[Resolved]  Kotak Life Insurance — Dissatisfied customer

Address:

Faridabad, Haryana

I had sent following mail to [protected]@kotak.com on 30th December' 2011 however no response till date from Kotak. Only we gat automated mail response that they will be contacting us in 24 Hrs. If they call after few days, they say that they will call back within 5-10 minutes after checking my details and then there is no call back.



From: Arun Garg/DEL/TCS
To: [protected]@kotak.com
Date: 12/30/2011 01:14 PM
Subject: Extremeny dissatisfied customer.


Hi,

I am extremely dissatisfied with the services and highly disappointed by the way Kotak works.
I feel that Kotak have given the contract to Secure line insurance Services limited to fool the customers and send them useless plans.

I have interacted with three persons from the company.

My first interaction with the company was when I received the call from Chandigarh office regarding the plan. They told me that they are providing 35 % return on your annual premium (7% p.a. return on the sum assured for 5 years). It seemed good to me.
The agent who came was Mr Keshav Kalsania who added that if I take it in my child's name, he can provide me the return on 7 years basis i.e. 49% (7% p.a. return on the sum assured for 7 years). I clearly mentioned that I want everything written on the policy document and he assured the same. On receiving the policy document, only sum assured was 188555. Policy number[protected].

Please note that I am depositing Rs 25000/- for 10 years (i.e Rs 2,50,000) and after 11 years sum assured is Rs 1,88,555. less than even the premium paid, forget about returns. Everything else is non-guaranteed. If company feels like paying, it will pay else go to hell.

When I called Mr. Keshav regarding the same, he didn't recognized me told that some agent might have visited my place (I have the acknowledgement slip signed by Keshav Kalsania.

In the mean time whenever I got a call from Kotak, I told my dissatisfaction to them. After few months, I got a call from one gentleman who told that he has been appointed to look after the complaints of dissatisfied customers, solve their issues and make good relations with the company. He assured me that he will be providing me another policy for short duration (3-5 years) and the premium paid for my first policy will be adjusted in my second policy as premium for second year.On receiving the policy document, I found that it is also for 30 years maturity and premium paying is for 15 years. Policy number[protected].

I called the representative (Raj Singh - [protected], Emp code CHD-1438) again and he told me that in the document it is always written for maximum period however it can be closed anytime after 3 years. He also called his manager and that gentleman again assured me that as discussed before, this is not the plan we assured you. They will cancel this policy and issue me a new short term policy. Raj also wrote the application and got it signed by me but till date I have not received my third policy that was to be given as replacement for my second policy.

Every time I receive a call from Kotak, it is told that the call is being recorded but do not know if anyone has access to that recordings or whether they can be retrieved if required, because every time I am hearing the same old story and there is no record of my complaints in my profile.

After these incidents, I have lost the faith with Kotak completely.

If you can help me, please let me know that how can I get my Rs 50,000/- back that I have deposited as premium for the 2 policies. If if there is no provision for refund, I would assume that I have given Rs 50,000/- in charity and would never interact with the company in future.

You have lost one customer.

Thanks and regards,

Arun Garg
Tata Consultancy Services
Tower B&C, DLF Cyber City
Building No 6, Phase - III
Gurgaon - 122002,Haryana
India
Cell:- [protected]