[Resolved]  Kotak Life Insurance — Blunder on part of KEY staff

Address:

Lucknow, Uttar Pradesh

I really feel very sorry to state that its nothing more than a plight of a consumer , i am astonished to the fact that how I am been ridiculed.

Fact remains i had always known that insurance is a contract and stands on uberrimae fidei a legal doctrine which governs insurance contracts.

But seems Kotak Life is working on Caveat emptor .

Contract does not have full information and once is sold no botheration about if a person lives or dies , after depositing the premium and giving all requisite documents for mode change and ECS mandate ( which i only has signed ) . A pink form mentioning my account no. and amount ( Rs 5420 ) the mandate was handed over to the KLI staff , along with the mode change form .

The bizarre aspect is first i need to pay higher amount of premium and had deposited Rs. 10900/- ( Voucher no.[protected] as two months premium which is very much honoured by Kotak Bank itself .

I agree to that 'insurance is a subject matter of solicitation' but prima facie insurance is cover and hence what the premium paid for. But with what had happened i don think so that i shall not be able to continue with the policy .

As per the letter attached was it not a duty of any official to intimate me that ECS was rejected and my mail was very much updated with Kotak Life but nothing happened.

A few questions which come to my mind and shivers my soul :

if anything happened to me in the last one month ( counting my days in grace ) and if i met with an accident as i was outstation .If i die anyday the company will easily forfeit the Sum Assured ( Rs 50 Lacs ) and make a fool of my dear ones.
and if i was not an aware consumer i may never knew that my policy is lapsed and when contacting the customer care i get a response please contact the branch as we may not help you.
me fortunate enough me alive else wise my family would had pains for rest of life as they may never known the facts.
i called customer care who assured me that eveything will be resolved and will come back to me but
today also again when i confirmed from your call center Mr. Nishant told me that no request has been recd either for mode change but later he ratified the same ids recd bt on comapny part is not been done and he has confirmed a fact that if i had died since july 12th nothing wud be paid as sum assured and later
I really would had appreciate that some solutions could have been provided rather than sending me a soft copy that too after me approaching you pp. Strange to find in this world of cut throat competition seeing a sleep on attitude by professionals and risking the image of company.

The trail mail was also send to me once i enquired about the same , i really could have appreciated if some solution was provided not the problem.

Thanks & Regards,,

Vivek Kumar
[protected]