[Resolved]  Kotak Life Insurance — Misleading commitments and request for surrender of policy

Address:

Central Delhi, Delhi

[protected]

The insurance Ombudsman
Office of the insurance Ombudsman
2/2 A Universal Insurance Building
Asaf Ali Road
New Delhi

Sir
Sub: Misleading commitments and request for surrender of policy

My wife and I have taken three Kotak life Insurance Plans. What the insurance advisor offered us is not offered by the policy document. ( The agent has told me that the money will be invested in equities and I can get the investment back after the completion of three years lock in period. Now I am Told that the FIRST YEAR PREMIUM that I have paid is not even invested)
I asked for the clarification at the client services desk and they told me that the insurance advisor was not right and asked me to obey the policy document. What the policy document saying was not acceptable for us and so we requested for surrender of the policy. They refuse to accept it saying that the request should have been forwarded within 15 days of the ISSUE of the policy. It was not possible because the policies were received only after one month of their issue dates. (Please see the Details given below in the table)
Meanwhile I got to know from the other customers , who have filed complaints against the Kotak life insurance on consumer complaint forum, on similar issue that most of them received the policies after the stipulated time that the company has set to surrender the policy.
I have put a complaint at the client service desk and also at the nearest branch in Noida. But did not get any response . On mailing them again, I got a mail from the client services desk ( on 1st April 2010) that it is not possible to surrender /alter the policy. Now they are saying us to “ forget the premium” that we have already paid and discontinue the policy. There is NO WAY to get back the money which we had paid to Kotak.
This is a trap. Once you pay the 1st premium on the basis of the insurance adviser’s offers. You don’t have any other option but either to continue with it or Lose ALL the money that you have paid. In fact The company is NOT providing any written document while offering the policy but the policy adviser told us that “ all these offers would be given in writing once the company accept the policy” Now the company has accepted the policy and the commitments are not fulfilled. The Stipulated window for surrender is also closed.What shall I do to get my policies surrounded to the company.
Sir could you look into the matter and ask the company for an explanation?
Help us to surrender the policy and get refund of the money that we have paid the company on the basis of misleading offers. Name of the insurance advisor Mr Manas . The kotak official I discussed the problem at kotak : Rohit Gupta [protected])

Below are the details of the policy
Name Policy number and plan Date of issue of the policy And Number Amount
P M Narayanan
Kotak Super Advatage Plan

[protected]
Policy No : 01850871 Rs. 30000 half yearly

P M Narayanan
Kotak Smart advantage Plan 05/01/2010
Policy No 01836951 Rs 20000 half yearly

K M Savitha Kotak Smart advantage Plan 31/12/2009
Policy No 01834415 Rs. 30000 half yearly


I humbly request you to look into this matter and provide justice to us

Thanking you

P M Narayanan
Mobile : [protected]