[Resolved] Kotak Life Insurance — Cheating by Kotak Life & Poor Service
I had invested Rs 50,000 in an ULIP plan of Kotak Life Insurance in February, 2010. I had a very strong belief in the brand & the company- Kotak & Old Mutual and hence committed mistakes of not reading the policy documents. When I read policy documents of the company, I realised that Rs 15,000 have been withdrawn without information.
In an investment of Rs 50,000, 40% have gone into the drain in the first year. In the second year also, they are telling that they would deduct 10% as premium allocation charges and Rs 8000 in the annual maintenance charges. Again it means, from premium of Rs 50,000, 26% will again will be deducted.
Now, I want to surrender the policy to which they say, I would not get anything of my first premium.
Of the 9 mails, I have sent, I received reply of only one. Customer service desk takes 6 to 15 minutes to pick up the phone without giving any reply.
I am about to loose my entire investment of Rs 45,000. Please guide, how can I get anything out of this investment. Investment in this company is utter loss as they have created a bottomless pit and charging exhorbitant rate without any value addition.
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Aug 13, 2020Complaint marked as Resolved
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