- Policy Name
- Axis Max Life Flexi Wealth Plus
- Company Name
- AXIS MAX LIFE INSURANCE COMPANY
- Loss Amount
- 150000
- Ratings
- Opposite Party Address
- AXIS MAX LIFE INSURANCE LIMITED
PLOT NO. 90-C, SECTOR-18,
URBAN ESTATE, GURUGRAM, HARYANA – 122 015
EVENTS –
Purchase of Policy
In January 2025, I received a call from an Axis Bank representative who introduced the Axis Max Life insurance policy as an investment-cum-insurance product. During the discussion, I was shown illustrations based on the policy's past fund performance and was informed that the policy had the potential to generate good long-term returns.
Policy Issuance
On 30 January 2025, I purchased the policy by paying the first annual premium. After the payment, I received the policy documents and the policy became active.
Reason I Continued After Initially Objecting
On 2 February 2025, after reviewing the policy documents, I noticed that a significant portion of my premium was deducted towards charges before the remaining amount was invested. I contacted the representative through whom I had purchased the policy and expressed my concern that the investment value was much lower than I had expected. I informed the representative that I did not wish to continue with the policy. However, I was advised to continue the policy and was assured that it was a long-term product and that the returns would improve over time. Based on this assurance, I decided to continue with the policy.
Reason for Discontinuing the Policy
When the renewal premium became due in 31st January 2026, I reviewed the policy and was not satisfied with its value due to the deductions from the premium and the investment performance not meeting my expectations. Therefore, I decided not to continue the policy by paying the next annual premium. I understood that the policy would remain in discontinued status and that the applicable discontinued fund value would become payable after completion of the lock-in period. I never requested or authorized revival of the policy.
15 June 2026
On the evening of 15 June 2026, I received ₹1,72,811 in my Axis Bank account from my employer, Accenture Business Solutions Pvt. Ltd., as my Full & Final Settlement.
16 June 2026 – Unauthorized ECS Debit
At approximately 09:15 AM on 16 June 2026, an amount of ₹1,50,000 was debited from my Axis Bank account through an ECS/NACH mandate towards Axis Max Life Policy No. 627429236 ( Screenshot attached in PDF 11 ).
At the time of this debit:
• The policy had already become Discontinued/Lapsed
• The policy value had already been transferred to the Discontinued Policy Fund .
• I had not authorized any revival of the policy.
• I had not received any valid pre-debit notification before the debit.
Immediate Action Taken
Immediately after noticing the debit, I:
1. Cancelled the ECS mandate through the Axis Bank mobile application.
2. Contacted Axis Bank Customer Care Through Phone Call and reported the transaction as unauthorized.
3. Contacted Axis Max Life Customer Care Through Phone and informed them that:
o the policy was discontinued,
o the debit was unauthorized,
o I did not wish to revive the policy,
o I wanted an immediate refund.
The customer care executive advised me to send an email to service.helpdesk@axismaxlife.com.
Email Sent to Axis Max Life – 16 June 2026 (10:06 AM)
At approximately 10:06 AM, I emailed Axis Max Life stating that:
• my policy was already discontinued,
• I had not authorized this payment,
• the premium had been deducted automatically through ECS,
• I required an immediate reversal of the payment,
• all ECS/NACH mandates should be cancelled to prevent future unauthorized debits.
I attached my bank statement showing the debit transaction.
Complaint to Axis Bank .
On 16 June 2026 at approximately 11:15 AM, I also emailed Axis Bank reporting the unauthorized debit.
Axis Bank replied at approximately 11:33 AM, advising me to contact the merchant (Axis Max Life), stating that the policy status appeared to be inactive.
I responded at 11:44 AM, stating that:
• Policy No. 627429236 was completely discontinued.
• The merchant had no legal authority to debit my account for a discontinued policy.
Axis Bank again replied at approximately 12:44 PM, stating that they were unable to stop or reverse the mandate and that I should contact the service provider.
Live Chat with Axis Max Life
On 16 June 2026, I contacted Axis Max Life through their mobile application live chat.
I again informed them that:
• my policy was discontinued,
• the amount had been deducted through ECS,
• I required a complete refund.
The executive again instructed me to email the service desk along with my bank account details and bank statement.
Second Email to Axis Max Life
Accordingly, I emailed my bank account details along with the debit proof as requested.
Payment Receipt Issued
At approximately 2:57 PM on 16 June 2026, I received a payment receipt from Axis Max Life.
ECS Notification Received After the Debit
At approximately 4:00 PM on 16 June 2026, I received the following SMS:
"Amount of ₹1,50,000 for your Axis Max Life Policy will be debited on 16 June 2026. Please ensure sufficient balance."
This notification was received nearly seven hours after the amount had already been debited at 09:15 AM.
Therefore, this cannot be considered a valid pre-debit notification.
Complaint Registration
At 7:14 PM on 16th June 2026, Axis Max Life registered my complaint under Reference No. 25574090. and On 17th June 6:19 PM I was informed that my grievance would be investigated and that I would receive a response on or before 30 June 2026.
Reply to Complaint
On 17 June 2026, I replied that:
• I did not require any retention call.
• I did not wish to revive my discontinued policy.
• I had never given consent for revival.
• I required a complete refund.
Complaint Filed with IRDAI
As no satisfactory response was received, I filed a complaint 06-26-016660 with the IRDAI Integrated Grievance Management System on 17 June 2026, alleging an unauthorized debit and seeking a complete refund.
Further Follow-up
I continued following up through:
• Customer Care
• Live Chat
• Emails
• IRDAI Complaint
Despite repeated requests for reversal, Axis Max Life retained the premium and revived the policy.
30 June 2026 ( 08:22 PM ): Final Rejection by Axis Max Life
On 30 June 2026 at 08:22 PM, Axis Max Life Insurance sent its final grievance response, rejecting my request for refund. The company stated that:
• The policy had been discontinued due to non-payment of renewal premium.
• Upon receipt of the premium on 16 June 2026, the amount was automatically allocated and the policy was revived without any additional requirements.
• The company claimed that the policy was now active and the next premium would be due on 31 January 2027.
• Axis Max Life further claimed that they had shared the ECS debit intimation in a timely manner.
• They also informed me that my future payment mode had been changed from ECS Auto Debit to Direct Bill, meaning no future premiums would be automatically deducted.
• The company closed my grievance under Complaint Reference No. 25580796, while informing me of my right to approach the Insurance Ombudsman if dissatisfied.
However, I respectfully dispute the insurer's claim that the ECS intimation was sent in a timely manner because:
1. The premium of ₹1,50,000 was actually debited from my bank account at approximately 09:15 AM on 16 June 2026.
2. The alleged ECS debit intimation SMS was received by me only at approximately 04:00 PM on the same day, nearly seven hours after the debit had already taken place.
3. Therefore, the notification could not have served its intended purpose of informing me before the debit.
4. I had also contacted both my bank and Axis Max Life within hours of the debit requesting cancellation/refund, but despite my immediate objection, the insurer proceeded to allocate the premium and revive the discontinued policy.
Important Facts
1. Policy was already discontinued
At the time of debit, my policy was already discontinued and its value had been transferred to the Discontinued Policy Fund.
2. Immediate Objection
I objected to the transaction within approximately one hour of the debit.
I never accepted revival of the policy.
3. Contradictory Communication
On 14 June 2026, Axis Max Life sent me the following SMS:
"Click the link to pay the due premium for your Axis Max Life Policy. Please ignore if already paid."
This message clearly requested that I make the payment manually.
If the insurer intended to collect the premium automatically through ECS, there was no reason to ask me to click a payment link and pay it myself.
This communication reasonably led me to believe that payment would only be made if I voluntarily initiated it.
4. Delayed ECS Notification
The debit occurred at approximately 09:15 AM.
The ECS intimation SMS was sent only at approximately 04:00 PM, after the transaction had already been completed.
Therefore, the SMS was not a genuine pre-debit notification.
5. Revival Without Consent
Axis Max Life later stated that the policy was automatically revived upon receipt of the premium.
However:
• I never requested revival.
• I immediately objected to the debit.
• I repeatedly requested reversal of the payment.
• Despite my objections, the insurer proceeded with the revival.
My Submission
I respectfully submit that the premium was deducted from my account without my valid consent for revival of the discontinued policy.
Although an ECS mandate had existed previously, I had every reason to believe that manual payment was required because Axis Max Life itself sent me a payment-link SMS on 14 June 2026 And in Previous Reminder Also.
Further, I objected to the debit immediately after it occurred and consistently requested reversal of the transaction.
Instead of refunding the amount, the insurer unilaterally revived the discontinued policy against my wishes.
Purchase of Policy
In January 2025, I received a call from an Axis Bank representative who introduced the Axis Max Life insurance policy as an investment-cum-insurance product. During the discussion, I was shown illustrations based on the policy's past fund performance and was informed that the policy had the potential to generate good long-term returns.
Policy Issuance
On 30 January 2025, I purchased the policy by paying the first annual premium. After the payment, I received the policy documents and the policy became active.
Reason I Continued After Initially Objecting
On 2 February 2025, after reviewing the policy documents, I noticed that a significant portion of my premium was deducted towards charges before the remaining amount was invested. I contacted the representative through whom I had purchased the policy and expressed my concern that the investment value was much lower than I had expected. I informed the representative that I did not wish to continue with the policy. However, I was advised to continue the policy and was assured that it was a long-term product and that the returns would improve over time. Based on this assurance, I decided to continue with the policy.
Reason for Discontinuing the Policy
When the renewal premium became due in 31st January 2026, I reviewed the policy and was not satisfied with its value due to the deductions from the premium and the investment performance not meeting my expectations. Therefore, I decided not to continue the policy by paying the next annual premium. I understood that the policy would remain in discontinued status and that the applicable discontinued fund value would become payable after completion of the lock-in period. I never requested or authorized revival of the policy.
15 June 2026
On the evening of 15 June 2026, I received ₹1,72,811 in my Axis Bank account from my employer, Accenture Business Solutions Pvt. Ltd., as my Full & Final Settlement.
16 June 2026 – Unauthorized ECS Debit
At approximately 09:15 AM on 16 June 2026, an amount of ₹1,50,000 was debited from my Axis Bank account through an ECS/NACH mandate towards Axis Max Life Policy No. 627429236 ( Screenshot attached in PDF 11 ).
At the time of this debit:
• The policy had already become Discontinued/Lapsed
• The policy value had already been transferred to the Discontinued Policy Fund .
• I had not authorized any revival of the policy.
• I had not received any valid pre-debit notification before the debit.
Immediate Action Taken
Immediately after noticing the debit, I:
1. Cancelled the ECS mandate through the Axis Bank mobile application.
2. Contacted Axis Bank Customer Care Through Phone Call and reported the transaction as unauthorized.
3. Contacted Axis Max Life Customer Care Through Phone and informed them that:
o the policy was discontinued,
o the debit was unauthorized,
o I did not wish to revive the policy,
o I wanted an immediate refund.
The customer care executive advised me to send an email to service.helpdesk@axismaxlife.com.
Email Sent to Axis Max Life – 16 June 2026 (10:06 AM)
At approximately 10:06 AM, I emailed Axis Max Life stating that:
• my policy was already discontinued,
• I had not authorized this payment,
• the premium had been deducted automatically through ECS,
• I required an immediate reversal of the payment,
• all ECS/NACH mandates should be cancelled to prevent future unauthorized debits.
I attached my bank statement showing the debit transaction.
Complaint to Axis Bank .
On 16 June 2026 at approximately 11:15 AM, I also emailed Axis Bank reporting the unauthorized debit.
Axis Bank replied at approximately 11:33 AM, advising me to contact the merchant (Axis Max Life), stating that the policy status appeared to be inactive.
I responded at 11:44 AM, stating that:
• Policy No. 627429236 was completely discontinued.
• The merchant had no legal authority to debit my account for a discontinued policy.
Axis Bank again replied at approximately 12:44 PM, stating that they were unable to stop or reverse the mandate and that I should contact the service provider.
Live Chat with Axis Max Life
On 16 June 2026, I contacted Axis Max Life through their mobile application live chat.
I again informed them that:
• my policy was discontinued,
• the amount had been deducted through ECS,
• I required a complete refund.
The executive again instructed me to email the service desk along with my bank account details and bank statement.
Second Email to Axis Max Life
Accordingly, I emailed my bank account details along with the debit proof as requested.
Payment Receipt Issued
At approximately 2:57 PM on 16 June 2026, I received a payment receipt from Axis Max Life.
ECS Notification Received After the Debit
At approximately 4:00 PM on 16 June 2026, I received the following SMS:
"Amount of ₹1,50,000 for your Axis Max Life Policy will be debited on 16 June 2026. Please ensure sufficient balance."
This notification was received nearly seven hours after the amount had already been debited at 09:15 AM.
Therefore, this cannot be considered a valid pre-debit notification.
Complaint Registration
At 7:14 PM on 16th June 2026, Axis Max Life registered my complaint under Reference No. 25574090. and On 17th June 6:19 PM I was informed that my grievance would be investigated and that I would receive a response on or before 30 June 2026.
Reply to Complaint
On 17 June 2026, I replied that:
• I did not require any retention call.
• I did not wish to revive my discontinued policy.
• I had never given consent for revival.
• I required a complete refund.
Complaint Filed with IRDAI
As no satisfactory response was received, I filed a complaint 06-26-016660 with the IRDAI Integrated Grievance Management System on 17 June 2026, alleging an unauthorized debit and seeking a complete refund.
Further Follow-up
I continued following up through:
• Customer Care
• Live Chat
• Emails
• IRDAI Complaint
Despite repeated requests for reversal, Axis Max Life retained the premium and revived the policy.
30 June 2026 ( 08:22 PM ): Final Rejection by Axis Max Life
On 30 June 2026 at 08:22 PM, Axis Max Life Insurance sent its final grievance response, rejecting my request for refund. The company stated that:
• The policy had been discontinued due to non-payment of renewal premium.
• Upon receipt of the premium on 16 June 2026, the amount was automatically allocated and the policy was revived without any additional requirements.
• The company claimed that the policy was now active and the next premium would be due on 31 January 2027.
• Axis Max Life further claimed that they had shared the ECS debit intimation in a timely manner.
• They also informed me that my future payment mode had been changed from ECS Auto Debit to Direct Bill, meaning no future premiums would be automatically deducted.
• The company closed my grievance under Complaint Reference No. 25580796, while informing me of my right to approach the Insurance Ombudsman if dissatisfied.
However, I respectfully dispute the insurer's claim that the ECS intimation was sent in a timely manner because:
1. The premium of ₹1,50,000 was actually debited from my bank account at approximately 09:15 AM on 16 June 2026.
2. The alleged ECS debit intimation SMS was received by me only at approximately 04:00 PM on the same day, nearly seven hours after the debit had already taken place.
3. Therefore, the notification could not have served its intended purpose of informing me before the debit.
4. I had also contacted both my bank and Axis Max Life within hours of the debit requesting cancellation/refund, but despite my immediate objection, the insurer proceeded to allocate the premium and revive the discontinued policy.
Important Facts
1. Policy was already discontinued
At the time of debit, my policy was already discontinued and its value had been transferred to the Discontinued Policy Fund.
2. Immediate Objection
I objected to the transaction within approximately one hour of the debit.
I never accepted revival of the policy.
3. Contradictory Communication
On 14 June 2026, Axis Max Life sent me the following SMS:
"Click the link to pay the due premium for your Axis Max Life Policy. Please ignore if already paid."
This message clearly requested that I make the payment manually.
If the insurer intended to collect the premium automatically through ECS, there was no reason to ask me to click a payment link and pay it myself.
This communication reasonably led me to believe that payment would only be made if I voluntarily initiated it.
4. Delayed ECS Notification
The debit occurred at approximately 09:15 AM.
The ECS intimation SMS was sent only at approximately 04:00 PM, after the transaction had already been completed.
Therefore, the SMS was not a genuine pre-debit notification.
5. Revival Without Consent
Axis Max Life later stated that the policy was automatically revived upon receipt of the premium.
However:
• I never requested revival.
• I immediately objected to the debit.
• I repeatedly requested reversal of the payment.
• Despite my objections, the insurer proceeded with the revival.
My Submission
I respectfully submit that the premium was deducted from my account without my valid consent for revival of the discontinued policy.
Although an ECS mandate had existed previously, I had every reason to believe that manual payment was required because Axis Max Life itself sent me a payment-link SMS on 14 June 2026 And in Previous Reminder Also.
Further, I objected to the debit immediately after it occurred and consistently requested reversal of the transaction.
Instead of refunding the amount, the insurer unilaterally revived the discontinued policy against my wishes.
