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[Resolved]  Kotak Life Insurance — Cheating by Kotak Life & Poor Service

Dear Sir/Madam
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 When I read policy documents of the company, I realised that Rs 15,000 have been withdrawn without information.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, 2020
Complaint marked as Resolved 
Complaint comments  10 CommentsShareTweet

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Kotak Life Insurance has poor governance norms and lacks business ethics. No body in Kotak Life seems to be accountable for anything. Kotak Life is only concerned about the premium collections and very unsympathetic about the issues of the client.
Kotak Life is least bothered about the client. Kotak Life is only bothered about profit maximisation. From the past two months, many people have experienced that it is a cheater and swindlers of the public money. Kotak Life charges outrageous premium allocation and monthly maintenance charges way beyond the peer insurance company.
I am shocked how did they get banking license.
Dear Mr. Arya,

We refer to your communication received with regards to your policy 1895161.

We would like to inform you that as per our records, we have replied to all emails received from you.

We also want to inform you that the company had issued the policy basis the proposal form duly signed by you and accordingly had dispatched to you the policy kit which we believe was received by you in time.

To ensure transparency that a product and policy is as per customer's choice, we provide a copy of the application form along with the policy document. If, on receipt of the policy document, the terms and conditions are not agreeable to a customer, he also has the option to cancel/alter the policy within the Freelook period - as mentioned in the policy document. The company did not receive any communication from you within the free look period for cancellation or alteration of policy at any of its touch points.

Further, we request you to kindly read the policy document for information on the benefits and charges applicable towards your policy.

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

Regards, Kotak Support Team
Please don't give false and misleading reply.

This is a case of mis-selling. No charges were revelaed at the time of product purchase.

Now all officials of this company is trying to gobble up the payment made towards this policy.

Representatives of the company or its official never gave any concrete or convincing reply of the query raised.

Monthly maintenace charges are exhorbitant and never revealed by the company.
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I also made the same mistake. The sales officer cheated me. Looks like i will loose my 35 K..
I have full sympathy with you Mr Sahoo. But you should expect least from the company like Kotak Life, which is a very unprofessional company working with no transparency & business ethics.

Sales Manager have got incentives, now least bother about you; customer care desk does not anything; branch manager of Kotak Life branch will waste your time; staffs are rude and does not how to speak and the company is surviving on naive investors' money like your and mine.

In my case, I received hard copy of a letter assuring to reply within 15 days. About a month has passed and nothing has happened since then.

They are engaged in several malpractices and nobody is bothered. No charges are revealed and senior management is in deep slumber as they are making money by fooling others.

Kotak Life has no representatives, who can give any concrete or convincing reply to the query raised.
Dear sir,
My self Geetaben Maheshbhai Salvi My policy number is 01091507. I have select pention plan. In 2007 i took a policy of Kotak Mahidra life Insuarance. At time of policy taken ur Sales Manager commited me after 1 year we reduce your premium from 50, 000 to 10, 000. So please reduce my premium as per your commitment.

Yours Faithfully,
Gertaben Maheshbha Salvi
[protected]
The sales managers have cheated us by saying lot of false things.
I agreed with all complaints. KLIFE is really bad insurance company. I am also victim of their cheater sales man. I highly opposed KLIFE, never invest your hard into KLIFE. I have the policy no 02225076, I was paying premium RS 1991 per month and suddenly this month I has increased to RS 2021 per month. What's the hell happening here? Besides this the sales man had promised many benefits and good guaranteed returns but nothing is there. I have total lost my money in the bad hand. I was better to me if gave to poor people.
Ravindra Sonna
Asst. Branch Manager - Direct
Kotak Life Insurance
Pune 1
[protected]
==========================================
[censored]al Vora | Manager -Customer Care | Kotak Mahindra Old Mutual Life Insurance
2nd Floor, Zone III, Bldg No 21, Infinity Park, Off Western Express Highway, Goregaon Mulund Link Road, Malad E Mumbai 400097.(+91) [protected] (M).[protected]
=================================================
Shailesh Shetty Contact Number: [protected]. Email ID: shetty.[protected]@kotak.com
2nd Floor, Zone III, Bldg No 21, Infinity Park, Off Western Express Highway, Goregaon Mulund Link Road, Malad E Mumbai 400097.
=======================================================================
Kotak is fraud and has is into money laundring. Do not trust above people. They provide false committment. Mr. Shetty is into wrong business practice and ethics. DO NOT DEAL ANY FINANCIAL MATTERS WITH Mr. Sailesh Shetty.

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Kotak Life
Dear Friends,
I too agree, that i have made a big mistake in trusting Kotak Life Insurance in managing my pension plans.
I feel for the brand name, and mis-advice by insurance advisors and am paying through my nose for that.
I made significant investment in kotak life pension plans.
When my policy was created, they did not mentioned of any one of charges of 4.5% odd, which was deducted from the premium payments.
I sent requests via their online system asking them specifically to give me a call, but never got any reply. I check the system after a week, and they have closed my request, without any satisfactory reply.
I double check the insurance papers and dont find any mention of these charges.
Also i am paying administration charges at 8.5% odd percent of the fund value (that too not premium pay like other insurers do).
Can you believe it? If you put Rs 100 in their plan, you get 92 at the end of the year, this is happening even in the 2nd year of my plans.
Unbelievable !
That too this a pension plan with no life cover other than the fund value. Can you beleive it?
Even though i am paying monthly premium which should be well averaged, for investment of 180000/- current valuation is 137, 934.
I can share my policy numbers, if it help.
I dont know what to do, whether to exit the policy at further loss or take up the matter with IRDA.
It looks Kotak is run by swindlers, with no accountability or benefit for customer.

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