Kotak Mahindra (Kotak Super Advantage) — Miss Commitments by advisor

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Kotak Mahindra old Mutual Life Insurance Limited.

Sub: Complaint and Clarification Regarding Policy No.01863300

This for your kind information that last month I had received call from your Delhi Head office and one girl introduced herself self as branch manager of kotak life insurance company and explain me regarding a Plan Kotak Super Advantage whose contents are given below.

1. That I have to pay Premium only for 3 years and after that if will withdraw the same after completion of 5th year then 120% of 1st premium will be paid by the company along with the fund value which I would pay in 3 years to you.

2. That Sum Assured of RS 800000/- will be continued till the age of 75yr if at the time of withdrawal I left 10% of total fund value remain in the folio and mortality charges will be deducted every year from that amount for the continuation of said assurance value.

3. That my funds will be invested in market from the very 1st year (Maximum portion in Govt. securities and rest in Equity market)

4. That No allocation, withdrawal and any other type of charges will be deducted from your amount except mortality charges.

5. Death claim will be applicable in case of Natural, Accidental and public Transport for all three reasons.

But I was very much surprised to read the policy when I received the same dated on 5th fib 2010 that almost all the things those were told were not in line as told by the advisor like.

1. as per your Policy page 11th no.14. Charges in which it is clearly said that first year premium will not be allocated towards the investment fund.

2. Policy administration charges page 11th which is .25% every month.

3. It is not clearly mentioned anywhere in policy that if at the time of withdrawal I left 10% of total fund value remain in the folio then policy will be continued till the age of 75yrs and only mortality charges will be deducted every year from that amount for the continuation of said assurance value.

4. It is nowhere written clearly that after the payment of three premiums if will withdraw the amount on completion of 5th yr then 120% will be given as fixed advantage multiple.

5. I have not opted for ECS facility for premium payment but it is written on the scan image printed on the back pages that I have taken the same.

6. On 2nd last page of policy where terms and condition are printed I have not signed on the same i.e. both of the signatures showing on page are not mine which clarify that somebody done forge signature of mine on the same which is a major compliance issue.

7. According to IRDA ruling it is mandatory that before issuance of a policy insurance company has to confirm all the benefits and charges to beneficiary but I have not received the same as mobile no. mentioned on policy is not mine and also does not exist.

On the whole all the above said commitments told by the advisor but are not in actual as per policy I received need written confirmation from the company side else I will be forced to surrender your policy right now of move further by taking help of provision 13(3) public grievance redressal rule 1998/Consume redressal forum.
Complaint comments  51 Comments     Updated: Share0Tweet0Share0


LIC — Dual deposit of Premium

My premium is deposited by LIC from bonus and me also paid by cash.
Now, I need refund of it.
As deposited twice.

Kotak is like this only . They misrepresent and do not care for customer
I have also received a call from Kotak life insurance. But only the difference is they are asking that I can withdraw money after 3 years and I will be paid one lac and seventy three thousand Rs without any deduction.This all will be tax free.

I am also recieveing call from Kotak regarding the policy "Kotak Super Advantage" The Guy name Rajeev and as per him the policy is :-

Deposit 50k 1st year + 2nd year 50 K + 3rd year 50 K= 1.5 + 1L ( fix bonus) + 12% compund interest so the total come approx 2.8 L in 36 Month . And also cover 5L personal insurance till the age of 75.

One can withdraw approx 2.8 L in 37th Month. So this shows that your money will be double in 3 years.

I dont know why kotak Mahindra is doing like this.

Thanks to Mr. Hanuwant Singh for such a detailed information, It save my hard earn money.

Nitin Chauhan
hi all,
i have also received call from delhi office saying that u will get this much amount if u invest for 3 year.
i realy don't come to know how they manage to give such high return in such tough condiition and no other company or fund have plan like this.
I too agree. I got a call today regarding the Same Super Advantage Plan. I did a search in google for Kotak Super Advantage Plan as I could not get details easily on the Kotaklifeinsurace.com. My first search link ended up here at https://www.consumercomplaints.in.

Thanks Mr. Singh for posting a detailed info.

These are products sold by person using gimmicks. They sell dreams which they are not sure of. Why an enterprise highly reputed using such corrupt marketing guys to spoil the goodwill of the enterprise and product.

Just think... the lady from Delhi want us to make decision of investment for 25 to 30 years (for ULIPS) in just an hour or two inducing the bonus offer or deadlines to register...GIMMICKS for Marketing
kotak seriously sucks i think LIC & IDBI foritis wealth surance are far better i have taken wealth surance and no allocation charges have been deducted I was happy that time but still marketting guys misrepresent the things for sure we need to be careful before taking any policy !!
I also got a call from Rajeev as per him, if i invest 30000 for 3 years my fund will comes to be 172000 (gauranteed) . i think it is totally baseless commitments

Premium-30, 000 for 3 yrs.
Bonus-200% Gurenteed On your 1st year premium.
Insurance-5 lac.
Medical Claim- 1lac.
MY Self Mohd, Asim i want to know about super advantage plane
so please send all information at my google id
Company should train marketing guys correctly and completely to avoid
any damage to its reputation.Complaints registered here in are eye openers.
Information thus provided assisted in taking the final decision.Let us work
together towards CLEAN INDIA.
thank you for the awareness.i too received a call from Kotak life ins., bhilai branch and the manager prabal singh had given me in written that in super advantage if i invest Rs. 1 lc every year on a 20 year policy, after three years my fund will be Rs. 390000/-.with an assured return of 13% P.A. Further even after i withdraw Rs. 3.80 lac from the fund and retain Rs. 10000/- balance my policy will continue till the term. On the basis of their explanation i had taken a policy. When i read the brochure, i found that there is no assured returns on the policy and the fixed advantage is only 200% of initial premium and Dynamic advantage is payable only if i continue payment of premium till 20 years. There is no assurance of 13% return. Further if i withdraw my fund value after 3 years leaving 10000/- my policy will not continue.

It is sad on the part of the reputed Kotak Life to allow their employees to play with the good will and reputation of the company for short term gains. As i am having written documents mentioning above, i am taking up the matter in court of law against the company.
Thanks for posting the complaint. Somebody called me now about the same plan. After seeing all this, I'm thinking not to invest in this plan.
hi all,
my husband (already had one kotak smart mutual fund) received call saying that u will get Rs. 134000/- amount if u invest for 3 yearRs. 25000 p.a..
Plus telecaller told my husband that u can even convert ur existing kotak smart advantage scheme to this scheme
i realy don't come to know how they manage to give such high return in such tough condiition and no other company or fund have plan like this.THIS SEEMS TO BE FAKE.

Thank go he had not taken any steps yet...
Just received a call from this Mr. Rajeev..He made the same above promises. I must say, what the adviser said sounded so lucrative. Thanks to all you guys...I am not taking the bait...

Even i received a call from One lady who belongs to Bangalore Kotak mahindra and she told the same routine story which our friends posted.

Dont beleive the Marketing Guys Blindly which will end up us in a deep trouble.


Balaji N
Just now I got a call from their kolkata branch and the lady wanted to explain about this plan. Though I can invest some money, i said that i don't have any plan to invest right now, just to escape from these 'smart' marketing people.

Before investing your money anywhere, do research on your own instead of just going by words from someone unknown to you over a phone call.
The thing which happened with the person who raised the complain happened with me. The sales office executive told me that premium would be allocated from 1st year onwards and there won't be any administrative charges, but in the policy documetn which i got yesterday no such things are mentioned. Infact they are not allocating any portion of first years premium. When i called up their customer care for clarification, they told that the policy is the same whatever is given in policy document and if i withdraw my money after 3 years but before maturity then my first years premium would be taken by them plus there would be 4% surrender charges, even after 3 years. Indirectly it says, if you want to get benefit, you should continue to pay premiums for 2 years.
I too received a call from Kotak regarding Kotak Super advantage plan, as per them i have to pay a Rs.20000/- p.a for 3years. after 3 years i can surrender the policy and i will get Rs.120000/- confirm return. I will also get a insurance policy worth Rs.5lac, if i want to continue insurance policy after 3 years then they will deduct 1st premium amount from Rs.120000/-.
Please can any body guide it is safe to invest in this policy.
Hi all, A great trail of discussion and a good eye opener.
I received a similar call from some Mr. Shivam (Delhi HQ). He confirmed me a similar guaranteed return on this plan.
>Investment-30000p/a for 3 years
>After 3 years-145000 guaranteed return of which I can withdraw 90% amount and the balance I can withdraw after 5th year.
>Insurance of 3L would continue for next 75 years if I let 5% amount in my policy
>Zero tax on the interest from withdrawal.
>Tax deduction applicable under both 80cc as well as 10D. Dual tax benifit.
>He also mentioned that all this would be mentioned in the investment form.
> I should invest immediately as otherwise this plan may be withdrawn any time.

It makes me now wonder if this only a trap to lure investors. I would definately have to withdraw my thoughts on investing on this plan. Thanks you Mr. Singh and all others who have taken time out to express their views on this dubious plan.

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    27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra, India - 400051
    Kotak Mahindra (Kotak Super Advantage) - Miss Commitments by advisor