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Maxnewyork ULIP does not allow me to do more than 20% partial withdraw

04-04-2012, 03:50 PM
Post: #1
Maxnewyork ULIP does not allow me to do more than 20% partial withdraw
Dear Sir,
I have taken a ULIP plolicy "Smart Assured Unit Link Plan" policy 4 years back. Now I want to do a partial withdraw of Rs 65,000 which is just 60% of my total money and I am making sure I have enough balance to run the policy.

But Maxnewyork folks are rejected my request saying "only 20% of money can be withdrawn at a time" so to get Rs 65,000 I need to apply 4 times and have to wait for 4 to 5 months to get 65,000 rupees.

In the terms and conditions document provided by Maxnewyork does not mention any thing about 20% upper limit for partial withdrawal.

Can someone help me how to proceed with this problem?
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04-04-2012, 05:46 PM
Post: #2
RE: Maxnewyork ULIP does not allow me to do more than 20% partial withdraw
It is quite likely they are right since they handle requests like yours daily and have excellent law firm to take care of all this.

It is not the amount that matters. It is more of my self-respect as an educated consumer!Shy
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04-04-2012, 06:00 PM
Post: #3
RE: Maxnewyork ULIP does not allow me to do more than 20% partial withdraw
Thanks for the quick reply. whatever the conditions it is, it should be mentioned in document, right?
Even Maxnewyork folks also unable to show me this condition in the document provided by them.

Could you please suggest me whether I can go to consumer court or shall I drop here itself?


(04-04-2012 05:46 PM)Expert Wrote:  It is quite likely they are right since they handle requests like yours daily and have excellent law firm to take care of all this.
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04-04-2012, 07:04 PM
Post: #4
RE: Maxnewyork ULIP does not allow me to do more than 20% partial withdraw
Indian courts are worst in the world. Just read points 8-10 from this consumer complaint tips.
Even if you win the case after 10 years, total you'll get is Rs. 500 as petrol costs and Rs. 30,000 as legal costs.

It is not the amount that matters. It is more of my self-respect as an educated consumer!Shy
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