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[Resolved]  Kotak Life Insurance — EXIT LOAD ON SURRENDER OF POLICY

I HAVE TAKEN LIFE ULIP POLICY FROM KOTAK LIFE INSURANCE PLAN NAME :KOTAK SAFE INVEST PLAN
WHILE SELLING THE POLICY /PLAN AGENT MR.NAYAN SAHOLIYA OF KOTAK LIFE INSURANCE, HAS CONFIRMED FOLLOWING:
1. THERE IS NO EXIT LOAD EVEN AFTER THREE YRS.BUT TODAY I SURRENDER EXIT LAOD AMOUNT HAS BEEN DEDUCTED AND WHEN I ASKED COMPANY THEY TOLD THERE IS A EXIT LOAD IF YOU ARE SURRENDER BEFORE YOUR METURITY
2.I HAVE TOLD HIM I WANT FOR THREE YRS HE SAID OK AND HE HAS FILL THE FORM AND HE MENTIONED PREMIUM PAYMENT TERM 3 YRS NOT POLICY TERM THREE YRS. HE WROTE POLICY TERM 10 YRS.AND HE GAVE ME ORIGINALPOLICY DOCS.AFTER MONTHS SO I COULD NOT CHANGE ANY THING.
3. EVEN HE HAS EXPLAINED THE PLAN THAT U CAN GET YOUR FULL AMOUNT WHICH U HAVE PAID AGAINST YOUR POLICY + 2 TO 3 % INTREST ALSO. NO MATTER YOUR GROWTH FUND IS MAY BE BELOW YOUR AMOUNT.
IT SEEMS THAT HE HAS MISS GUIDED ME TO SELL THE POLICY AND TODAY MORE THAN 5000 RS. HAS BEEN DEDUCTED FROM MY ACCOUNT AGAINST EXIT LOAD. WHICH IS SURPRISING ME AND MAIN THING THE AGENT IS NOT WITH THE SAME COMPANY AND HE IS NOW WITH ICICI LOMBARD
PLZ LOOK IN THIS AND HELP TO GET THE AMOUNT AND THIS TYPE OF AGENTS TO BE PUNISHED.
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Complaint marked as Resolved Aug 13, 2020
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    JAMNAGAR
    Gujarat
    India

    Complaint categoryCategory: Insurance
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