[Resolved]  Kotak Life Insurance — violation of sebi's rules & regulations

Dear Sir,

I have gone through your complaint and would like to bring it to your kind notice that all insurance companies including Kotak life insurance come under the jurisdiction of IRDA and not SEBI..and so SEBI has no authority to ban or to stop functioning o[censored]LIP business..Moreover, if you have gone through the latest development, you must have noticed that IRDA has asked all the insurance companies to carry on their business as usual and assured all the policy holders that their investment is 100% safe...So please be rest assured that your money is in good hands...and i being the financial advisor for Kotak Life Insurance, would like to say with some authority that the product which you have (Smart Advantage Plan) is one of the best in the market if you compare it with any other ULIP in the market..

Thanks and regards,
Dhawal Sharma
KOTAK Financial Advisor #[protected]

Yes kotak smart advantage is the best plan?
Really?
100% allocation charge in first year so you are stay loser from the begening & from second year you get full investment in case if you can not pay regular premium like 20year policy term so you will get 0 of your fist year premium

it is worst policy i ever seen

Kotak Insurance Ahmedabad — Cancelling the Policy

I took the Insurance policy in the month of July 2010 from Kotak Insurance. Inspite of giving all the details they have mentioned my name wrongly on the policy. When I informed for correction no one has responded properly. I have written a letter on[protected] for cancelling the policy but no action has been taken by Kotak Insurance Ahmedabad Branch. I want my money back. I am not interested to continue the policy.

Dear customer,

This is with reference to your name correction in our policy records: we request you to please provide us with your policy details at kli.[protected]@kotak.com, so we can ensure requisite action.

Our team will shortly contact you and ensure this issue gets resolved on priority.

Regards, Kotak Support Team

Hi,

This is with respect to the policy no 02083770 under Kotak Super Advantage Regular (UIN-107L058V01) .The sales representative had wrongly given about the benefits of this policy.By the time I received the policy booklet the free look up period was over and as I've opted for the monthly mode the money was getting deducted from my bank account.I went to Kotak office for the cancellation of ECS option.Those guys were always telling that it will be done in another two weeks.My money was getting deducted monthly.Finally I went to the bank and closed the account so that automatic deduction got stopped.I lost Rs 12000 -/ in the mean time.I want to cancel this policy and get my money back.What should I do in this regard?

In the policy document the following was stated

"If premium for the first three policy years is not paid in full and within the grace period (15 days
for monthly mode and 30 days for other modes), policy lapses and all benefits (including Life
Cover, Fixed Advantage and Dynamic Advantage) will cease. If the policy is not revived within
two years of the first unpaid premium, the contract shall be terminated. In case the policy lapses
and before paying any part of the 2 year’s premium, 10% of the premium(s) paid (excluding any
extra premiums) will be payable at the end of the third policy year."

Whether I will get back my money.