[Query] Max Life Term Insurance - Premium Discount

33°
Generous
sahil1033

Last year, I purchased Max Life Term Insurance directly via their website. The person assisting me said that I'll get 5% discount on premium for the 1st year and from 2nd year onwards, I can avail the same if I choose to pay the premium on an annual basis.

So, since I was getting 5% discount for the initial year, I kept premium deduction on monthly basis and know when I enquired about the same, they're saying that 5% discount won't be applicable from 2nd year onwards even if I pay premium annually.

I vividly remember at the time of purchasing, I was told 5% discount can be availed if opted for annual payment frequency. I hate this kind of wrong selling done by advisors and things like these aren't mentioned upfront as well.

Can anyone throw light on this, those who've taken term insurance from Max Life ??

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Deal Cadet Deal Cadet
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IMO 5% discount on annual premium means 5% less on 12*monthly premium. 

Please calculate once and confirm.

Deal Cadet Deal Cadet
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I had confirmed, it is 5% discount for first year only

Generous Generous
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then it's wrong that they mention the 5% discounted premium amount and say that one has to pay the same till the duration of term insurance ... instead they should show the actual price everywhere and then discount it and mention it's for 1st year only

intentional wrong selling is the utmost form of crime in my opinion
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