Kotak mahindra (Kotak Super Advantage) - Miss Commitments by advisor
Kotak Mahindra old Mutual Life Insurance Limited.
Sub: Complaint and Clarification Regarding Policy No.01863300
This for your kind information that last month I had received call from your Delhi Head office and one girl introduced herself self as branch manager of kotak life insurance company and explain me regarding a Plan Kotak Super Advantage whose contents are given below.
1. That I have to pay Premium only for 3 years and after that if will withdraw the same after completion of 5th year then 120% of 1st premium will be paid by the company along with the fund value which I would pay in 3 years to you.
2. That Sum Assured of RS 800000/- will be continued till the age of 75yr if at the time of withdrawal I left 10% of total fund value remain in the folio and mortality charges will be deducted every year from that amount for the continuation of said assurance value.
3. That my funds will be invested in market from the very 1st year (Maximum portion in Govt. securities and rest in Equity market)
4. That No allocation, withdrawal and any other type of charges will be deducted from your amount except mortality charges.
5. Death claim will be applicable in case of Natural, Accidental and public Transport for all three reasons.
But I was very much surprised to read the policy when I received the same dated on 5th fib 2010 that almost all the things those were told were not in line as told by the advisor like.
1. as per your Policy page 11th no.14. Charges in which it is clearly said that first year premium will not be allocated towards the investment fund.
2. Policy administration charges page 11th which is .25% every month.
3. It is not clearly mentioned anywhere in policy that if at the time of withdrawal I left 10% of total fund value remain in the folio then policy will be continued till the age of 75yrs and only mortality charges will be deducted every year from that amount for the continuation of said assurance value.
4. It is nowhere written clearly that after the payment of three premiums if will withdraw the amount on completion of 5th yr then 120% will be given as fixed advantage multiple.
5. I have not opted for ECS facility for premium payment but it is written on the scan image printed on the back pages that I have taken the same.
6. On 2nd last page of policy where terms and condition are printed I have not signed on the same i.e. both of the signatures showing on page are not mine which clarify that somebody done forge signature of mine on the same which is a major compliance issue.
7. According to IRDA ruling it is mandatory that before issuance of a policy insurance company has to confirm all the benefits and charges to beneficiary but I have not received the same as mobile no. mentioned on policy is not mine and also does not exist.
On the whole all the above said commitments told by the advisor but are not in actual as per policy I received need written confirmation from the company side else I will be forced to surrender your policy right now of move further by taking help of provision 13(3) public grievance redressal rule 1998/Consume redressal forum.
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