Kotak Life Insurance Complaints & Reviews

Kotak life insurance is one of the fraud company. My suggestion to you guys Don't take any insurance policies from this company. I have paid around 85k for 3 years under money back plan and got back 51k at the end of 3rd year. Here the issue is that Kotak won't specify exact surrender value in policy document. they won't even show some exact calculation of how much amount we receive while surrendering. They just specify its just more than the guaranteed surrender value which is 20k if you have paid around 85k. Hence this is the way this company cheating the customer. Don't ever take kotak life insurance policies. If you walk into any kotak life insurance branch offices there are many people you see surrendering their policy. This company eats the customer's hard earned money.

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

RESPECTED SIR,
YOU ARE KINDLY INTIMATED THAT I AM ADVISER IN " KOTAK LIFE INSURANCE " IN BHAVNAGAR (GUJARAT). MY ADVISER CODE NO. 60159094. NUMBERS OF TIME I LODEGE THE COMPLAINT TO KOTAK LIFE INSURANCE FOR THE FORM 16A i.e. TDS CERTIFICATE. BUT NITHER ISSUED FORM NO. 16A NOR ANY REPLY TO ME.

FORM 16A ISSUED IT IS PERSONAL RESPONSIBLE OF EVERY COMPANY.INSTED OF KOTAK LIFE INSURANCE HAS NOT ISSUED FORM NO. 16A TO THE ADVISER FOR TAKINF REFUND OF TDS FROM INCOME TAX DEPARTMENT .

ONCE AGAIN YOU ARE KINDLY REQUESTED PLEASE GIVE NECESSARY INSTRUCTION TO KOTAK LIFE INSURANCE FOR ISSUING OF FORM 16A AS EARLY AS POSSIBLE.


THANKING YOU

YOURS FAITHFULLY

SADHNABEN S PATHAK ( ADVISER CODE[protected]
[protected]
[protected]

COPY TO IRDA FOR INFORMATION AND NECESSARY ACTION PLEASE.

Myself S.Palani, kotak customer and my policy no is[protected]kotak super advantage plan. I am decided to surrender my policy on 15.7.2013, regarding this I was approached egmore branch Chennai, while I came to know the fund value is Rs 51000 (with out the addition of my first year premium). The kotak life insurance egmore branch customer care executive told me, the first year premium not refunded. You can get this Rs 51000 surrender value without the addition of first year premium. The policy documents surrender clause not mentioned this. Actually i had paid Rs 72000 as three year premium with out lapse. Many times (through customer care phone calls, Emails, written complaints in kotak branch, IRDA website and Insurance ombudsman) i requested(Kotak life insurance) add my first year premium in surrender value. But they never gave proper reply.

Hi, I hold an insurance policy with Kota Life insurance, couple of their agents have sold the policy bearing the numbers 01910128 and 00810432 by telling all lies and making false promises. And after few years, when i happen to go through the policy details and the fund values. I feel cheated. The company is purely relieing on lies to see their insurance policy's. The agents do not give complete details. The name of the agent is ANIL KUMAR Y and the agent code is 60114753 and there is one more number which i could not make a meaning off 27022010. I request people to to fall prey to these crooks and thugs. And take their insurance. Thanks,

My father taken Some Kotak Policy 1 Kotak Super Advantage , 2 Kotak Capital Multipier Plan, 3 Kotak Super Advantage, & Kotak Surakshit Jeevan. My father sudden death in[protected] . My Father paid some 1,60,000/- to Kotak Life Insurace . I was call to kotak branch office at Jabalpur MP. But they said No payment you get. Your Money is total loss.How is it possible. Please Send my Original Value of My Father Policy.

Dear Sir/Mam,
I m Juned Painter from Ahmedabad.Before 3 months i require personal loan
and that i recieved one call from Ashish Agarwal from Kotak,he told me
that he employee of kotak mahindra give me a scheme life insurance against
loan.I buy kotak life insurance pay Rs.20000/- premium, policy
no:02751847.But still i m not getting any loan or reply.All people are
fraud me and take your kotak name.sir please take action upon all of him i
send name and phone number.I have also phone recording but size is so much
so cannot attach but u want i'll send cd.

Ashish Agarwal-[protected]
Mayank Agarwal-[protected]
Kirti Verma-[protected]
Jiten,Deepak Khatri,Namrata

Please sir do something

Regards,
Juned Painter
+91 [protected]

Sir, 1-I have taken insurance policy from Kotak Life Insurance as under:
Kotak Smart Advantage (UIN-107L043V01)
2-I took first policy with premium amount Rs 36000/- and premium payment period as 3 years. (Policy no[protected]
3-Than I took second policy for Rs 50000/- and I told that premium payment period as 3 years.(Policy no[protected]
4- I have paid three premiums.
5- I discovered later on that first premium is released or paid at the time of maturity of term period. In case if you surrender the policy even after the lock in perid of three years the first premium is not paid.

Grievience
In the second policy also asked for premium payment term as 3 years and did not check the proposal form and signed. Now I discovered that premium payment period is 15 years. Another problem is Kotak is keeping first instalment and is not invested. This is only given back after term period. This was not told at the time of taking policy.
I am 58 year old why i will opt for 15 years premium payment period .
I want that premium payment period may be changed to three years as in case of my earlier policy and first instalment should also be invested and in case I am surrendering the same may be paid also.

Dear Sir,
I have a Kotak life Insurance policy having policy No[protected]. I have paid Rs.10110.00 on dated 26.03.2013 as premium through HDFC net banking. Till yet I have not received the premium receipt by any way. Kindly sent the receipt through post/courier/email to me.
Thanking you.
Kailash Roul
[protected]

Hi My policy number: 01744109

3 years back a agent from Kotak approached my father and asked us to invest 1 lack Rs, he said locking period is 3 years only, my father invested his lifetime earnings of 1 lack on the insurance scheme given by kotak, later with bond my father approached him, there he told my father that this policy is for 20 years but locking period is 3 years, you can take back money anytime after 3 years. We are middle class people, agent has misguided and made 20 years policy and made us to pay 1 lack per year, how can we get that much money.
We are staying in rented house, So many other commitments are there. In this how to arrange 1 lack per year to pay the policy. Some how first year my dad had his retirement earnings and invested thinking its just 3 years policy. But now its turning so bad that, we need to pay 1 lack for 20 years

my father age is 60, i have a sister also we need money for her marriage. In this time from where we need to arrange money. our condition is very critical. I kindly request you to please refund our money.

Sub: - Regarding fraud & racketeering in the name of IRDA.

Sir,

With reference to the above mentioned subject, I want to attract your kind attention towards fraudulent behavior of some notorious persons who are swindling the innocent people by investing their money in various Private Life Insurance Companies. I am also a victim of this concoction.

An unknown person contacted me over cell phone. He introduced himself as “Nitin Bhardwaj([protected])”, Head, Logging department, IRDA, New Delhi. He told that a benefit of Rs.185000/- had been declared on my ongoing ICICI Prudential Life policy. I ignored his call. Then he again called me and reminded me that some other person from his department had informed me two month back about this offer but I had rejected. Now an agent of some Insurance Company is going to claim for this offer because you have given him signed authority letter. Firstly I doubted him so he took me in conference and make me talk to his senior officer Mr. Rishabh Tripathi ([protected]) at IRDA Bangalore. Who confirmed that the call was being made from IRDA only. Mr. Rishabh Sharma then added that “You can still claim for the benefit. But for this you have to purchase a policy of Rs.35000/- from any one of following Insurance Companies but remember tomorrow is last day for claim”.

1. Kotak Life Insurance
2. Birla Sun Life Insurance
3. HDFC Life
4. TATA AIG
5. Bharati AXA Life.

He assured that the invested money (Rs.35000/-) will be credited back in my a/c with above mentioned benefit of Rs.185000/- after 72 days. I agreed and next day Mr. Ganshyam ([protected]) from Kotak Life Insurance visited me, completed formalities and collected the cheque of Rs.35000.00 on behalf of Kotak Life Insurance.

Same day After,Mr. Rishabh Sharma pursued me once again in second week of October ’2011 and misled me to purchase one more policy from Kotak Life Insurance of Rs.45000 Then release benefit 3.5 lakh with is 60days.


On 15 April, 2012, when 72 days period completed, Anurag Gupta ([protected]) , who was telling himself from IRDA fund department, rang me and said that the benefit which was committed by Mr. Rishabh Tripathi Is ready to be credited in your account against the policies purchased by you. He demanded for BTC (Benefit Transfer Code) and Bank a/c number. I informed him that I have no BTC. Then he suggested me to contact my proposer i.e. Mr. Rishabh Sharma. I dialed Rishabh Sharma and demanded for BTC. Then he told me to further invest Rs.30000.00 to get BTC. Nothing to say how hard I faced arranging the money for all above mentioned policies the details of those are as following:

1. Policy name- Kotak Capital Multiplier Plan (UIN-107N011V01), Policy No. 02377267, Date of Commencement. 4.10.2011, Premium amount 35042.00, Policy Holder – Achal Kumar Teweri

2. Policy name- Kotak Assured Income Plan (UIN-107N069V01), Policy No. 02392606, Date of Commencement. 20/10/2011, Premium amount 45020.00, Policy Holder – Achal Kumar Tewari


After that Mr. Rishabh Tripathi never responded my call. On January, 2012 I received a call from Mr. Suresh Nair ([protected]). He told that he is assistant of Rishabh Tripathi. He said that the process to get the BTC went waste because you had not invested the money in desired amount. Rishabh Tripathi is not available in New Delhi due to family problem. All pending files of benefit distribution are being forwarded towards RBI to be finalized. He demanded money in cash along with photocopy of PAN card, address proof & saving bank a/c no. through First Flight Courier at the address D/1092, Sector 63, Noida addressing to Mr. Sanjeev Kothari. Since I had invested a huge amount and did not want to lose that amount so I sent money in cash too at the desired address to invest in the policy.

The different land line and cell phones used in this cheating are as under.


Cell phone nos.
1.Rishabh Tripathi – [protected]
2.Unknow - [protected]
3. Nitin Bhardwaj – [protected]
4. Suresh nair – [protected]
5. Anuraj Gupta – [protected]
6. Atul Pathak – [protected]
7 unknow- [protected]
8 Vikram Chauhan [protected],[protected]
9 Chakravarti [protected]
10 Anil Bakshi- [protected]
11 unknow [protected]
12 Agent Archana Jha [protected]
13 Kotak Employee [protected]
14 Kotak local Agent support [protected]


As I mentioned earlier above mentioned investments have been made by conspiracy of Kotak Life Insurance Company and Agencies concerned. Because just after each call of Rishabh Sharma I received a call from Life Insurance Company agents / representatives stating that “It is informed by our H.Q. that you want to purchase a policy from our company. We are sending our representative for the formalities on such and such time”.

Sir, I complain many time, But Kotak Company & agent say , “15 Day free looking period is gone, This is your choice policy continue or lapse.

Please help policy amt Refund & any action Fraud Agent & supporting person.

Thanks & regards

Achal Kumar Tewari
14/626 Murad Ali Lane
Nai basti
Lucknow

[protected]
[protected]@rediffmail.com

This has a reference to the large numbers of complaints in respect to the insurance policy taken from Kotak Life Insurance. I have a feeling that IRDA/RBI or some similar agency should look into the complaints and appropriate punitive action should be taken against Kotak. They are committing a day light robbery and regulatory agencies are silent spectator. Individually consumer will not get the redressal of their grievances. All such consumer should get together and take appropriate legal action.

Sir, 1-I have taken insurance policy from Kotak Life Insurance as under:
Kotak Smart Advantage (UIN-107L043V01)
2-I took first policy with premium amount Rs 36000/- and premium payment period as 3 years. (Policy no[protected]
3-Than I took second policy for Rs 50000/- and I told that premium payment period as 3 years.(Policy no[protected]
4- I have paid three premiums.

Grievance
In the second policy also asked for premium payment term as 3 years and did not check the proposal form and signed. Now I discovered that premium payment period is 15 years.

I am 58 year old why i will opt for 15 years premium payment period .

I want immediate redemption.
Dr P K Malaviya
Principal Scientist
CAZRI, ICAR
Jodhpur-342003
Mob- [protected]

Hi

I am Suresh MS, holding a kotak mahindra super advantage plan (Policy No.[protected], every year I am paying an amount of INR 36,000/- as policy premium amount since last 3 years.

When I took this policy, the sales executive & corresponding sales manager shared the information that just pay for 3 years. Later I can close the policy. And even they have mentioned that this policy does not have charges like allocation, withdrawal except the mortality which is very nominal. But when I called up the customer care to close this policy as I have completed 32 years now got a shocked response that I will not get 1st year premium amount. It means I will not get 36,000/- rupees. It's nothing but pure cheating.

Even I asked some more information like can I stop paying after 3 years, then the customer care executive is telling that you can stop after 3 years. but they will deduct some charges from my existing fund value. It means i will get my money only if i pay up to 20 years. This is ridiculous. The customer care executive is telling that it's indirectly mentioned in the agreement. How a normal guy could knows all these things before??? Now i just need my money back... And today I have received a message saying If I am not making a premium payment by 28th of this month my policy will lapse!!!

I need justice, Pls return my hard earned money back. Expecting a good response at the earliest..


Regards,
Suresh MS
[protected]

3 years back i was looking for some decent fixed deposit scheme in market, one day i got call from kotak sales person that there is scheme, if you invest lump-sum after 4 years you will get 9% compounded interest plus guaranteed addition to the matured amount. I gave the Rs. 30000 cheque and the sale executive took sign on some pages (forms). I came back to work location in Hyderabad after that and i asked my father to send the FD Receipt by courier (as i had given my home town address). I got the courier after 20 days and to my surprise it was a damn ULIP policy with the world' most fraud plan "KOTAK SUPER ADVANTAGE (UIN-107L058V01)" where thay kept my first premium and invested only the second premium onwards. Now, i am in a condition that i cant surrender the policy and have to continue with plan.

God, such a cheat company, don't know how these people are surviving in the market, i think in this way only.

Please don't take any policy from such a cheat and fraud company, they should rather run a thief/dacoit agency directly.

Complaint against Kotak Life Insurance Company


Dear Sir,

I had taken Kotak Smart Advantage Plan (Policy No. : 01514112 Name Mukesh Berwa) by seeing Brand Name of Kotak Group by investing monthly 1,500/- since December, 2008. But, we are totally frustrated with the behavior and approach of Kotak Life Insurance Company which we have been never seen in our whole life, this kind of responsibilities and irregularities. They are trying to cheat us since, December 2008 when I purchased this policy.

At the time of purchasing that policy (December, 2008), the sales executive of Kotak had given all wrong information and said that after 3 years, if you want then you can withdraw your policy and get your all invested money with good return (1500 * 36 months=54,000 + Good % of return) (I have purchased this policy due to this feature only which is told by the executive, and I had paid 1,500/- per month since December ,2008 to December, 2011). And after 3 years, I had been called to Kotak Life Insurance Customer Care he said that your one year invested money will be gone into Kotak Account and it will not given to you, I will get only 2 years invested money with 6 or 7 % deduction also. They say you have to pay premium for 30 years without fail then only your first 18000 will be paid along with else. I was totally shocked. This is ridiculous. Therefore, I am totally mentally, physically and financially harassed by the Kotak Life Insurance Company and decide to surrender the policy (Policy No. : 01514112 Name Mukesh Berwa)
When I said that your sales executive had misguided us regarding the policy and given fake/wrong information then Kotak’s representative said that it is not Kotak’s responsibilities for their sales person/team or executives and you should verify the things. It means there is no accountability and responsibilities of Kotak about their plan and policies and their Sales Executive’s. All the responsibilities and loss paid by the Customer only!!!
I would now not like to continue with this insurance policy as there is total difference in what was committed to me at the time of selling the policy and what is being said now by Kotak life insurance help desk.
I fully agree that Kotak Life insurance is Making false promises and selling the policy without informing the customer of its full and transparent implication.
Please let me know what can be done on this.

Thank you,
Mukesh Berwa

To

Kotak officers,

I had taken kotak life secure plus UIN-107 l044v01through a agent name Ashok from chennai in the year 2009,my policy number is 01823427 ,During 1st premium he told he will guide regularly and change the fund from time to time ,but once the first premium has paid then after no response from him, ,after so many phone calls he given his manager moorthy (chennai)number for clarification or status ,even they not send the renewal payment receipt ,that too i download from the net. the manager does'nt know anything regarding my policy ,when i asking about the policy status ,he will tell i will call after an hour ,but so far he has not given the status, pls Kotak cus care has to send my polcy status to my registred mail ID .

Regards,

K.bhagyarj

Dear sir,
my name Gurinder Singh am policy holder
in kotak life insurance my policy number
02588318,am interested to cancel my policy,am
submit request in pre look period to kotak life insurance office in
ambala city 21 September 2012,and request id
number 174197.but kotak life insurance company not cancel my policy after many request so sir
please look in the matter....
Please check enclosed
file
THANKS,
GURINDER SINGH,
M.NO-[protected]

Please find below the mails sent by me kotak life insurance and reply received from them since May 2012 but no concreate action has been taken till date
From: SHAM KALRA <[protected]@sify.com>
To: kli.[protected]@kotak.com
Cc: [protected]@kotak.com
Date: Mon, 23 Jul 2012 12:01:25 +0530
Subject: Re: Your Kotak Life policy has lapsed
Thank you very much for sending me intimation for lapsing my policy 02302749. I wish to inform you that I had paid the insurance renewal premium cheque for the above policy vide cheque no.23 dt 07/05/2012 fvg Kotak Life insurance old mutual fund for Rs13888/- from my account at Kotak Bank Rajpura Branch . The cheque was debited to my account on 15/05/2012. After some days I was told that is a a difference of Rs259/- due to increase in service Tax . I sent the cheque for Rs259/- to
Mr Vikas Jain of your KLI Patiala Branch and he assured me that Rs13888/- is lying in suspense and after adding Rs259/- My account will be regularized, So I thought that matter will be almost settled know.

But to my surprise I came to know That your Agent NETAMBIT from YamunaNagar Branch has got issued a new policy number[protected]Next premium due date in Nov 2012)in my name and all other particulars of nominee, DOB ,address mobile number are wrongly registered in my new policy and I have never signed any new form and never requested for a new policy in my name. What is happening in your bank and life insurance ? If something wrong would have happened to me Who was responsible for this . Is this the right method of receiving huge commission on new policy by your agents and and almost 2 months have lapsed and I am still to receive my premium back for which I have requested. so many times over phone on toll free number
You are requested to kindly return my premium along with interest and so that I may be able to continue my policy with some other Bank or agency .

Sham Kalra

[protected]



[protected] Forwarded message[protected]
From: <[protected]@kotak.com>
Date: Fri, Aug 3, 2012 at 7:37 AM
Subject: RE: [SR#:1-[protected]] Fwd: policy no.02549482
To: [protected]@sify.com


Dear Mr. Kalra,

We understand your concern and regret the inconvenience caused to you.

We have registered your complaint with the centralised team vide number
KLI[protected].

You shall be initimated the status of the same within 15 days.

For any assistance, you may write to us at [protected]@kotak.com or
you can call us on[protected]Toll-free), from 8 am - 10 pm (Monday to
Saturday)******

** **

It will be our pleasure to serve you, protect you and be with you......
Assuring you of our best services at all times.****

** **

Warm Regards,****

*****Priya Patrao*** | ******Client Service Desk****| Kotak Mahindra Old
Mutual Life Insurance ****

Kotak Towers, Building No. 21, Infinity Park, Off Western Express Highway,
Goregaon Mulund Link Road, Malad East, Mumbai 400097|****

[protected] Toll Free) |(+[protected] Fax) |
[protected]@kotak.com (Email)****

** **
Dear Mr. Kalra,

Thank you for your kind co-operation and patience.



With reference to your query, we request you to revert with your bank statement reflecting the clearance of the cheque issued towards the renewal premium of 18/05/2012.



For any assistance, you may write to us at [protected]@kotak.com or you can call us on[protected]Toll-free), from 8 am - 10 pm (Monday to Saturday)



It will be our pleasure to serve you, protect you and be with you...... Assuring you of our best services at all times.



Warm Regards,

Priya Patrao | Client Service Desk| Kotak Mahindra Old Mutual Life Insurance

Kotak Towers, Building No. 21, Infinity Park, Off Western Express Highway, Goregaon Mulund Link Road, Malad East, Mumbai 400097|

[protected] Toll Free) |(+9122)
From: <[protected]@kotak.com>
Date: Tue, Sep 4, 2012 at 3:57 PM
Subject: Re: [SR#:1-[protected]] Fwd: policy no.02549482
To: [protected]@sify.com


Dear Mr. Kalra,****

We regret the delay in our response and assure you of timely response in
future.****

We wish to mention that we are investigating your case with the concerned
department. ****

We would request you to please provide us with some more time, to get this
issue resolved.****

For any assistance, you may write to us at [protected]@kotak.com or
you can call us on[protected]Toll-free), from 8 am - 10 pm (Monday to
Saturday)****

** **

It will be our pleasure to serve you, protect you and be with you......
Assuring you of our best services at all times.****

** **

Warm Regards,****

*Priya Patrao*** | ****Client Service Desk****| Kotak Mahindra Old Mutual
Life Insurance ****

Kotak Towers, Building No. 21, Infinity Park, Off Western Express Highway,
Goregaon Mulund Link Road, Malad East, Mumbai 400097|****

[protected] Toll Free) |(+[protected] Fax) |
[protected]@kotak.com (Email)****

** **

Please click on the below link and let us know your feedback by just
answering one simple question.****

https://www.surveymonkey.com/s/My_Voice ****

** **

** **

From: [protected]@sify.com****

** **

Please refer to the below mentioned correspondence with you regarding
policy 02549482. I have not heard anything from you as more than 8 working
days have lapsed. Please look into the matter and refund me the amount
along with interest as I have to suffer due to fraudulent transaction of
your agent

Thanks

Sham Kalra

[protected] ****

On Thu, Aug 23, 2012 at 1:16 PM, <[protected]@kotak.com> wrote:****

Dear Mr. Kalra,****

****

We regret the delay in our response.****

****

We have forwarded your complaint to the centralized team and they shall
revert to you within 6 working days.****

****

THIS IS A VERY STRONG OBJECTION THAT ADVISORS OF OTHER INSURANCE COMPANIES ARE GIVEN PROMISE THAT THEY WILL BE TAKEN ON SALARY BASED AND NOT BY COMMISSION BASED. THIS IS A CLEAR INDICATION OF VIOLATION OF IRDA RULE . AS PER THE IRDA RULES AGENT OR ADVISORS SHOULD BE RECRUTIED ONLY ON COMMISION BASES AND NOT BY SALARY BASED. THIS VIOLATION IS BEEN DONE AT CHENNAI ,TRICHI SALEM. THEY ALSO GIVING WORNG PROMISES THAT THERE IS NO TARGET TO GET THERE SALARY. AFTER PAYING RS.1000 AND AFTER PASSING IRDA EXAM, THEY SAY THAT ADVISORS SHOULD DO MIN. BUSINESS OF RS.1,00,000 AND THEN ONLY THEY CAN GET THERE SALARY. THRU OTHER SOURCE WE ALSO GOT THAT EVEN IF THEY ARE WILLING TO PAY SALARY, THEY PAY ONLY FOR MAXIMUM 6 MONTH . THIS IS A CLEAR CUT CHEATING BY COMPANY. THIS FRAUD IS GOING ON FOR THE PAST 2 MONTH AFTER SOME EMPLOYEES OF OTHER INSURANCE COMPANY JOINED IN THIS KOTAK LIFE INSURANCE IN TAMILNADU. WHY IRDA IS SLEEPING?

Hello,
All private companies when started different type of Insurance policy and told to public that there is 3 yrs of locking period of any policy but you get so many benefits, advantages and 2 -3 time money will be increased while as of date what is the reality, every policy holder money became half why?
I want to ask what & where they spend those money that after 3-4 yrs money got half while if you think whatever the cost of any things last 3 yrs, its gets 3 times increases then why only policy holders money gets half.
I want to let you know that this is nothing only LOOTPAT by Insurance Companies.
Shall some one do action on them.

नमस्कार सर,
मै मनसुख परमार इंदौर (म.प्र.) से हूं. मुझे कोटेक लाइफ इन्सुरेंस द्वारा गलत तरीके से बची गई पोलिसी जिसका पॉलिसी नंबर[protected] यह है.

I am holding Policy No.[protected]Plan kotak Smart Advantage) dt. 15/12/2009 of your company. At the time of opening of this policy I was informed by the company's representative that I have to pay premium only for a period of 3 years and later on it is my option either to continue this policy by paying regular premium during the subsequent years or to take back the money immediately after the completion of three years along with fixed advantage benefits.

But when In the month of May 2012 I received a call from the company’s office enquiring about the status of this policy to which I said that last premium is due in the month of june 2012, I got shocking information that this policy is for 15 years and premium is supposed to be paid for 15 years. He told me that I was misinformed by the company’s agent at that time. Then he further informed me that the company has come out with a novel scheme to help the old people and its brief details are :

That you pay Rs.40000/- in two instalments of Rs.30000/- and Rs.10000/- and after the payment of your 6th instalment of Rs.20000/- which is due in June 2012, your whole amount of maturity value along with this amount of Rs.40000/- will be paid back to you on 15/12/2012. Otherwise if I don't pay this premium whcih is due on 15/06/2012 then my policy will lapse and I will not get anything out of that. Therefore I had no option other than to accept his proposal and somehow arranged this huge amount of Rs.40000/- and paid this amount by cheque in the favour of your company.

But unfortunately this story didn’t end here as in the third week of June I received two insurance policies from the company in the name of my son Mr. Anil Gupta as per the following details:

1. Policy No. 02559850 dt. 15/6/2012 of Basic Product - Kotak Assured Income with premium of Rs.29406/-

2. Policy No. 02555927 dt. 15/06/2012 of Basic Product - Kotak Surakshit Jeevan with premium of Rs.9802/-

On both the above mentioned policies major details of my son like his date of birth, Email ID and contact number were incorrect and his signatures were forged. On seeing this I got a big shock and immediately went into depression but luckily due to timely medical attention I was able to survive. Now doctors have prescribed me few anti-depressant drugs and am continuously taking these medicines.

I then discussed this whole issue with my son as well as with my few family friends about these fraudulent practices adopted by Kotak Life, as how they amass huge premium from innocent and retired persons. I told them how representatives of the company cheated me to swindle this amount of Rs.40000/- and diverting this fraudulently towards other policies. It is really a matter of grave concern as big corporates are also indulging into these unethical practices to collect premium to fulfil their targets.

In fact I had the option of exposing this so called reputed organisation in general public by adopting following means:

1. To lodge complaint about this fraud with Insurance and Regulatory Development Authority so that in future no innocent and old age pensioner is duped by such Insurance companies.

2. To go to print and electronic media to expose such organisations.

3. To take legal course.



But still I thought it to be my moral duty first to inform the company about this whole episode of cheating and fraud before going for this above mentioned recourse. But unfortunately even after almost three weeks when I informed this company about this fraud till date there is no response from the company. It is really a matter of grave concern as how these companies handle these serious complaints in such a casual way, which really speaks about their modus operandi to collect hard earned money from a common man by adopting fradulent practices.

Yuv Raj Gupta

31/7, Trikuta Nagar,

Jammu - 180012.

Dear Sir/Madam,

I am Ranjeet kumar, we have taken a policy of kotak Life Insurance policy no is[protected] and monthly premium is- 2048/-, Agent Mr. Rahul Gupta was told me you will get credit card on policy behalf & also get Rs.- 10000/- each and every six month,

we had complaint in kotak through IRDA & we had got call from kotak and he was told me i will refund your all paid premium & he is not getting refund my paid premium,

pls. help me.....

Reg.
Ranjeet Kumar
#[protected]

Sir,i have the honour to state the following few lines for your kind consideration and necessary action.


i have earlier enrolled a policy (head start future protect[protected] on Dec 2008. After paying three installment i knew that the growth of the policy is negative, i was not happy with the policy because after pay 1 lakh 5 thousand it was just 90 thousand after three years. I was suggested by your agent Mr. Rishikesh Singh (Mob No. is [protected]) that if i convert full amount to assured granted fund than you will get much more benefit. Now the story began, as per his advise i pay a blank cancelled cheque and sign the all relevant forms. As per his suggestion my earlier policy should be terminated and only one policy to be in force. Since from march i am not received my policy document. Few days before i check the status of my policy, i came to know that my both policy is in force. I rang up to him several times but he is not responded now. There are many things which is going to wrong in favour of Kotak Life Insurance & I am effecting for wrong selling by kotak Life Insurance employee because 105000/= is big amount for me. If I will not get any reply or unfavorable reply towards the same, I will send whole in details to IRDA Grievance Cell within 10 Days & other many related govt. department who taken care of consumer complain & take corrective action. Kindly inform me what kotak Life Insurance co. can do for the same case. Looking forward your positive decision for the same from Kotak Side
It is my humble request to take up the matter seriously to : (1) terminate my earlier policy (2) convert my total amount in growth fund (3) forward a copy of my policy (4) take a proper action against that agent.

I Have taken policy no.01659260
From kotak Life Insurance in the name of Gurmeet Singh on 21/07/2009 Rs.15000/- Yearly and
I heve oppliad to Surrender above policy.Us my cooling off option on 10/08/2009.
But the no Payment has been made to me and the office at kotak Mahindra was closed. So please help
me through your Pahredar programe. thanking you

Your's
Sardar Gurmeet Singh S/o.Prem Singh
H.no.3620/2-B,Sampuran Colony South model Gram
Ludhiana
Mobile No.[protected]
E-mail = [protected]@yahoo.in

I received a message stating that, We have uploaded AATPG4233E_FORM16A_2012-13_Q4.pdf TDS certificates for last quarter on our website http://mykotaklife.com/webhr/login.aspx. Kindly log on to WebHR and download the certificates.

However upon visiting the website Im unable to download the said file, the reason for this being I am unable to login to begin with. The support staff at Kotak Mumbai cannot fix this despite my several phone calls. To top it off, my password has not only been reset but also my security question (by team in Mumbai) I was told this is the common password for all Agent login , so now I cant even reset my password for my own USERID. ever since I have not been able to get in touch with anyone in your team.

Can I please get some help out here. I've used IE as the browser

Following are the details for my account ::

Agent ID :: 60144405
Email :: anil.[protected]@yahoo.co.in
Phone :: [protected]

Many Thanks

Kind Regards
Anil Kumar Gupta

I Dilip Natwarlal Shah i have a ex employee of kotak life ins.co ltd. rajkot my emp.code is OM24965.I have applied PF before 9 month but not rec.i have rec. login passwork mykotaklife.com but password is not working and he says code is lock but i was going Kotak life insurance office rajkot but password is not unlock. i didn't know my pf A/c no so please kindly send my pf a/c no and balance is credited or not. So please kindly check it and reply back.

Regards,

Dilip Shah
Cell no. [protected]

Hi,

I have a policy with Kotak life insurnace (KLI) since last almost 5 and half year and I have been paying premium regularly.
For last 5 year I have paid annual premium.
From the 6th year onwards instead of paying annual premium I wanted to pay quaterly premium.
For the same i visited the branch and submited the request as well. they did change the frequency but with the change in frequency they did not updated the premium date correctly.
Going by the current premium date I will not be able to pay the actual annual premium in Financial year[protected], and company may default me.
For that matter I am calling customer care of KLI, and asking them to change the premium dur date for FY 12-13 in such a way that by the end of this financial I will pay the smae premium amount but on teh quaterly basis.
But they are not doing so and not answering to calls as well properly.
I think by not hcanging the premium dure date correctly they want me to default and want to fine on my policy.

Till date I have maintained good relation from my end by paying the insurance premium before date.

Could you please help me with the same.
Thanks

Dilip Jain

Hi

I Gajendra Bhoir had invested in Kotak Life Insurance (Client ID[protected] Policy No 02030913

At the time of investing, I was told that I can get my investment withdrawn after 3 years of my installment payment
But now it is being told to me that the policy is for 20 years and If I wish to withdraw the amount after 3 years my investments of 1st year (i.e 30000) will be lost

I would now not like to continue with this insurance policy as there is total difference in what was committed to me at the time of selling the policy and what is being said now by Kotak life insurance help desk

I would request you to please help me in getting my amount spend so far in this policy


Would request to please help in getting back dues



Regards

Gajendra Bhoir
[protected]