[Resolved] Kotak Policy — policy fraud | |||
I had taken Kotak Smart Advantage Plan (Policy No. : 01594881 Name Prafulla Ingale) by seeing Brand Name of Kotak Group by investing monthly 1,500/- since 14/05/2009. But, we are totally frustrated with the behavior and approach of Kotak Life Insurance Company which we have been never seen in our whole life, this kind of responsibilities and irregularities. They are trying to cheat us since 14, May 2009 when I purchased this policy. At the time of purchasing that policy (May, 2009), the sales executive (Mr. Ravi Patil) of Kotak had given all wrong information and said that after 3 years, if you want then you can withdraw your policy and get your all invested money with good return (1500 * 36 months=54,000 + Good % of return) (I have purchased this policy due to this feature only which is told by the executive, and I had paid 1,500/- per month since May, 2009 to May, 2012). And after 3 years, I had been called and mailed to Kotak Life Insurance Customer Care he said that your one year invested money will be gone into Kotak Account and it will not given to you, I will get only 2 years invested money with 2% deduction also. I was totally shocked. This is ridiculous. Therefore, I am totally mentally, physically and financially harassed by the Kotak Life Insurance Company and decide to surrender the policy (Policy No: 01594881, Name: Prafulla Ingale). When I said that your sales executive had misguided us regarding the policy and given fake/wrong information then Kotak’s representative said that it is not Kotak’s responsibilities for their sales person/team or executives and you should verify the things. It means there is no accountability and responsibilities of Kotak about their plan and policies and their Sales Executive’s. All the responsibilities and loss paid by the Customer only!!! Therefore, why should people invest their money or buy policy of Kotak Life Insurance? Every customer has rights to information to know each and every detail regarding the product which he is going to buy. But we didn’t get full information regarding the Policy of Kotak Life Insurance which I had bought from an executive of Kotak on 14, May 2009. They hide the important information at the time of selling their product. Now, I am totally mentally, physically and financially harassed by the Kotak Life Insurance Company It’s really worst. So, we don’t have any option rather go to Consumer Court. Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 3 Comments | |||
Comments
but your executive does not told this. i want my all money(near about 54000) return back.
I don't want to continue this policy. Your executive cheated me. He told me that all the premium of 3 years will be return to me after maturity period.
This is not my fault. I cannot understand the rule mention in your policy as it is mention in complicated English (i can only understand Hindi and English and your document is only in english) i trust your executive but he cheated me. this is your responsibility to appoint good employee.
please return my all three year premium.
I don't want to continue this policy. Your executive cheated me. He told me that all the premium of 3 years will be return to me after maturity period.
This is not my fault. I cannot understand the rule mention in your policy as it is mention in complicated English (i can only understand Hindi and English and your document is only in english) i trust your executive but he cheated me. this is your responsibility to appoint good employee.
please return my all three year premium.
FRAUD[protected]--------KOTAK SMART ADVANTAGE PLAN[protected]------FRAUD
UIN Number: UIN-107L043V01
Policy Number: 01499898
Premium: 50, 000 (Yearly)
Some agent duped me into buying this policy(KOTAK SMART ADVANTAGE PLAN) of KOTAK in 2009.
I was told locking period of 3 years after that if i wish i can continue else withdraw my money easily without any charges. Also was told many benefits also that will get loyalty bonus every five years and blah blah.
But when i payed my subsequent premiums. I saw my 1st premium is not in my fund value. This was never told to me that first premium is not invested.
When i called up the customer care and asked about quitting the policy they said, first premium wont be payed back also further forfeit charges will be deducted from current fund value. This is shocking even after 3 years which was supposed to be locking period nothing changed and i am duped.
They say you have to pay premium for 20 years without fail then only your first 50, 000 will be payed along with else.
As per 25-Nov-2012 My policy status
Amount Payed By me: 2 Lakhs( 50K X 4)
Fund Value: 161919.59400
I guess i would never match to original amount. I cant forfeit that will take half of my money.
So this comes out to be total trick fraud to keep a person paying. He can never quit from this loop hole.
I have seen Many people being part of this fraud by KOTAK. Many have forfeit their policy and KOTAK snatched their almost 50% of the money.
MY HUMBLE REQUEST TO EVERYONE ...PLEASE DO NOT GO FOR ANY POLICY OF KOTAK...THIS KOTAK IS MOST FRADULENT OF ALL..I haven't seen any such case with any other bank.
I have written my complaint to them 2-3 times on their website. Never ever got a single reply. Even after few days my request/complaint automatically gets deleted.
All i want is either Kotak should contribute my first installement in my fund value and add the interest equivalent to what i should get in 4 years at NAV price of the fund i will continue with my policy for sure on these terms... Or ELSE allow me to forfeit the policy and give my 2 lakhs back . I don't want any interest just please return my original amount atleast .
UIN Number: UIN-107L043V01
Policy Number: 01499898
Premium: 50, 000 (Yearly)
Some agent duped me into buying this policy(KOTAK SMART ADVANTAGE PLAN) of KOTAK in 2009.
I was told locking period of 3 years after that if i wish i can continue else withdraw my money easily without any charges. Also was told many benefits also that will get loyalty bonus every five years and blah blah.
But when i payed my subsequent premiums. I saw my 1st premium is not in my fund value. This was never told to me that first premium is not invested.
When i called up the customer care and asked about quitting the policy they said, first premium wont be payed back also further forfeit charges will be deducted from current fund value. This is shocking even after 3 years which was supposed to be locking period nothing changed and i am duped.
They say you have to pay premium for 20 years without fail then only your first 50, 000 will be payed along with else.
As per 25-Nov-2012 My policy status
Amount Payed By me: 2 Lakhs( 50K X 4)
Fund Value: 161919.59400
I guess i would never match to original amount. I cant forfeit that will take half of my money.
So this comes out to be total trick fraud to keep a person paying. He can never quit from this loop hole.
I have seen Many people being part of this fraud by KOTAK. Many have forfeit their policy and KOTAK snatched their almost 50% of the money.
MY HUMBLE REQUEST TO EVERYONE ...PLEASE DO NOT GO FOR ANY POLICY OF KOTAK...THIS KOTAK IS MOST FRADULENT OF ALL..I haven't seen any such case with any other bank.
I have written my complaint to them 2-3 times on their website. Never ever got a single reply. Even after few days my request/complaint automatically gets deleted.
All i want is either Kotak should contribute my first installement in my fund value and add the interest equivalent to what i should get in 4 years at NAV price of the fund i will continue with my policy for sure on these terms... Or ELSE allow me to forfeit the policy and give my 2 lakhs back . I don't want any interest just please return my original amount atleast .
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27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra, India - 400051
We would like to confirm that we have checked on your policy and based on our investigation we found that the policy has been issued in accordance with your requirements as per the proposal form duly signed by you. The duplicate policy was duly delivered basis your request.
We would like to re inform you that the plan chosen by you is "Kotak Smart Advantage Plan" which gives you exceptional benefits on your first year premium paid. This plan is an intelligent unit-linked plan (ULIP) that is based upon the idea of regular savings and systematic accumulation of wealth in the long term. It offers guaranteed returns coupled with the benefit of flexible life cover and up to 100% allocation of your money, making it best suited for an individual’s financial needs.
The first year premium paid by you is kept reserved for two benefits as given below and therefore not invested in the market.
1) Fixed Advantage: The fixed advantage benefit is an assured value guaranteed at the end of your 15 years policy term. This benefit is calculated as a percentage of your 1st year premium depending on the policy term chosen, provided your policy is in force and all premiums are paid.
The percentage of the Fixed Advantage benefit in your policy is 135% of your 1st Year premium.
2) Dynamic Advantage: Dynamic Advantage benefit is an assured bonus credited to your fund value at the end of every 10th, 15th policy year.
This benefit is calculated as a percentage of the average value of funds in the three years preceding the benefit allocation, provided your policy is in force and all premiums are paid.
The percentage of the Dynamic Advantage benefit paid at the end of policy year is as follows:
10 years – 1.10%
15 years – 1.35%
With reference to your concern regarding Fund Value, your first year premium would not be available in the fund value as it is used to give you assured returns after 10th year and/or on maturity as illustrated above.
Further, in a ULIP plan, funds are invested in the market which is subject to risk as market condition varies & short term returns may not be expected.
Therefore, to enjoy considerable market returns on your investment, we would suggest you to stay invested for a long term period of minimum 5 to 7 years in a ULIP plan. In fact, you will be able to enjoy maximum benefits from market returns along with maturity benefits at the end of the policy term. The plan opted by you is really very good as mentioned above and funds are invested in Dynamic Floor fund.
You may also check monthly performance of our funds from our website www.kotaklifeinsurance.com which will give you clear picture.
In short, it would be more prudent to continue the policies to take the advantage of an upward moving market and maximize benefits.
Trust, this clarifies and resolves your concerns.
Regards,
Kotak Support Team.