[Resolved] Kotak Preferred Term Plan — Delay in returning Premium Cheque towards Cancelled Policy | |||
Hi...I had issued a Chq towards Kotak Preffered Term Plan (Proposal 01933846, Voucher 70411242 dated 19/3/2010) and also submitted all the docs excluding pay slip which was told to me by the Executive Mr Prashant that pay slip is not required as I held bank statements and other important docs. After a 10days I got a call to submit pay slip which I agreed to and was told that it would be picked up by the Kotak staff personally at my office. No one turned up after following them for a week and then I got a call saying that my policy application is cancelled and I will receive my cheque within 7days. Now when I am following up with them to return the debited cheque in DD, the concerened person viz. Ms Priya & Mr Prashant are simply deffering and postponing to return my Premium Payment on vague excuses like SYSTEM IS DOWN AND WILL BE UP ONLY AFTER 15 DAYS....OH MY GOD I NEVER KNEW THE BUSINESS HOUSE WILL BE CLOSED FOR 15 DAYS ???????..Just now before posting this complaint I spoke to Mr Prashant and He told me to submit my application no (isnt it suprising that Kotak doesnt have any track or application number in their records for re-funds??)....Sadly but surely I am going to tell everybody whom I know to AVOID KOTAK INSURANCE AT ALL COSTS! Big Ads doesnt work unless ground realities are true. Was this information helpful? | |||
Aug 14, 2020 Complaint marked as Resolved | |||
3 Comments | |||
Comments
I had a similar experience and I fully empathize with you. These people use our money in name of cancellation and as per their whims and fancies and may return it when they are fully done with it. Thats why even though a little slow LIC is always preffered regarding policies and claims too.
Reply
Now you know why LIC is preffered over all other policies and claims. Take a look at their claim conversion ratios and you will know why private players should not be trusted.
You can approach the Consumer Court if they are using delaying tactics to refund your amount. Go in for a more trusted insurance company instead of flying advertisements
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27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra, India - 400051