[Resolved]  Kotak Life Insurance — Fraud by Company

Address:

Jammu, Jammu and Kashmir

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.