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Kotak Life Insurance — incorrect information

TO,THE SENIOR MANANGER
CENTRAL PROCESSING CENTRE
KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LTD.

we have recieved your document and wanted you to correct information regarding me about the following things in your records...

Tel phone number-[protected] is incorrect....my no. is [protected] and[protected]..

ADDRESS- 579-C,SECTOR15-1, GURGAON

DATE OF BIRTH-07.12.1965
I REQUEST YOU TO CORRECT THE ABOVE GIVEN INFORMATION IN YOUR RECORDS.
THANK YOU
YOURS SINCERELY
VINAY MANGLA

Dear Mr. Ahuja,

We would request you to coordinate with us on kli.[protected]@kotak.com, so that we can have this issue resolved at the earliest.

For further queries please feel free to write to us or contact our Client Service Desk on[protected]Toll Free).

Regards, Kotak Support Team

Hi,
I totally agree with this.
I am also one of the person cheated by KLI
for the same plan.
I also wants to complaint to IRDA regarding this.
Can u please help me on this?
What is the process for it.

At least we should get our first year premium without any benifit if we surrender the policy.

Kotak Life Insurance — Cheats - Give incorrect information/charge exorbitantly/staff knows nothing

Hello,

I have a query on my policy No 01974726.

This policy has critical illness rider - How will this rider benefit me. If i am diagnosed with a critical illness - How will this policy work for me?

Page no 6 of this policy states if i suffer from cirical illness the benefit amount given to me is 200000 Rs.Is this paid to the nominee after my death? Or Is this paid to me when i intimate you about the illness and post verification you confirm the illness and pay that amount to me.

I was told by your agent that this amount will be paid to me post confirmation of illness however your representative Ram from the Contact Center informed me otherwise. He has informed me if i am dead because of one the of the critical illness mentioned in the document,my nominee gets paid.

Your policy document does not mention that only in the event of death in case of critical illness will the nominee be paid.

I NEED CLARIFICATION ON THIS YOUR STAFF DOES NOT SEEM TO KNOW WHAT YOU SELL.I AM TERRIBLY DISSAPOINTED AND THIS IS DEFINETLY BAD CUSTOMER EXPERIENCE. YOUR SALES AGENT YOGESH STATED SOMETHING ELSE,POLICY STATEMENT DOES NOT UNDERLINE THE WORD DEATH DUE TO CRITICAL ILLNESS AND THE REPRESENTATIVE ON THE PHONE - RAM SHARES RATHER DISSAPOINTING INFORMATION.HE WAS RUDE AND AND NO SENSE OF CUSTOMER SERVICES. YOUR STAFF NEEDS TO KNOW HOW TO TALK TO CUSTOMERS AND ALSO BE TRAINED AND KNOWLEDGEABLE OF THE PRODUCTS YOU SELL.

I will take this to court and media as your service is appaling and utterly disgusting.

PLEASE REVERT WITH CLARIFICATION.

Dear Mr. Punnapulli,

We apologize for your disappointment with our customer support staff, and would like to assure you that we would be more than happy to help you with your queries.

We have arranged for our representative to contact you and take you through your policy terms and conditions. They would also be happy to answer any specific queries you may have with respect to the critical illness clause.

For further queries, please feel free to write to us at [protected]@kotak.com or contact our Client Service Desk on[protected]Toll Free).

Regards, Kotak Support Team

Hi,
I am also facing the same Issue. I am having Account with Kotak from last 2.5 years and really trusted their service. And they were good on Customer Service but in case of Life Insurance i am also feeling Cheated. Very Disappointed. What kind of employees they have for customer care. They don't know how to talk and they talk like they doing us a a big favor talking to us. So many lies just to sell the policy.
If they are really good we will definately come. At least dont't lie.
My Policy : Kotak Smart Advantage Regular (UIN-107L043V01)

Regards,
Puneet

[protected]@gmail.com

Hi Deepak,
I too agree with you. I was also misguided by Kotak Employee in the same policy.
As per IRDA regulation 2009-10, Insunrance companies can not lock the amount invested for more than 3 years..

Can you suggest me how to proceed further? I also wish to lodge legal complain against Kotak Life Insurance with IRDA

My email ID is [protected]@gmail.com

Please guide me on this as well.. Kotak has cheated me also...
IT IS THE MOST UGLY INSURANCE COMPANY IN INDIA...BAD LOAN..BAD INSURANCE AND MOST CROOKED ORGANISATION..

TELL ME IF I CAN ALSO HELP YOU IN THIS LEGAL CASE AND JOIN MY CASE AS WELL WITH YOU

TELL ME HOW CAN I TAKE ANY ACTION AGAINST KOTAK. CAN IRDA HELP?

REGARDS
AMIT

hi Amit,
You can drop an e-mail, at [protected]@irda.gov.in
They wil take some time to reply.

Hi Amit,
I am also misguided by the agent. And I have paid 3 years premium, 20, 000/Per Year.
I was not informed that they will withhold the first year premium...and cheated in the same way...
and they have very worst customer care service. Plz let me know where can I lodge compliant againt
kotak for cheating.

Regards
Bhanu

Hi,
I totally agree with this.
I am also one of the person cheated by KLI
for the same plan.
I also wants to complaint to IRDA regarding this.
Can u please help me on this?
What is the process for it.

Hi,
Same is the case with me, I feel like i am trapped, the tone of the sales executive later on sounded very irresponcible, i was told that i don't have option to withdraw atleast for next 15 years, or else they will take the entire 1 years premium.

Please guide what can be done now, I don't want to loose my 3 premiums i have paid and i also dont want to continue with this plan.

Regards
Amit

hi...
I am also a victim of this.The agent of kotak life insurance as well as their concern person CHEAT me by telling false.They told me that you have to pay the premium for the 3 years only and there will be no deduction of the charges and all you will receive your money after 3 years according to the fund value.

PLEASE HELP ME WHAT SHOULD I DO...???


MONIKA

Same is the case with me.. My 25000 is blocked..they are saying I have to remain invested for the next 20 years to get that amount. On top of that what they are paying is 43750 that is just 18750 as interest after 20 long years. Even with nominal 9 % fixed deposit one would be able to make 100000 in 16 years i.e 75000 interest amount with principal 25000 seperate. How could IRDA allow this policy to be sold?

Has anyone taken any step towards the same in the light of IRDA regulation 2009-10?

Prabhas

I have also same complaint against KOTAK regarding 'KOTAK SMART ADVANTAGE PLAN"

I am also touch with IRDA and KOTAK regarding fraud of this Plan.

This plan is very fraud, one side Agent saying that Locking Period is 3 years and Customer will get 33% benefits and another side Company cannot invest our 1st year premium in the MARKET.

I THINK THAT COMPANY CANNOT BOUND CUSTOMER AFTER LOCKING PERIOD OF 3 YEARS and IF CUSTOMER WANTS TO WITHDRAW THE SAME AFTER LOCKING PERIOD, COMPANY CAN BE BOUNDED TO RETURN HIS 1st premium with interest + VALUE OF FUND.

IRDA AND KOTAK ARE REQUESTED TO CHANGE THE RULE AND DO NOT BOUND HIS CUSTOMER.

HOW COMPANY CAN SAY THAT 'CUSTOMER IS GOD'

SATISH KUMAR
[protected]

I too totally agree with the above complaints, Kotak Life insurance is the biggest cheater. We should together fight against this, the agent never disclosed about the 1st year premium being not invested in market. KLI is pathetic.Inspite of so many complaints above, Kotak support has hardly responded, This shows the truth of their customer service team.

Narmada.

I also agree that Kotak Life insurance is Making false promises and selling the policy without informing the customer of its full and transparent implication
My policy number is 01483313, there are so many phone calls about bonus add karne ke liye company ka aadmi bhej reahe hai, abhi jawab do nahi to bonus hata denge " Is policy me agent ka commission kata hai, aik aadmi bhej rahe hai Ab company seedhe policy de rahi hai! and so much ! i am fed up with this ... and about surrender the same "pehle seal ka premium katega"

i was an employee at koatk jorhat branch even when i am being cheat by the branch manager what about you public /clients .
as an employee i know the poor intergrity of the hr and low profile managers .

afsana begum

no insurance gives profit to any body as an insurance person i tell only tax benifits .one can only belief in LIC .please re think on investment .agents mangers they lie for their salaries or else manager will not pay the salary .

I also agree and I am also victim of KLI and this time the company at its own illegally without my consent and authorization withdraw the premium amount from my saving account from which I was paying the premium for the last three years by illegally activating the ECS and when I called on the helpline no. they were unable to give proper reply and when i filed the complaint and asked the copies of the papers for the ECS, on the email address of customer care, they are making one or the other excuse. Soon I am going to file a police complaint for cheating and forgery, and another complaints in the consumer courts and Judicial Courts, if I will not get the reply within 48 hours. NAVDEEP GUPTA from Patiala (Punjab)