Kotak Life Insurance — cheated me for my hard earned money

Address:

New Delhi, Delhi

I took two life insurance policies from Kotak Life Insurance agent for my wife in 2009. The agent assured that I have to pay Rs.20, 000 for 3years, and I will get back the double of it in the next 5years. That is, if I pay Rs. 120, 000 during the first three years, I would get back the double of it, Rs.2, 40, 000, after 5years. And the policy was for 20years - I would get Rs. 2, 00, 000 after 20years. The other policy was similar where I had to pay 36000 yearly for getting double. The term here was 15 years.

I paid for the policy 01835403 INR 72000 across two years and for policy[protected] across three full years which was what was committed to me. Now when I am asking for bonus as promised I am being told that out of the 120000 I paid the money that would be paid back to me is 73000 and out of the 72000 I paid I would be paid back 26000 only. I was totally shocked since I had saved this money from my pension to make sure that my wife's life cover is there. I raised a complaint against this on 7th Jan 2014 via complaint numbers - 1-[protected] (rakesh was the call center guy) and 1-[protected] (Hemant -calll center executive) but to my utter dismay I found that rather than resolving the issue my policy was auomatically terminated and I was issued a cheque of 26000 which I refused to accept.

Can someone please help out senior citizens like me who are being cheated by institutions like Kotak life insurance of their savings and hard earned money? I want all the amount 192000 returned back to me with interest for the three years.

Regards
Jugendra Singh