 30000 as initial policy
I clearly told him I do not want any income tax benefit or any mode of protection( i.e. only as a investment), He tick the option of investment in that
But after 1 year(after I paid 2nd premium) I came to know that my fund value was only Rs 1500/
I went to AMWAY and asked about that
They told me every month they are reducing Rs 1500 from my fund, and it will be continued for another 12 months, and they totally reduced nearly Rs 36000 from my policy. I asked MAX new york life(Partner of AMWAY for Insurance) information center about the reduction, they told me that this money was taken by AMWAY, then I inquired to AMWAY why they are reducing the money like this, then they told me that this money is distributed as commission who has joined you in company(he explained me with a money pyramid how the commission goes).
After 3 years I paid Rs 90000 and after 4 years fund value was only Rs 61000, then I did not wanted to get cheated again and, I requested to give back my money and I got only Rs 58000(they reduced again Rs 3000 from that also)
This clearly shows that AMWAY and NEW YORK MAX LIFE is Cheating their costumers like a MONEY chain company
This is my policy details - Rs 30000 initial payment (Policy 606746261 Max amsure secure returns builder ULIP increasing simplified - investment option), and I have also paid the second and third annual premium, total investment is Rs – 90000
Now after 4 years fund value is 63000 only, on surrender after 4 years I got only RS 58000( for Rs – 90000 after 4 years).
