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[Resolved]  Kotak Life Insurance — regarding wrong sales of policy

Mr. Nitin Hemraj. Jain
259 – Bhawani Peth
Pune – 411042
13th August 2010

The General Manager
Kotak Life Insurance Ltd
Sub: regarding wrong sales of policy by your companies adviser

Respected Sir,
Some months before a marketing person of your insurance company came to my shop asking me to invest in some new policy of Kotak life insurance, he further told me that company is having some nice plan, that time I gave him my requirement to that person that I am needing a policy where I can pay for 3 to 4 years, ( with top up facility ) & after completing this period some amount of the policy ( pension ) must come directly in my bank account, after some days a lady named Pooja Sicodiya ( agent code number 6005337 ) Sonu Komker( Kunal ) Neha started to call me everyday that time Pooja told me that there is a plan in Kotak which is as per my requirement.
In November 2009 they send a person to my office, I gave him 4 cheques for 4 policy & all documents with two signs on each proposal form. Two signs where taken on new proposal form number 12, when I asked they name of the plan they told me sir don’t take tension are company plan is per your requirement as Kotak is one of a trusted brand in market I dint asked more & gave the proposal form ( with two sign ). That time Kunal & Pooja promise me some points on behalf of the company regarding the policy.
1) After completing four years of policy company will directly will provide me a bank account in Kotak Mahendra Bank Pune branch.
2) The company will provide debit card.
3) The company will directly send the pension amount in Kotak Bank which I will able to remove by my debit card.
4) They promise me the sum insured will be more than five lacs.
5) When ever I have some extra money I can top up the policy.
Sir, all the four policy which where login in December 2009 I got it in March 2010, I , found that the policy was not per my requirement, after that time I everyday I started to call all the above three person on [protected], [protected], [protected], [protected], [protected]. that the policy is not as my requirement, each time they where telling me it has been done by mistake & I will receive all four new policy ( pension plan ) but after June 2010 they all stopped to receive my calls, after that I called on companies toll free number [protected] I spooked to Ram, Kiran, Nidhi, Sudhir, Pretty & some more person several times but each time I got different answer, Kiran told me to take this matter to Punes S.S.road branch (Vega center) & meet Mr.Amit Wagh & Mr. Nitin Shinde.
I meet Mr. Amit Wagh & Mr. Choudhary in branch office two times I should them wrong document regarding my policy.

1) Policy is having 20 years term which I was promise 3 to 5 years.
2) Sum assured is only two lac which I was promise it will be above five lacs.
3) Some one from above three person have signed our duplicate ( Bogus ) sign on the personal form page number two of BENEFIT ELLUSTRATION.
4) In front of them I called Pooja & others but that time also they did not attend my calls.

Sir, I have been totaled misguided & cheated by Kothak Life Insurance; I am very disappointed by the way I am cheated by the advisor & company.
Sir, my humble request to you please give your attention in this matter please cancel all my four policy & return our money without decuting any charges or transfer my amount ( which we have paid ) to the pension plan policy as promise us by the companies advisor we all belong to a middle class family & it is very hard for us to pay for such a long term policy, Sir I request you to take strict action on the personas who have missed guided & cheated us by giving wrong policy , doing a bogus ( duplicate ) sign on the proposal form which is illegal .
Thanking you
With regards


1) Mr.Nitin Hemraj Jain – policy number – 01808296

2) Mr. Mahendra Hemraj Jain – policy number – 01808477

3) Mr. Vasant Hemraj Jain – policy number – 01808458

4) Mr. Vijay Hemraj Jain – policy number – 01808438
Complaint marked as Resolved Aug 13, 2020
Complaint comments  1 CommentShareTweet


I think as a policy borrower it was your mistake to agree and sign and then handover the cheque also.
95% of the sales guys in india have no knowledge of the product, they are left right center mis selling, hnece we should be very careful. it is better you dont invest but dont take such nasty decision and feed your money to these mongers.
i am a victim of bajaj capital who missold me mutual funds and insurances at one go as i had some money to invest but i realised mistake within a year and corrected my self. i lst almost a lakh of Rs. but now i know their trick and have shown the doors to lot of sales guys. thye cannot mess with me.
do not mix your investment with insurance. i[censored] want more money go for MF SIP's. If you want insurance go for term insurance. but do not mix.

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