SACHA ADVICE. ACHA ADVISOR.
back arrow Back

Max Life Insurance MWPA addition rejected even after lapse from their end

reply Share
09 Jun, 2022 by  Jaypal Arora

Hi,


I bought a Max Life Term Insurance policy via Axis Bank in March 2022. The payment was made at end of Feb but the policy was issued on 29th March 2022. The form was filled online.


After making the payment, I asked them to add MWPA to my policy, and the payout mode to lump sump + monthly on 6th April 2022. After multiple follow-ups, they shared the form with me for MWPA on 20th, and 25th April 2022.


I shared the filled-up form with them on 5th Jun 2022.


Now, I got an email today saying that the changes in policy are not possible because the free look period for the policy got over on 27th April 2022. I wasn't aware of the timeline for this and neither did they share it.


What do I do now?

a) Shall I cancel my policy and get a new one? What happens to the paid premium?

b) Is there any mechanism to get this done in the policy?

c) any other option?


Please guide. Looking forward for the assistance at the earlier.


Regards,

Jay

like like
0
Term Life Insurance

2 Answer

Post
13 Jun, 2022
MBA | 5 years experience
connect with advisor

Dear Jay,


Option to add MWPA is at the inception stage. Since your policy is issued there is nothing much one could do now. It is not clear where you made the request for change in the free look period - with Axis Bank or with Max Life.


1) It is upto you to you cancel or continue with the policy. Incase you cancel your policy insurer will return only part of the premium.The amount of percentage they will be mentioned in your policy wording


2) MWPA can only be added at inception stage.


3) Your Options are you can either continue with the policy or you could cancel and bear the cost towards cancellation.



I would have hope had you tried taking a policy from someone credible. The Banks RMs focus is to get the premium in. They are least bothered about servicing aspects.




Regards


Rohit Dhingra

like like
0
icon-comment 1 Comments
icon-reply Reply
connect with advisor
13 Jun, 2022
Jaypal Arora
like like
0
icon-reply Reply
14 Jun, 2022
CEO, Insurance Samadhan

Dear Jay

What Rohit meant that MWPA is done at inception means that it is part of Proposal form under objective of insurance.

Through MWPA , ypu create an estate for sole benefit of wife and children. You forego your right. Under any insolvency , this asset class can not be touched by legal authorities .

Hence it's criticality will depend on your situation.

I can comment on the basis of your profile , premoum paid and sum assured applied . You can also get almost similar benefit by assigning the policy in name of your wife .

Hope this clarifies


Shailesh Kumar

Insurance Samadhan

like like
0
icon-comment 1 Comments
icon-reply Reply
14 Jun, 2022
Jaypal Arora
like like
0
icon-reply Reply

Tired of dealing with call centers!

Get a professional advisor for life!

LIFETIME FREE

Rs. 1799

or

Discover the best tips for insurance every week!

Beshak is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and does not have any alliance or association with any Insurance business.
© Copyright 2022 Beshak Solutions Pvt. Ltd. All Rights Reserved.

Disclaimer: The content on the website is purely for information purposes for the public at large, and does not constitute personal financial advice for a specific individual reader.
If you are reading this, it means you love reading the fine print. Why not get paid for what you love doing - Join us by writing to info@beshak.org now 🙂