Kotak Life Insurance Complaints & Reviews

Hello My Name is Nilesh Patel

i have problem with kotak life insurance "Policy Number is: 00872805" i paid already 60,000 K Rs and now fund value is under 40,000k Rs and i pay to 3 years after me stop as per teams and conditions not continue but i want back my (refund) My money 60,000k Rs and with interest they told me our rules and some other thinks but i want refund my money with interest as soon as possible and i stop last 3 to 4 years so i want withdraw my money so pleas tell me how to withdraw my money and give me solution as soon as possible

Regards
Nilesh Patel

I WAS SOLD POLICY OF KOTAK LIFE INSURANCE, IN THE NMONTH FEBURARY 2012,BY FRADULENT MANNER. IN FACT I GOT A CALL, WHO INTRODUCED HERSELF AS OFFICER OF IRDA & TOLD THAT YOU HAVE BEEN CHEATED BY AGENTS OF PRIVATE INSURANCE COMPANIES, AGAINST POLICIES, TAKEN EARLIER OF DIFFERENT PRIVATE INSUANCE COMPANIES, BY WAY OF COMMISSION, BONUS & OTHER BENEFITS AWARDED & ACCUMULATED WITH THOSE COMPANIES. THE IRDA, IN THE INTEREST OF POLICYHOLDER, WANTS TO TRANSFER ITS ALL BENEFITS TO THE POLICYHOLDER INSTEAD OF AGENTS, WHO ARE CONSTANTLY APPROACING FOR RELEASE OF THOSE FUNDS IN THEIR FAVOUR. TO AWAIL THOSE BENEFITS, YOU WILL HAVE TOSUBMIT/ DEPOSITS AS SECURITY IN FORM OF INSURANCE POLICY EITHER OF ANYONE OF INS. COMPANIES OUT OF THREE INS.COMPANIES QUOTED BY THEM.
SUBSEQUENTLY, YOU WILL GET BACK ALSO DEOPOSIT AMOUNT OF PREMIUM ALONGWITH INTEREST O(RS.12000/- OUT OF PREMIUM OF RS.40000/- PAID BY ME ) WITHIN 3 MONTHS. BESIDE THIS I WAS ALSO ALLOTED/GIVEN A CODE NUMBER, & INSTRUCTED TO USE WHENEVER YOU MADE ANY TRANSACTION IN FUTURE WITH ANY PRIVATE INSU. COMPANY & YOUR ALL BENEFITS WOULD BE DEPOSITED UNDER THIS CODE. AND I WAS ALSO INSTRUCTED NOT TO DISCLOSE YOUR CODE TO SOMEONE OTHERWISE YOUR BENEFIT WOULD BE FORFEITED.AFTER THAT A LOCAL PERSON OF KOTAK LIFE INS. APPROACHED ME TAKEN MY ALL PAPERS ALONGWITH A CHEQUE OF RS.40000/- IN FAVOUR OF KOTAK LIFE INSURANCE. SINCE THAT I HAVE NOT RECEIVED ANY POLICY BOND OR ANY RECEIPT SINCE FEB.2012 EXCEPT THE SMS DATED 08/03/2012 FROM KOTAK, QUOTED POLICY NO.2482168.

Hi,

My name is Bharatkumar and my policy number is 02157094. I wante to my ECS payment from my citi bank(existing) to my hdfc bank account.
In this regard I'd submitted ECS form with bank seal and signature and other required documents on 06/02/2012 to Nirmala who is executive customer manager at Jayanagar Banglaore branch. It then took tow months and there wasnt any positive response from Nirmala when I tried to reach her she avoided my by saying that she will call me after 15 mins(I called here 9-10 times) and she never calls me back. Ridiculous !! This kind of behavior is total unacceptable and that too from a customer executive manager !!!!!! During this time I also raised a complaint through my online kotak account, but those guys closed the complaint without ever investigating. On 11th time Valini (Nirmanal's colleague as per Valini) received my call and she told me that I have to submit all the documents again !!! [Frustrate], I did it silently and submitted all the documents again on 29/03/2012.
Now again one month is passed away and no progress !!! I contacted Kotak customer care number and asked them to check whether these is any request for [censored]fing ECS payment from citi to HDFC, reply was negative :(. So again Jayanagar Bangalore branch has not even raise a request in this regard after one month. Please do the needful in this regard. I think I tried everything, I dont know how to get this people perform their duties !!

Sir,
I have taken Kotak Life Insurance plan, Policy No 02333841, Client ID[protected] in July-2011. I am paying regularly the premium of rupees 2101/- through ECS system.
On[protected] at 10.37 hrs I received a phone call from Kotak Life Insurance office which will be voice recorded . The caller person confirmed my details normally required for the communication. Tha caller person has informed on behalf of Kotak Life Insurance office that my policy will get blocked if I will not shift/convert my policy to the other investment plan given by Kotak Life Insurance office which required to deposite another rupees 30000/- for conversion. If I allow the policy to convert then only I will get some return as per NAV of the existing policy.
This is a injustice
If I donot want to change over of the policy to their new scheme, I should have a option to get back my invested money as per the NAV of the policy, but the Kotak Life Insurance office person has said that if you do not convert, as they say, you will not get a single rupees as we(Kotak Life Insurance office ) will consider it as I ( policy holder) have teminated the policy and as per the insurance policy rule ,if the policy has not of more than three years old , I (policy holder) will not get any return.
This is sophisticated blackmailing by a so called renound company.
Kindly guide me whether I should block the ECS cutting which is on every 20 th of the month.
I have clearly said to Kotak Life Insurance office person that they should in writing/electronic mail or sending an executive to inform me about the
policy change and should give me a option of discontinouing the policy in case of above such mentioned change.
Thanking you

Regards

Ajit K Deshpande
New Panvel

Sir

I Was taken a policy in 27 May 2008 the agent told me that if you are pay 75000 in a year and ofter 20 yrs we will refund you 75 lak
but when i got policy bond paper then see. that this is totaly opposit.
Sir i am paying 15lac in the 20yrs and they are refunding me 13lac

sir kindly refund my total amount which has i paid . the Agent Name is Mr. Chandan Chudiwala and Mob No. [protected]
AGENT ID No. is 01054367

Sir my policy No. 01054367 & My Name Is Biwash Mondal My Mob No. [protected]

Even I fully 100% agree that Kotak life insurance is full of all cheats and crooks agents and staff. They tell lies left-right and center,

And Even we were victims of falsely selling the policy, as we were informed and verbally promised by the KLI kotak insurance Managers, branch mangers alongwith agents that I need to invest in this for the first 3 years only,

They told me that you have to pay the premium for the 3 years only and there will be no deduction of the charges and all you will receive your money after 3 years according to the fund value. on the basis of the same I purchased the insurance and paid 3 yearly installment of 36,000.

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. I want that wide publicity should be given to such fraudulent sale of policy and IRDA should take strong acction against Kotak and force them to refund the first year premium paid without any deduction.They should also pay for damages .

I have taken home loan in 2008 and for that taken insurance cover from Kotak Life Insurance.
I was paying Rs. 2500/- quarterly, my loan was already cleared in second year and after three years maturity of this i have surrendered it because i have given them so many time ECS form and details but still they did not activated that facility and so that i always have to visit the office and give them cheque for last Three years, at last i taken decision to surrender the policy they told me that it will take only four days to credit the amount in my account after doing little formality and i have cleared all the formality in the month of November 2011 now Two and half month is over but no response was given by Mr.Anup Dutta Sales Manager Alternate Channel. His email id is dutta.[protected]@kotak.com and mobile n. [protected].
I want to tell all the people that the service of the Kotal Life Insurance is such a poor that i[censored] will take insurance policy from them u have to be ready to follow them up for 100 times.

Policy Holder - Habil Lakra
Policy No.[protected]

I had sent following mail to [protected]@kotak.com on 30th December' 2011 however no response till date from Kotak. Only we gat automated mail response that they will be contacting us in 24 Hrs. If they call after few days, they say that they will call back within 5-10 minutes after checking my details and then there is no call back.



From: Arun Garg/DEL/TCS
To: [protected]@kotak.com
Date: 12/30/2011 01:14 PM
Subject: Extremeny dissatisfied customer.


Hi,

I am extremely dissatisfied with the services and highly disappointed by the way Kotak works.
I feel that Kotak have given the contract to Secure line insurance Services limited to fool the customers and send them useless plans.

I have interacted with three persons from the company.

My first interaction with the company was when I received the call from Chandigarh office regarding the plan. They told me that they are providing 35 % return on your annual premium (7% p.a. return on the sum assured for 5 years). It seemed good to me.
The agent who came was Mr Keshav Kalsania who added that if I take it in my child's name, he can provide me the return on 7 years basis i.e. 49% (7% p.a. return on the sum assured for 7 years). I clearly mentioned that I want everything written on the policy document and he assured the same. On receiving the policy document, only sum assured was 188555. Policy number[protected].

Please note that I am depositing Rs 25000/- for 10 years (i.e Rs 2,50,000) and after 11 years sum assured is Rs 1,88,555. less than even the premium paid, forget about returns. Everything else is non-guaranteed. If company feels like paying, it will pay else go to hell.

When I called Mr. Keshav regarding the same, he didn't recognized me told that some agent might have visited my place (I have the acknowledgement slip signed by Keshav Kalsania.

In the mean time whenever I got a call from Kotak, I told my dissatisfaction to them. After few months, I got a call from one gentleman who told that he has been appointed to look after the complaints of dissatisfied customers, solve their issues and make good relations with the company. He assured me that he will be providing me another policy for short duration (3-5 years) and the premium paid for my first policy will be adjusted in my second policy as premium for second year.On receiving the policy document, I found that it is also for 30 years maturity and premium paying is for 15 years. Policy number[protected].

I called the representative (Raj Singh - [protected], Emp code CHD-1438) again and he told me that in the document it is always written for maximum period however it can be closed anytime after 3 years. He also called his manager and that gentleman again assured me that as discussed before, this is not the plan we assured you. They will cancel this policy and issue me a new short term policy. Raj also wrote the application and got it signed by me but till date I have not received my third policy that was to be given as replacement for my second policy.

Every time I receive a call from Kotak, it is told that the call is being recorded but do not know if anyone has access to that recordings or whether they can be retrieved if required, because every time I am hearing the same old story and there is no record of my complaints in my profile.

After these incidents, I have lost the faith with Kotak completely.

If you can help me, please let me know that how can I get my Rs 50,000/- back that I have deposited as premium for the 2 policies. If if there is no provision for refund, I would assume that I have given Rs 50,000/- in charity and would never interact with the company in future.

You have lost one customer.

Thanks and regards,

Arun Garg
Tata Consultancy Services
Tower B&C, DLF Cyber City
Building No 6, Phase - III
Gurgaon - 122002,Haryana
India
Cell:- [protected]

Hi,

I had purchased Life insurance policy from Kotak Life Insurance a few years back, I paid their three years installments but on third installment Kotat's executive came to my office to get my sign on one paper, I asked him about that paper/document and he told me that it is must for me to sign on that doc.

After a year I found fund from my bank account was stolen by Kotak when I complained to them they replied that I have signed on ECS and that's why they grab money directly from my bank account, I actually had no idea about ECS and I explained about the entire story and how his executive did fraud to me to earn some money but Kotak is not listening me and not willing to solve this issue created by Kotak.

Please let me know what can be done on this.

Thank you,
Sanjay

Dear Sir,

I am a policy holder of Kotak Flexi Plane( 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]@gmail.com.


Thanks & regards
Rituraj Bora

Hi,

Never go for Kotak insurances.

I have 5 policies with Kotak and I am continuously paying premium for last 3 years. Fourth year is going on. I am not intersted in payong any premium afterwards as there is huge loss in all my policies. Even not a single policy is showing benefits to me.

And now when I want to withdraw the amount apart from the loss, I need to pay surrender charges also. for eg, if the policy of 20 per year, i have paid 60k as of now but the fund value is 55k and another 4-5% on this, so instead of getting profit after 4 years, loss of around[protected] which is ridiculuos. When I call and ask them about the loss, the only answer they have is market down. I do not think in last 4 years the market is continuously down, there was a tym when it was going good also.
I have policy in BirlaSunLife also but there I am not facing any loss, however the profit is not so high but atleast I am getitng my money back.

I will not suggest anyone to get a policy in Kotak. It is my worst experience. I do not know where these people are investing your money. It is tottaly not transparent.

Can you tell me how can I get atleast the deposited money back.

Regards,
Pooja

Dear,
Sir,



I have take policy no[protected] from kotak life insurance at 17-Aug-2010. Policy kit not deliver to me since February-2011 & i was regular paid total money 1750*7=12250 Rs.
Company was delivered policy to me at 8-Feb-2011 that term & condition was not said by educative(Mr. Sachin Agraval) at policy taken time. he was become me fraud. I was free look that policy at 22-Feb-2011 from Mr.Linken Kotak life insurance Manager at Ahmedabad(Mo:-[protected]). but they are not given clear answer from 7 months.

Kindly suggest me.


Regrd:
Kirit Vekariya
Mo:[protected]
Email:- [protected]@gmail.com

My name ia Shashank Deo, a policy holder od Kotak Life. My policy dates back in 2007. When I try to find policy status online I tried first for new user but they say I am alresdy registered. Then I tried registered user and tried forget password link they did not ask specific question but put a set of question . When I do not remember my password how can I remember secret question which I am supposedto answer. Then I tried toll free phone no. which was found to be invalid number as per reply I get. Then I tried local branch phone No. [protected]. The concerned person spoke rudely and refused to part any information.Then he gave the toll free number which I told him was not working. He nither explained why he is not ready to part information nor was ready to give his name nor ready to transfer call to his higher up. So finally no local help, no toll free number help, no internet was of any help. I wam frustrated of customer care service set up of Kotak Life.

1. One of the Agent (Nitin) of Kotak Life Insurance called me to briefed me about the Kotak Superadvantage policy and sent one of his executive to my residence for further details. The executive explained me about the policy and told some benefits that were very attractive. The benefits included No premium to be paid after 4 years, 200% bonus at the end of third year.
2. When I asked the executive for the written proof of the above mentioned benefits. I was told that the benefits are special offers for a limited period only and will be printed in the policy documents only. But to my surprise when I received the confirmation call from your insurance call center they denied of any such benefits. To which I instructed them not to forward my documents for further processing.
3. This time as well the executives surprised me by processing the documents further and sending the final policy documents. To which I reacted immediately and called the customer care department and asked them to check their call logs for such conversation and cancel my policy. They arrange a call with the agency who then sent one of their executive (Mr Deepak) for the collection of the documents. The executive then collected all of the documents along with a hand written letter for the cancellation of the policy and never returned back with the receipt. Till date I am struggling with the insurance company to get the policy cancelled and my money back. I have written emails to the customer care and grievance officer but all going to dead ends.

My details are as follows:
Name: Tarun Jindal
policy#: 01895999
Mob: +91-[protected]

phone call from kotak mahendra adviced me to invest into an insurance policy for which i would be given bonus of Rs225000 after a term of three months time, but infact the people who had made the phone call said that it is not possible and they will arrange for the reimbursmernt of the payment given by me for the insurance policy, but nothing has happened,when i call them on the number provided by them they say to complaint the matter to irda. I am in a confused state what should i do now when it is more than 4 months since the date i have invested in the policy which i really purchased for the sake of bonus only. please give me a suggestion, i also have the recording of the conversation we had

Dear Sir

My brother in law has two policies with Kotak Life insurance.Policy no is 01288731 fvg Raj kumar aggarwal and 0128867 fvg his Mrs Sapna Aggarwal of dt 17/09/2008 and 18/09/2008.After payment of premium for three years we are really surprised to know the fund value.After paying 1.50 lacs fund value is nearly 96000/- and other policy after paying 75000/- fund value is 45000/-.The insurnace company told us that they are not investing first year premium but as per plan KOTAK SMARAT ADVANTAGE which indicates 110 percent return of the investments in the future inspite of the investment in securities.What a fruad with customers and IRDA has no control over these activities.Hard earned money of the customers they have taken with such carelessness.

They say to us to countinue policy for ten years what a gurrantee that they will give us even our invested money.How a customer bear such huge loss.Actually the companies committed something and giving something to customers.

Please look into matter otherwise as per clause of policy make the payment as we want to take payment after three years with such low leval committment company.If you are unable to do the things then we have to approach to IRDA and higher authorities at legal leval.

please contarct at [protected],Email [protected]@sify.com

CA SURINDER GUPTA
FCA

I was a customer with Kotak Life Insurance. I guess that was my worst mistake ever. when i signed up for an investment plan with this company i had a number which i was using. now the same numbe is being used by my mom for the past year or so. I have requested Kotak not to call on that number, but they dont understand. every couple of days they will call on the number especially when my mother is sleeping , tired after finishing all the household work.

every call centre agent who has called says that they will ensure that they dont call again but all of these are fake promises... even today we got a call from them . they dont seem to understand the meaning of privacy. i have registered to no for DND however that hasnt helped as well.

26.08.2011

DEAR SIR,

Subj : KOTAK LIFE INSURNACE POLICIES NO. 1602191,1602198,1602175 AND 1637663 PREMIUM REDUCTION ISSUE

THE AFORESAID BELOW POLICIES WAS TAKEN BY ME FOR MYSELF AND MY FAMILY IN THE MONTH OF JUNE 2009 AS PER DETAILS GIVEN BELOW AND ANNUAL PREMIUM FOR EACH POLICY WAS RS 5 LACS FOR THREE YEARS.

KOTAK LIFE INSURANCE PLAN (UNIT LINKED ENDOWMENT)

kotak unit linked Smart advantage plan
Mr. Mahesh kumar kanodia policy id 1602191
issue date 30.06.2009
premium yearly rs 5,00,000

kotak unit linked Smart advantage plan
Ms. Pooja kanodia
Policy no.1602198
issue date15.06.2009
premium yearly rs 5,00,000

kotak unit linked Smart advantage plan
Mr. Deepak kumar kanodia
Policy no.1602175
issue date 15.06.2009
premium yearly rs 5,00,000

kotak Retirement income plan without cover
Mrs. Sulochana kanodia
policy id 1637663
issue date 29.06.2009
premium yearly rs 5,00,000


AT THE TIME OF TAKING COVER THERE WAS A COMMITMENT FROM KOTAK LIFE INSURANCE LOCAL OFFICE IN KANPUR WHO SOLD THE POLICY TO US THAT ,IN CASE, WE FIND DIFFICULTY IN MAKING PAYMENT OF PREMIUM FOR SECOND YEAR ONWARDS BECAUSE OF ANY UNFORESEEN REASON , THE PREMIUM WILL GET REDUCED TO 75% OF ANNUAL PREMIUM I.E. RS 3.75 LACS INSTEAD OF RS 5 LACS .THIS CAN ALSO BE VERIFIED FROM KOTAK LOCAL OFFICE AT KANPUR.

ACCORDINGLY , WE AT THE TIME OF MAKING PAYMENT OF SECOND PREMIUM , REQUESTED KOTAK LIFE INSURANCE COMPANY TO REDUCE THE PREMIUM AMOUNT TO 75 % AS WE HAD GIVEN THE APPLICATION TO THEM IN THE MONTH OF APRIL 2011.
WHEN AFTER A LAPSE OF CONSIDERABLE PERIOD,WHEN WE APPROACHED AGAIN WE WERE TOLD BY THEIR SENIOR OFFICIALS THAT THE APPROVAL IS UNDER PROCESS AND THE SAME WILL BE RECEIVED SHORTLY.

WE DID NOT RECEIVE THE SAME AND WE CONTACTED THEIR HIGHER AUTHORITY WHO ALSO SAID THAT THERE IS NO PROBLEM IN THE SAME AND HE WOULD CONTACT THEIR HEAD OFFICE AND ENSURE THAT APPROVAL WILL BE DONE WITHOUT DELAY.

FEW DAYS BACK ON 6 AUGUST 2011 EMAILS , WE WERE TOLD THAT OUR CASE HAS BEEN APPROVED AND THE SAME IS BEING FORMALISED AND APPROVAL IN WRITING WILL BE RECEIVED VERY SOON AND TOLD US THAT IN THE MEAN TIME PLEASE KEEP YOUR FUNDS READY .

BUT TO OUR SURPRISE , TWO DAYS BACK WE KEPT CALLING TO THEIR LOCAL OFFICE (NO INFORMATION EVER COMES FROM THEIR SIDE I.E.KOTAK LOCAL OFFICE )THAT FINALLY OUR REQUEST FOR REDEMPTION HAS BEEN REJECTED BY KOTAK HEAD OFFICE ON THE SIMPLE GROUND THAT IT IS NOT POSSIBLE .WE ARE ALSO ENCLOSING HEREWITH COPIES OF LATEST CORRESPONDENCE IN THE MATTER FOR YOUR PURUSAL PLEASE.

WE WISH TO FURTHER PLACE ON RECORD THAT IN ONE OF MY OTHER SIMILAR POLICY NO 01034459 IN THE NAME OF MAHESH KUMAR KANODIA THE PREMIUM WAS REDUCED TO 75 % BY KOTAK HEAD OFFICE .

NOW I WOULD REQUEST YOU TO KINDLY INTERVENE IN THE MATTER AND ISSUE SUITABLE INSTRUCTIONS FOR REDUCING THE PREMIUM OF ALL THE ABOVE POLICIES TO 75 % TO KOTAK LIFE INSURANCE SO THAT REDUCED PREMIUM IS PAID TO THEM FOR CONTINUANCE OF THE POLICIES AS MORE THAN APPROX 5 MONTHS HAVE PASSED IN THIS ISSUE.

LOOKING FOR JUSTICE IN THE MATTER PLEASE.

THANKS AND REGARDS


DEEPAK KUMAR KANODIA
27 CHANAKYAPURI ,NEW P A C LINES SHYAM NAGAR
KANPUR – 208 015 MOB NO [protected],[protected]
[protected]@gmail.com

Name: Asmita Sinha
Policy No. : 01082825

I had taken Kotak Smart Advantage Plan (Policy No. :[protected] by seeing Brand Name of Kotak Group by investing monthly 1,000/- since 09/06/2008. But, we are totally frustrated with the behavior and approach of Kotak Life Insurance Company (Kotak Life Insurance, 6th Floor Chokhani Square, Sector 18, Atta Market,Noida-201301 Tel No:[protected], which we have been never seen in our whole life, this kind of responsibilities and irregularities. They are trying to cheat us since 09, June 2008 when I purchased this policy.
At the time of purchasing that policy (June, 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 (1000 * 36 months=36,000 + Good % of return) (I have purchased this policy due to this feature only which is told by the executive, and I had paid 1,000/- per month since June, 2008 to July, 2011). And after 3 years, I had been called up to Kotak Life Insurance Customer Care and they said that your Fund Value is around 48,000/- as well as I also got a call from their side and again they also said that the same thing (your Fund is approx. 48,000/-). But when I came to visit their Office (Kotak Life Insurance, 6th Floor Chokhani Square, Sector 18, Atta Market, Noida-201301 Tel No:[protected] and word with one of the employee of Kotak Mr. Alauddin Khan (Manager-Sales, [protected]) and 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 2% deduction also. 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: 01082825, Name: Asmita Sinha). After surrendering the policy, I got only 24,105.21/- instead of paid 37,000/- in 3 years. I got loss of approx 13,000/- and punishment to invest my money into Kotak Life Insurance Company. This is very much ridiculous that first Kotak deduct one year premium (approx. 12,000/-) and deduct 2% also from the 2 years premium or Fund Value.
And I have seen that (when I had been gone to Kotak Office to surrender my policy) lots of customer has been cheated by the Kotak by the same kind of cheating tendency/attitude of Kotak Life Insurance Company. Around 20 peoples was come to surrender their policy on 30, July 2011, and every body was frustrated due to one year lapsed amount from their invested money/amount into a Kotak plan. This is also applicable for all plans of Kotak Life Insurance Company such as Kotak’s flexi plan, pension plan etc. All kind of peoples came to surrender their different Kotak’s policies on that day.
When we (all customers) said that your sales executive had misguided us regarding the policy and given fake/wrong information then Kotak’s representative (Mr. Zashan Ahmed) 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!!! Therefore, why should people invest their money or buy policy of Kotak Life Insurance?

Every customer has rights to information to know each and every detail regarding the product which he is going to buy. But we didn’t get full information regarding the Policy of Kotak Life Insurance which I had bought from an executive of Kotak on 09, June 2008. They hide the important information at the time of selling their product.

Now, I am totally mentally, physically and financially harassed by the Kotak Life Insurance Company (Kotak Life Insurance,6th Floor Chokhani Square, Sector 18, Atta Market,Noida-201301 Tel No:[protected]. It’s really worst. So, we don’t have any option rather go to Consumer Court. I am still suffering since last 3 months.

I want your valuable suggestion to take an action against Kotak Life Insurance Company (Kotak Life Insurance, 6th Floor Chokhani Square, Sector 18, Atta Market, Noida-201301 Tel No:[protected].

Thanks & Regards,
Asmita Sinha
Mob: - [protected]

Dear Sir/Madam,

This is to request you please change my address & D.O.B. My old address is M/S Tilakdhari Jewellers
sarafa Bazar, Bharatpur (Raj.) 321001. pls. change it into Tilakdhari Jewellers, sarafa Bazar. Bharatpur (Raj.) 321001 & My old D.O.B in my policy is 04/06/1958 pls. change it into 04/06/1957.

kindly change both my address and D.O.B as soon as possible.
Thanking you,


Yours Faithfully,
Rajkumar Goyal
Policy No:01218440
Client Id:51878675
Mob. No. [protected]

Name of life Insured : Rahi Virk
Policy No. : 01075919
Plan Name : Kotak Smart Advantage Regular (UIN-107L043V01)
Date of Commencement : 05.06.2088
Premium Paid Upto : 05.06.2011
Branch Code : CH1N
Basic Premium : Rs. 30,000.00
Policy Status : In Force

i am ex employee of kotak life My employee No. is OM 10981 my issue is after resignation i didn't recd. my form 16 so , i need my form 16 so that i can file my income tax return.

Form 16 reqired 2008-09 , 2009-10 ,

My self Lalit Suresh Chaudhari, Aurangbad. I take policy from kotak Life Insurance in jan 2006. I pay 3 Half yearly Installments each Rs.25,950/- Total Deposit Rs.77,850/- last i paid installment July 2007. after due to family matter I am not able to pay next installement. I demand return my deposit amount to kodak company the company executive said not return any amount and cannot any help to you. i didnot understand what say company executive so please help me and i assist to atleast i deposited amount return give me.

I hold a Kotak Life Insurance, currently which is in the lapsed state. I have received no communication from Kotak Life Insurance (KLI) in which ever form ever since the policy was initiated. I realize that I had an Insurance with KLI only when a tele caller called me and spoke to me. I enquired and he gave me details after which I started following up. This Insurance was sold to me cunningly by the same bank(Kotak Bank).I was not informed details and even do not remember wanting a KLI. When I followed up for details in the last week of April'11, I was told to wait since it was month and year end. (I have communications for this excuse). I then escalated the case and chased after it but all my calls and complaints were treated less important and response always procrastinated. I was then told to pay up the premium for which I asked for the intimation and reminders and final intimation before KLI put my life Insurance as lapsed. As usual Kotak Bank with whom I was interacting delayed and finally asked me over the phone to pay up with a revival charge. When I demanded a written intimation and threatened to raise the issue legally, the Branch Manager intimated me that the policy was reinstated from the lapse state to active but requested me to pay the premium. I requested for a written request from the Insurance division. I get a mail from KLI stating that the follow a process of sending intimation, and sent me soft copies of a intimation. There was no evidence that they had indeed send me the intimation. The mail also mentioned that KLI had sent a mobile text message giving a mobile number. When I questioned whose number it was that KLI had mentioned, I receive a second mail asking me to disregard the first mail and mentioned my mobile number. I enquired how did the number change, they simply mentioned that the second mail was the correct and that was the registered mobile number in KLI's records. Yesterday, 08-Jun-11 at 1845 hrs I called the toll free call center number which was provided in a hard copy letter send by courier to my residence address. May confirm, this was the first hard copy communication from KLI ever received by me. The CSE asked me for verification and asked my mobile number. I stated the number mentioned on the second mail (the corrected)and the same was stated in the hard copy letter, but the CSE refused to accept it stating that the said number was not registered with KLI.
In this similar fashion, KLI have contradicted many such information. I escalated the case to the Area Bank manager who in turn asked the KLI manager to speak to me. I received a call at night. After a long discussion the KLI manager offered t pick up the check and only then have my policy activated(this was contradictory to what the Bank Manager had confirmed). The offer was that the cheque would be picked up from me whenever I asked them. Since i was busy and my insurance was in inactive state, I requested the KLI Manager to pick up the cheque at night itself... to this he refused.
My question is .. Does Kotak Bank and KLI know that the have harassed me? My Insurance policy is in an inactive state & i am trying to revive it and the company itself is bluntly refused. What is the use of a Life Insurance Policy, which any one spends hard earned money to protect and cover himself for his family in case of an unto worth incident???
The Kotak Bank and KLI have been the reason my BP has raised up badly and Diabetes increased badly and subjected me to mental torture.
I want justice and the organization penalized for this inhuman act.

hi
i am binod sharma sr manager in kli at janakpuri branch after three year of serve i resign kotak and submitt the pf withdrwal form in nov. 2010 and hr person ms . vaishali send me acknowledgement 31.01.2011 i ask him hr they told me due to computersiation it's delay and told me sir till april u will recd. your amt. but still i didnt recd ...i dont know when i will get my money .....? i register so many complain but no result ....? my emp. id OM 10981 and MH/BAND/45187/11036

Some of my policy papers contained signature forged by Kotak agent. Requests to either cancel the policy or change the documents are ignored.

Correspondence:

Sir,

I am in receipt of the policy No. 02256664 Client ID 54171176 and Policy No. 02256671 Client ID 54175954.

Please note that certain documents attached to the captioned policies do not carry my original signature. A cursory...

As I have purchased life insurance policy from kotak mahindra old mutual life insurance ltd
policy no.00984858 in my wife's name and paid Rs,15000/-.They have not intimated and provided for payment
of istallments any assistance.So i could not pay the money.And suddenly they terminated policy without any payments.
Therefore i request you the justice and payment of my balance money please

my name is des raj son of kundan lal,resident of ward no 3,mandi dabwali distt.sirsa.
point no.1--agent told me sbi life insurance company and further told me that there is a policy named as shubh nivesh and even if me is more than the age of 60 years,he can be insured under the said policy and on this pretext you took a sum of rupess 10000/- from me named above for the above purposes.that to the great surprise od me the addressee send the ploicy of kotak mohinder life insurance instead of sbi life insurancve policy.in fact me never purchased policy of kotak mohinder life insurance said policy does not bear signatures of me.& the age of me the said policy has been mentiones as 58 years,whereas me age is 61 years old.all the family history is wrong.my date birth is wrong.and mobile number is mentioned wrong.my kotak mohinder life insurance policy number is 02268068
yours
des raj
h.no65 gali babu nanak chand
ward no3
mandi dabwali
[protected]

I was asked to deposit 30k in Jan 2010, for which I never got a policy document and now after an year they are asking for more money. Although I was told by the portfolio manager that its only for an year..

This company is making fool of innocent people and infact targetting to capture the hard earned money by some sophisticated way... Pls don;t get into their trap and do not apply for any of their policy, the basic aim of this company is to make fool and loot the customer..

hi,
i took kotak life insurance last year for tax benefit.
In which i need to pay 15000/year for minimum of 3yrs.(which i dint knew about it).
they would have called me and can debited this amount after my confirmation for continuation for three years.
without my notice they have dropped a cheque to debit 15000 from my account.
because of in sufficient founds,the cheque got bounced back.and i was charged the below mentioned amount.

06 Mar 2011 ECS DR Return charges dtd[protected] [protected] Mar 2011 90.14

16 Mar 2011 ECS DR Return charges dtd[protected] [protected] Mar 2011 200.00

26 Feb 2011 ECS DR Return charges dtd[protected] [protected] Feb 2011 109.86

as a total of (400/-).

i want that amount to be reimbursed


please do needful accordingly.

Thansk and Regards,
S.Sri Laxmi
[protected]