[Resolved]  Kotak Life Insurance — KOTAK INSURANCE PREMIUM REDUCTION ISSUE

Address:

Uttar Pradesh

26.08.2011

DEAR SIR,

Subj : KOTAK LIFE INSURNACE POLICIES NO. 1602191,1602198,1602175 AND 1637663 PREMIUM REDUCTION ISSUE

THE AFORESAID BELOW POLICIES WAS TAKEN BY ME FOR MYSELF AND MY FAMILY IN THE MONTH OF JUNE 2009 AS PER DETAILS GIVEN BELOW AND ANNUAL PREMIUM FOR EACH POLICY WAS RS 5 LACS FOR THREE YEARS.

KOTAK LIFE INSURANCE PLAN (UNIT LINKED ENDOWMENT)

kotak unit linked Smart advantage plan
Mr. Mahesh kumar kanodia policy id 1602191
issue date 30.06.2009
premium yearly rs 5,00,000

kotak unit linked Smart advantage plan
Ms. Pooja kanodia
Policy no.1602198
issue date15.06.2009
premium yearly rs 5,00,000

kotak unit linked Smart advantage plan
Mr. Deepak kumar kanodia
Policy no.1602175
issue date 15.06.2009
premium yearly rs 5,00,000

kotak Retirement income plan without cover
Mrs. Sulochana kanodia
policy id 1637663
issue date 29.06.2009
premium yearly rs 5,00,000


AT THE TIME OF TAKING COVER THERE WAS A COMMITMENT FROM KOTAK LIFE INSURANCE LOCAL OFFICE IN KANPUR WHO SOLD THE POLICY TO US THAT ,IN CASE, WE FIND DIFFICULTY IN MAKING PAYMENT OF PREMIUM FOR SECOND YEAR ONWARDS BECAUSE OF ANY UNFORESEEN REASON , THE PREMIUM WILL GET REDUCED TO 75% OF ANNUAL PREMIUM I.E. RS 3.75 LACS INSTEAD OF RS 5 LACS .THIS CAN ALSO BE VERIFIED FROM KOTAK LOCAL OFFICE AT KANPUR.

ACCORDINGLY , WE AT THE TIME OF MAKING PAYMENT OF SECOND PREMIUM , REQUESTED KOTAK LIFE INSURANCE COMPANY TO REDUCE THE PREMIUM AMOUNT TO 75 % AS WE HAD GIVEN THE APPLICATION TO THEM IN THE MONTH OF APRIL 2011.
WHEN AFTER A LAPSE OF CONSIDERABLE PERIOD,WHEN WE APPROACHED AGAIN WE WERE TOLD BY THEIR SENIOR OFFICIALS THAT THE APPROVAL IS UNDER PROCESS AND THE SAME WILL BE RECEIVED SHORTLY.

WE DID NOT RECEIVE THE SAME AND WE CONTACTED THEIR HIGHER AUTHORITY WHO ALSO SAID THAT THERE IS NO PROBLEM IN THE SAME AND HE WOULD CONTACT THEIR HEAD OFFICE AND ENSURE THAT APPROVAL WILL BE DONE WITHOUT DELAY.

FEW DAYS BACK ON 6 AUGUST 2011 EMAILS , WE WERE TOLD THAT OUR CASE HAS BEEN APPROVED AND THE SAME IS BEING FORMALISED AND APPROVAL IN WRITING WILL BE RECEIVED VERY SOON AND TOLD US THAT IN THE MEAN TIME PLEASE KEEP YOUR FUNDS READY .

BUT TO OUR SURPRISE , TWO DAYS BACK WE KEPT CALLING TO THEIR LOCAL OFFICE (NO INFORMATION EVER COMES FROM THEIR SIDE I.E.KOTAK LOCAL OFFICE )THAT FINALLY OUR REQUEST FOR REDEMPTION HAS BEEN REJECTED BY KOTAK HEAD OFFICE ON THE SIMPLE GROUND THAT IT IS NOT POSSIBLE .WE ARE ALSO ENCLOSING HEREWITH COPIES OF LATEST CORRESPONDENCE IN THE MATTER FOR YOUR PURUSAL PLEASE.

WE WISH TO FURTHER PLACE ON RECORD THAT IN ONE OF MY OTHER SIMILAR POLICY NO 01034459 IN THE NAME OF MAHESH KUMAR KANODIA THE PREMIUM WAS REDUCED TO 75 % BY KOTAK HEAD OFFICE .

NOW I WOULD REQUEST YOU TO KINDLY INTERVENE IN THE MATTER AND ISSUE SUITABLE INSTRUCTIONS FOR REDUCING THE PREMIUM OF ALL THE ABOVE POLICIES TO 75 % TO KOTAK LIFE INSURANCE SO THAT REDUCED PREMIUM IS PAID TO THEM FOR CONTINUANCE OF THE POLICIES AS MORE THAN APPROX 5 MONTHS HAVE PASSED IN THIS ISSUE.

LOOKING FOR JUSTICE IN THE MATTER PLEASE.

THANKS AND REGARDS


DEEPAK KUMAR KANODIA
27 CHANAKYAPURI ,NEW P A C LINES SHYAM NAGAR
KANPUR – 208 015 MOB NO [protected],[protected]
[protected]@gmail.com