[Resolved]  Kotak Mutual Fund — complaint no. KLI[protected] Policy No. 00942727

Address:

Shimla, Himachal Pradesh

Plan Kotak Smart Advantage Plan Policy no.[protected]Vineet Sood) Date of Commencement 15/03/2008 Premium Amt. INR 60, 000. At the time of taking this policy I was told by your representative that after the lockin period of 3 yrs, even if I surrender the policy, I would get more than what I had invested. Trusting him I signed up for the policy and paid the premium for rather 4 yrs @ INR 60, 000 p.a..However, in 2013, I realized that I was not able to continue the policy and wished to surrender it. Was shocked as after paying Rs. 2, 40, 000 for 4yrs, all I received was Rs. 2, 18, 000, that does not even cover the amount invested.After contacting the call centre repeatedly, I was told that the remaining amount of Rs, 60, 000 will be given to us after 15yrs i.e. at the time of maturity of the policy. If we have already surrendered the policy what is the point of keeping this money with you. Inspite of making many calls to the call centre, no one was able to give a clear answer as to why this amount was withheld. It was highly frustrating. Can you people imagine how it is like to loose your hard earned money!! I swear not to invest in any of your plans in future and spread a word of caution among my aquantainces. I request you to kindly find a way out and disburse the remaining amount as I am not willing to sit silently until I get my money back even if it means knocking the door of higher authorities. Its been almost six months that I have trying to sort this matter out through your customer care by making endless calls but to no avail. Its been quite tedious and frustrating now and if still no action is taken, I would be forced to take my complaint to consumer forum and IRDA. Kindly revert back and let me know what can be done about it.