[Resolved]  Kotak Life Insurance — COMPLETELY WRONG INFORMATION

Address:

Gujarat

Dear Sir,

I am Nirav Ajmera from Rajkot.
I am having Kotak Life Insurance's Money Back Plan policy which I have purchased by Company's executive in 2007.

My Policy details are as under :
Proposal No.: 00497327
Policy Holder..: Nirav Praful Ajmera
Plan Name..: KOTAK MONEY BACK (107N003V01)

At the time of buying this plan he told me to pay 3 premium on time rest I will expect to have 1.25Lc return at the time of 15yrs Maturity.
At the time of buying this plan he told me to pay 3 premium on time rest I will expect to have 1.25Lc return at the time of 15yrs Maturity. My Present Premium is Rs. 6000/- I have paid 3 premium on regular basis. I have not paid premium of last year as said by company's employee at the time of selling this policy.
Presently company is sayig that there is nothing like that,I must have to pay all premiums for 15yrs and at the time of maturity I will receive just Rs. 90,000/- only (Premium amt 6000 * 15 yrs tenure).

When I visited Kotak's Rajkot Branch on 11th Jan, at that time present Branch Manager Mr. Prajapati told me that my present surrender value is just Rs.8500 (on dated 9th jan - this figure was provided by operation department). When I asked them to provide official letter of company for this value he told me present surrender value is Rs.11500 (on 11th Jan)............. There was 3000rs. difference in just 2 days.

I have requested to provide me official Surrender value letter from company on 11th Jan, at present time of 27th Jan (already 16 days passed) I was not provided any kind of letter from Rajkot Branch. I talked with Branch Manager Mr. Prajapati, he was saying me that I will not send u any courier for this.. U can take step whatever u can.

Then I talked with Toll free number of Kotak Life insurance for this letter and they provided it to me through mail. And in this letter Present Surrender value is also different like Rs. 12859/- which is less then total premium Paid. I have paid 3 yrs premium of Rs. 18,000/-.(6000 per year).
They told me that company have announced bonus in last 3 years but that figure and statement also they are not providing.
I am requesting to IRDA that I dont want to continuoue with Kotak Life Insurance. I would like to withdraw entire money back with interest from Kotak Life.

As on today 4th February Rajkot's branch manager told not to help out for any kind.
Even customer care is also saying that they will not provide any details of my money.

Thanking You,
Nirav Ajmera
Rajkot - Gujarat
[protected]
ajmera.[protected]@gmail.com