Policy No 1727333
Miss selling complaints complaints was submitted to Kotak Mahindra Old Mutal Life Insurance Grievance Redressal officer Mumbai on 16/09/10.In this regards the agent Mr Devinder approached me on 27/09/10 and assured me that after 3 years definitely I will get min 10% appreciation ie Minimum Rs 5,10,000/- and asked me to withdraw the complaint. I said that I will withdraw it Conditionally.He said sir you believe me definitely you will get min 10% appreciation. On his assurance I withdrawn it Conditionally.So far I have paid 3 premium of Rs.1,50,000x3 = 4,50,000/-.But now When i approached for Redeem The said I Will get only around Rs 4,10,000/-After adjusting their all charges.
In this regards again I submitted my Grievance to Kotak Mahindra Old Mutal Life Insurance Grievance Redressal officer Mumbai on 03/09/2012 (Kotak interaction Id no KLI[protected] to settle the Redeem amount as promised by the agent vide my letter dated 27/09/10 submitted to Kotak Mahindra Old Mutal Life Insurance Grievance Redressal officer Mumbai by the Agent to withdraw the complaint conditionally
Sir till date I have not received any reply from their side.. Was this information helpful? | 
Please accept our sincere apologies for the inconvenience caused. At Kotak Mahindra Old Mutual Life Insurance
Kindly note as per product feature, in case of policy surrender in 4th year, the surrender charge is 10 % of the fund value and in the 5th year, its 5 % of fund value.
From 6th year onwards, no surrender charge is applicable.
The same is mentioned in the policy document. Kindly refer the same for further clarification.
Trust this clarifies your concern.
Regards,
Kotak Support Team