Dear Sir,

Please help me with this, I had gone to the bank to open an SIP acount for my wife and had about 50,000 to invest in 2015. Since i wanted to invest in SIP, where one can with draw the invested amount any time, bank official advised me to take a 11 year policy of 50,000 per year which will give me more savings and benefit. I had asked them if i would like to with draw the policy the axis bank employee informed me that you can with draw your policy any time as it is just like an SIP. Hence i started in October 2015 with investing 50,000 per year. 

Unfortunately, with in a year i had fund crunch and was need of money where i thought of withdrawing the policy. I got shock of my life when i went to Axis bank asking to withdrawl of this policy, they guided me to Vaishali branch of Max Life saying they will assist you with this, hence i landed up at Vaishali office of Max Life, where in they informed me that i cannot withdraw this policy and withdrawal will only be done post 3 years ( Since this was the same time October 2016, at the back end before i could reach out to bank, EMI of the 2nd cycle got deducted) I thought its just one more year and i would then with draw it.

Some how, I lost my job and found a new job and now i am posted in Chennai for couple of years, this year when i enquired about withdrawal, i was informed that i will have to pay one more installment and complete 3 years cycle to surrender the policy. where in i was told that i will only get 20% of total amount even after paying for the 3rd cycle. 

by this time I really got skeptical and did not pay 3rd years installment. Since then Max and Axis are playing on emails with me and I am not sure weather I will get my invested 1,00,000 or not.

Request you to please advise and assist

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