Kotak Life Insurance Complaints & Reviews

I have taken kotak assured savings plan in year 2018 by paying annual premium of 1, 20, 000. I was told i will get 10% on yearly basis & after 15 years i will get good amount so i though 10% is a good return. But after 03 months i shown it to 01 of my c. A friend he told premium has to paid for 10 years & how come insurance will pay you 10% till 15 years. Than i confirmed with sales executive than he told me 10% will be given after 10 years & for 05 years when you are not paying premium you will get very less yearly benefit may 2 to 4%. I was very much angry on him than he told "ab kuch nahi ho sakta". Than i though of cancelling policy. Now 01 month back i got mail from kli to pay premium & i told them i cannot pay premium & cancel my policy & i am not worried about 1, 20, 000. Than kli customer care is continuously harassing me for making a payment & they are saying i need to make payment for 03 years. Than i told them boss i have not taken any loan from you for which i liable to pay. But they are not cancelling my policy & continuously harassing me to make payment.

I am Subodh Bhandari
I have took kotak policy on dated 31/5/2017.
My policy No is 09638149.
Kotak assured saving plan
After 4 month i have realise that policy term and constions are not fullfield to me.i took this policy for my daughter Saavi (3yr old).but the life was insured of Subodh n nominee was saavi...it was just reversed.life insured should be done of saavi..i complaint to manager but no solution came.

I regret taking a policy in may, 2008 for 10 yrs from kotak as there systems are so downgraded/not up to the current standard i do not want anyone to purchase any of their products.

1. I was not able to login to their portal for 7 yrs. To make a payment.
Have to visit their branch every quarter to make payments for 7 yrs. Hours
& hours of money/time wasted on calls. Also picked a guy from the
Indranagar branch in bengaluru, he ran away and washed his hands
Stating he has left that branch. They did not even allow me to surrender.

2. At maturity, they credited an amount and then mentioned, their systems have calculated incorrectly and had an over payment.
If their systems cannot do anything, why are they in the market. Work on
Your systems and then start your business.

Actions i am taking:
In my office, i am able to tell these stories to my colleagues regarding kotak's pathetic system and able to succeed in diverting them from kotak. We do have a kotak paymint card for food coupons, we all have discussed that we will withdraw in the month of dec, 2018 (Few) and mostly in march, 2019.

I am Anil Kumar Choudhary.
I have took kotak policy on dated 18/5/2015.
My policy No is 03232573.
After 1 years i have realise that policy term and constions are not fullfield to me, as commited by the manager, he forced me to tok policy.he is not explain that time properly.after i contact him he is trasfered to another bank.
I called to kotak bank insurance customer care.
They said you have to complete 3 years lock in period.
Now 3 years completed but bank is saying that you will get only 50000/-
and i have paid of Rs.162000/-
My questions is bank making fool to me as per policy term.
I have to pay 54000 p a till 10 years .
after 16th year i will get 48000 p a.
But if I put money in FD i will get more that 48000 in 16th year.
Plan is very bad and i want my money back in my account. otherwise i will file a case on kotak insurance bank.
My contact No:- [protected]

I have taken kotak life insurance money back plan in 2011 and paid almost for 5 years now, my policy was in lapse mode so i requested to major revival and also requested for mode of ecs change, i visited personally 5 to 6 times to indiranagar branch to fill both the forms. I gave cheques also for premium however neither my forms were scanned and sent to head office nor my premium were paid by cheque. I did not get single sms or call from branch team members. Its been 1 year they have not changed mode of ecs and policy in under lapse mode. Cheques had been given by me were deposited to my old blocked bank accounted without my permission and i have ended lossing 14000 lose. Query is who will pay my lose.

Dear sir,
Today (29/01/2018), i have surrendered my kotak mahindra policy no 03139180, after payment of 3 yearly payment each of rs 15000/ (Aprox.). I have communicated to the company to stop ecs as i am going to surrender by e - mail. But to my utter surprise the 4th payment of rs. 15000/- was debited from my account even after surrender of my policy which is a deliberate cheating. Hence i request you to return the whole amount of rs. 15161/- debited from my account, without showing any lame excuse, at the earliest.

With regard
Sulay kumar chanda
Guwahati

I, col ganesh bhat, have an insurance policy with kotak since 2010. I had applied for surrender (Request id 4714780) of my policy at jaipur office which has been declined. My complaint is as follows:-
A) no one from kotak has contacted me till date to explain the reasons whereas i was told after submitting my application that someone from head office will contact me to know the reasons for surrender.
B) i contacted the toll free number and came to know the reason was signature mismatch.
C) the officials at jaipur office were very rude when i had gone to submit my application and refused initially to accept my request.
I want my money back immediately and would like to appeal to all future customers and present ones associated with kotak to learn from my experience and avoid any association with them.

Unfair business practise has been done by this company while selling the policy to my husband in 2012. We took the policy in the name of our daughter. We were told that you pay 1lac rs per year for 16 years and you will get the payout at the completion of 16th year, it will help you to fund the college education of your daughter.. The date was wrongly communicated to me it was said that we will get the entire money after 16years on these facts we had taken the policy. But now i am shocked to know that the payout date is 2066. My signatures were taken on the papers but the year was not printed. Which is the clear case of fraud done by the insurance company.
Now when i want to surrender the policy after paying 1lac for 4 years then i received an email from kotak saying that the amount of 3, 45, 981 inr you will receive on surrendering the policy, but the amount which got credited isinr 176640.

This is the cheating done by your organisation with a customer.

Respected sir/madam
Myself arpan das, resident of barasat, nabapally, here i am here for complaining against the management of kotak mahindra life insurance, howrah ac market as well as to the bm over there mr. Dwipayan maity and my former seniors mr. Moniujjaman mondal (Iap) & mr. Shanu ghosh (Ap), mr. Shanu ghosh leave kotak mahindra, now a days he is in exide life insurance.
The main story begins on dated 04/08/2016, when i got my iap license i. E kli60459512 from irda, that time i was a leyman about this sector, both of them misguided me to join over there to achieve their target, they charge me 1100/- rs for irda exam and i provide them the money, after then they forced me to bring a policy from my own family, due to that reason my mother unwillingly purchase a policy from there,, i. E policy no.3512727, ppt 19282/- rs on last year i. E in september 2016 but main problem arises when i decided to leave this insurance sector due to some certain reason, on dated 13/09/2017 i went to the kotak mahindra life insurance office howrah and claiming for the cancellation of my irda license to the branch manager mr. Dwipayan maity, but he denied to do this favour for me and demanded the premium of my mother's policy which my mother purchased last year, but my question is that, that is this the legal process of cancellation of license??? Because at the time of my joining nobody told me this fact, neither moniujjaman nor mr. Shanu ghosh nor mr. Dwipayan maity, my question is that, is this legal?
Here i want to complaint against mr. Dwipayan maity ([protected]), mr. Shanu ghosh ([protected]), mr. Moniujjaman mondal ([protected]) for misguided me, forcing me for bring policy from family as well as harrasment me today i. E either pay the premium neither he doesn't cancel my license (Mr. Dwipayan maity).
Due to this issue i can't get any other job anywhere, so i am here in front of you for the right justice.
Hoping for the best for your side.
Yours ever
Arpan das
[protected]
C/o mr. Rakhal das
Barasat nabapally
Girish ghosh road
1no. Water tank

My policy number being 00380627 for kotak flexi plan monthly premium being Rs.2657.5 which is being paid through ECS regularly but i fail to understand as to why they dont send the premium receipts regularly. I have to run to the agent before March to collect the premium certificate so that i can submit to the company for tax deduction.Is it not their responsibility to send the receipts regularly when they are collecting the premiums.

An Officer of Kotak Life Insurance talked me into going in for a pension plan WITHOUT disclosing that it called for a Certificate of
Existence to g et the annual payment from theCompany

I complained to the Company and they have offered to arrange for the COE and get it signed from me. However, this is not acceptable to me . It can happen that I am not available in Mumbai and hence the money willbe withheld

I have offered to the Company to

Either cancel the COE
or
Return my amount ofRs.5 lakhs

They are unwilling to do either.

Hello sir/madam,

Myself sushant shinde, resident of rasayani navi mumbai.
I would want to raise a complaint in regards with a policy i had enrolled with kotak life insurance.
My concern is that i want to cancel the policy and opt for applicable refund, however when contacted with kotak, i am being told that the nature of policy is such that it cannot be cancelled at all, and no refund will be provided.
Everytime i contact kotak, i am being told to continue with the policy even if i am not willing to.
At the time of enrollment of policy i was never told that the policy cannot be cancelled. I have raised the same concern to kotak that, the fraud has happened but after that, the person mr. Upendranarayan singh has called me forcing me to continue with the policy.
Initially the customer care was not ready to lodge a complaint regarding the policy cancellation, had used social media for the same (Where only positive feedback were answered), after that the complaint got registered but even then they just tossed me from 1 representative to another with no solution at all. Since last 3 months i am following up with them but i have not received the satisfactory action from them.
I can't see my hard earned money being wasted.
Request you to please help me with this matter.

Please find below my policy details:

Policy number :
03412787 and 03412780, kotak life insurance

Contact details:
At ris, plot no. 7, sainath mitra mandal colony, post - mohopada, tal - khalapur, dist raigad, maharashtra 410 207
Phone no - [protected]
Email id : [protected]@gmail.com

Thanks & regards,
Sushant shinde

Dear sir,
My self, ganesh chandra sen. I am kotak life insurance policy holder. My policy no is 3058653. Plan name is "kotak premier endowment plan - regular - kpe". My premium amount is rs. 20, 004 and started this plan on august, 2014. Till now i have not received any insurance certificate. Please send my all statement and insurance certificate in my e. Mail address. My e. Mail address is "[protected]@rediffmail.com".
Thanking you sir.

Hi
myself dr chetan chawda husband of late puja chetan chawda and father of heet chawda
i had applied for death claim of my wife
as per kotak insurance claim is accepted on 12th january 16
but as legal objection is raised by my father in law as per customer care telephonic talk it can't be disbursed to me as nominee is heet chawda my son he is minor and i am his guardian
my son age is 5 years
as per my father in law he has not taken any legal objection - this are words of my father in law
hence i can't ask more and it would affect family relation
as i dont have any base
i would like to know in details
as per letter recived by kotak it says that they had made ( kotak) police complaint
i want to know how can i get detail information on paper and what interval i should call back so that i can know the sceneraio of compaint
in todays date i don't have any paper by which i can know exact cost and it affects my family relation also
please kindly guide me
thanking you
dr chetan m chawda
husband of late puja chawda
and father of heet chawda
policy no 03127557
complaint id KLI[protected]
they are not giving me any response only just saying it is in process and it is in discussion with legal team

I have purchased kotak smart advantage(Uin 107l043v01)on[protected] with annual premium of rs 12000 and total amount paid rs 82000 let me know .What is present value of my policy no[protected] if i discontinue my policy- how much refund amount i would get back pl let me know on my email [protected]@gmail.com
Thanking you
Bir pal singh
(Policy holder)

Policy No.02733961 in the name. Of PKarthik premiums paid through ECS during the month of October 2015 and January 2016 were not received by me. I am in need of these receipts very urgently. Pl mail it to my mail ID [protected]@gmail.com.
Thank you.

P.Karthik

I have submitted the documents of PF to kotak life insurance office of mumbai.
i was send on last month and there is reached in 2 working days. i have received the acknowledge from post office and i check on kotak life insurance website about PF status. there is showing REJECTED. i was call to miss kanchan, she is HR of kotak life. she told me documents will be return on resident address but till date i have not received any documents and not any received mail for what is the problem in PF.
no any proper response from kotak life.

Sir, I am your kotak Flexi Plan II (regular) Policy Holder No 01174945. Please send the detail of policy and give me good suggestion, My email address " narayanbarda @gmail.com. thank you sir

As on 23 oct 2015 I was submitted the application for ECS cancel to Rajkot Gujarat branch manager Mr naimesh kalolia by email. but still it is not done by him.
policy number : 3216027
plan : KAIA

Dear Sir, I am a policy holder of Kotak Life Insurance( Policy No.[protected]. I did not get ant statement yet. Kindly provide me the update statement of my policy through email. My email ID is [protected]@rediffmail.com Thanks & regards Shatanand V. G.

I was sold this policy by a Kotak Agent by telling me it as a pension policy. I felt cheated, when I got to know that by 2011. Though I kept paying premium thinking it might give some returns. After even five years of investment, I can see that I am still far behind than my actual investment. I have paid around Rs.82, 000 till now. But my fund value is less than 80, 000. I don t want to continue with this policy now. Please provide me the detailed process and charges in order to discontinuing this policy. If required Please contact me on below information. The problem is that none of the Contact numbers, mentioned on the website works I went to the nearest branch, go remains closed every day. Whenever I try to call Customer Care none of the numbers mentioned on the website works. that's pathetic as I can't contact anybody in order to get more details for policy surrender. Its been more than five years I don't want to continue with such a fraud company.

Hi I have not received premium certificate and payment acknowledgement for premium paid in the month of Oct'2015. Kindly provide premium certificate for Client ID : 54725065 for 2015-16 at hitesh.[protected]@gmail.com Regards,

Dear sir, My self, Naresh Malhotra. I am Kotak Life Insurance policy holder. My policy no is 01210733. Plan name is " Kotak life insurance". Please send my all statement in my e.mail address. My e.mail address is " [protected]@yahoo.com". Thanking you sir.

I am holding SB A/c [protected] with SBI branch (02714) Hyderabad. This branch has holded Rs.15000 on[protected] with out any information to me. when i enquired with branch manager told me you have drawn an amount Rs.15000/- on[protected] which actually i or any of my family members did not drawn and the amount being holded by ATM switch center not by our branch. two times they set two fifteen thousands, but one was removed automatically and one is not yet removed.

And also it is inform you that i have not received any transaction details through SMS to my mobile on the mentioned on the mentioned above date. it may also be noted that as on[protected], i am having a credit of Rs.12, 437.64, how can i draw Rs.15000 from my account. If so there will be overdraft given by bank and subsequently i have utilised the card from[protected] to[protected] by debiting of Rs.10, 500/-. This is totally fault of the bank. i have given a compliant on[protected] to the bank branch, but they are not providing proper justification and prolonging the days together. i also asked ATM CCTV footage for proof, but shown their inability to check the data, but so far no action has been initiated, hence this matter is brought to your notice for immediate justice.

kindly do justices in my case by reverting the HOLD amount of Rs.15000/- with bank

Thaaking You

sir mene ek policy khulwayi thi 40000 ki jab doosri kist deni thi to mene fir 40000 diye unhone wo kist pehle waali policy me na submit kraakar meri ek nayee policy khol di me itne paise dene me asamarth tha to fir mene pese refund ki baat ki to company mujhe sirf deposit ka 10% yaani ki 8000 rupay de rahi hai please help karein. i have the proof i have both policies

I have one policy in my name (Sanjay umar Jain and DOB 11/03/1965) policy no is[protected] Kotak flexi plan (UIN- 107l023V01)... Please let me know current surrender value as i am unable to get the details from dimapur office..and also the procedure for surrender

Dear Pramila

I am not transferring my licence to other company.
I just want to get out of this.

And from last 2 years I am trying to get it done but you guys are doing business with this also.

I am not going to pay any fee for the same.
If you are not able to do the same without that then please tell me

Then I will go for legal action qgainst your company along with complaint to IRDA for the unnecessary charges you are asking from me for closing the agency.

As per me I havent signed any such documents pertaining to charges on closure of this agency.

Kusshal Sondhi

On 22 Jun 2015 16:35, wrote:
Dear MR Kushal,


As confirm with branch you had not yet paid transfer fees please complete the formalities to process further


Regards,

Pramila Rawat

Kotak Mahindra Old Mutual Life Insurance Ltd.

Kotak Infinity IT Park, 7th Floor Zone II

Mulund Goregoan Link Rd, Malad (E)

Mumbai 400097


From: Kushal Sondhi-Surat [mailto:kushal.[protected]@gmail.com]
Sent: Saturday, June 20, 2015 8:37 PM
To: Pramila Rawat (Branch Ops, KLI)
Cc: [protected]@irda.gov.in
Subject: FW: RE#7# Most Urgent--IRDA License No 8263536


Dear Team

HOPE YOU ARE GETTING MY MAILS...

IS THERE SOMEONE RESPONSIBLE IN YOUR ESTEEMED COMPANY TO REPLY ME????

Kusshal Sondhi

On 17 Jun 2015 13:56, "Kushal Sondhi-Surat" wrote:

Dear Pramila,

Thrice I have the completed the formalities but not even once I got the NOC from your end.

This is worst company I have ever seen .

Can you please tell when I can have the NOC and delinking of my pancard to be done from your company.

Regards
Kushal

Kusshal Sondhi
[protected]

On 17 Jun 2015 13:49, wrote:

Dear Kushal,


This is in reference to your mail request for NOC.


Agent ID : 60143571

Agent Name: Kushal R Sondhi


Please visit your respective Kotak Life branch & submit the following documents.


· Resignation (Branch will provide the same)

· Original ID Card

· Original License copy

· Agent Transfer fees is RS 5000/-


Branch shall guide you on detailed NOC process. We shall process your NOC request once the above mentioned process is complete.


Regards,

Pramila Rawat

Kotak Mahindra Old Mutual Life Insurance Ltd.

Kotak Infinity IT Park, 7th Floor Zone II

Mulund Goregoan Link Rd, Malad (E)

Mumbai 400097


From: Kushal Sondhi-Surat [mailto:kushal.[protected]@gmail.com]
Sent: Monday, June 15, 2015 7:46 PM
To: Deepak Madheshiya (Branch Ops, KLI)
Cc: [protected]@irda.gov.in
Subject: Re: RE:5 Most Urgent--IRDA License No 8263536


Kusshal Sondhi

On 15 Jun 2015 17:13, "Kushal Sondhi-Surat" wrote:

Dear Deepak


Can you please tell me when can i expect my NOC for the same.


On Thu, Jun 11, 2015 at 5:56 PM, Kushal Sondhi-Surat wrote:

Dear Deepak,


This mail I am writing to inform you that i have completed all the formalities related to my resignation.


Requesting you to release the NOC Asap.


Regards

Kushal Sondhi


On Tue, Jun 9, 2015 at 3:22 PM, wrote:

Dear Sir,


Ok, Please call me on 66057956


Thanks & Regards


Deepak Madheshiya

Agency Central Unit

Kotak Mahindra Old Mutual Life Insurance Ltd.

Kotak Towers, 7th Floor, Zone - IV,

Building No. 21, Infinity Park,

Off. Western Express Highway,

Goregaon Mulund Link Road, Malad (E.)

Mumbai - 400 097

Landline No.[protected]


From: Kushal Sondhi-Surat [mailto:kushal.[protected]@gmail.com]
Sent: Tuesday, June 09, 2015 2:08 PM


To: Deepak Madheshiya (Branch Ops, KLI)
Subject: RE: RE:2 Most Urgent--IRDA License No 8263536


Thanks for help

Will call you from there if there is any difficulty.

Regards
Kushal

Kusshal Sondhi

On 9 Jun 2015 13:22, wrote:

Dear Sir,


Please meet the Branch BOE and ask for License cancellation process. Please find below branch details.


Branch Code

Branch Name

BOE Name

Senior BOE Name

SU1G

KLI - Surat 1 - K G Point

Himanshu Patel

Hemangini Shah


Thanks & Regards


Deepak Madheshiya

Agency Central Unit

Kotak Mahindra Old Mutual Life Insurance Ltd.

Kotak Towers, 7th Floor, Zone - IV,

Building No. 21, Infinity Park,

Off. Western Express Highway,

Goregaon Mulund Link Road, Malad (E.)

Mumbai - 400 097

Landline No.[protected]


From: Kushal Sondhi-Surat [mailto:kushal.[protected]@gmail.com]
Sent: Tuesday, June 09, 2015 1:12 PM
To: Deepak Madheshiya (Branch Ops, KLI)
Subject: RE: RE:2 Most Urgent--IRDA License No 8263536


Dear

Please give me the name of the person and branch with whom I should meet as I am tired of giving request to your concerned team.
But haven't satisfied with the same.

Kusshal Sondhi

On 9 Jun 2015 13:10, wrote:

Dear Sir,

Kindly coordinate with nearest KLI Branch BOE’s for Termination process.


Thanks & Regards


Deepak Madheshiya

Agency Central Unit

Kotak Mahindra Old Mutual Life Insurance Ltd.

Kotak Towers, 7th Floor, Zone - IV,

Building No. 21, Infinity Park,

Off. Western Express Highway,

Goregaon Mulund Link Road, Malad (E.)

Mumbai - 400 097

Landline No.[protected]


From: Kushal Sondhi-Surat [mailto:kushal.[protected]@gmail.com]
Sent: Tuesday, June 09, 2015 1:05 PM
To: Deepak Madheshiya (Branch Ops, KLI)
Subject: RE:2 Most Urgent--IRDA License No 8263536


Can you please reply me

Kusshal Sondhi

On 6 Jun 2015 15:13, "Kushal Sondhi-Surat" wrote:

Dear Deepak

Can you please help me to delink my pan no from your system
I don't want to work anymore with life insurance with any of the company

Kusshal Sondhi

On 15 Apr 2014 19:05, wrote:

Dear Sir,


Kindly coordinate with nearest KLI Branch BOE’s for Renewal process.


Thanks & Regards

www.FunAndFunOnly.net

Deepak Madheshiya

Agency Central Unit

Kotak Mahindra Old Mutual Life Insurance Ltd.

Kotak Towers, 7th Floor, Zone - II,

Building No. 21, Infinity Park,

Off. Western Express Highway,

Goregaon Mulund Link Road, Malad (E.)

Mumbai - 400 097

Landline No.[protected]


From: KLI Agency Central Unit (Branch Ops, KLI)
Sent: Monday, April 14, 2014 10:43 AM
To: Deepak Madheshiya (Branch Ops, KLI)
Subject: FW: IRDA License No 8263536


Regards,

Vinod Vane

I Chitra Bose aged 67 years is a housewife & a heart patient. last august 2014, a broker named Arun Pati Brother of Tarun Kr Pati (MD of TSA Financial Pvt Ltd, 10 B mukerjee para lane badamtal kol 26) who referred Arun Pati as an insurance agent. Tarun Patti provoked me to make some policies of 1. Rs 28, 000(policy nos[protected] Plan name kotak assured savings plan) 2.Rs 51, 000 (policy nos[protected] Plan name kotak assured savings plan)3.Rs 40, 0000 (policy nos[protected] Plan name kotak assured savings plan) 4. Rs 21, 000 (policy nos[protected] Plan name kotak assured savings plan). In the year 2009 my husband Mihir Kumar Basu started a policy worth Rs 20, 000(Policy nos[protected] kotak smart advantage) from Tarun Kr Pati but due to financial crisis my husband did not continued that policy. Mr Arun Pati assured me to revive the amount of this policy(nos[protected] if I start the above mentioned four policies of Rs 1, 40, 000 through Marvel Insurance Services - Amarbagh Agent code 60145935, but later we found that this insurance service never exited at - Amarbagh. When I realised I am in Prey of a Freud broker who has mis-saled, Mis-committed & misguided me, I requested him to cancel the above policies and refund my money, Tarun Kr Pati also assured me to refund back the money but the amout is not refunded till date. Please take necessary action to resolve this problem.

I Avtar Singh emp code-OM37367 resigned from kli (laxmi nagar delhi branch) as RDM on 1st aug 2014 and I send pf withdrawl form on 1st oct to your mumbai office but after 45-50 days when I asked on mail about status I got a mail from employee.[protected]@kotak.com that they got my application on 21st nov 2014 and they said it will take 30 -45 days but still on this date[protected] I dont have any confirmation about pf withdrawl process. I also send 2 mails to employee.[protected]@kotak.com but there is no reply.I also complaint on your grievance with complaint no SR#1-[protected] but no reply Pls help. Avtar Singh [protected]

I have taken 3 years kotak life insurnace plan (ULIP). I paid 2 years installations on time, however i have paid last year installation due to some finance problem. I want to withdraw my money (around 60, 000). I went to branch, they are complete rude on this and asked me to give last year premium and you have to continue to next 2 years. Please help to get my money.