[Resolved] Kotak Second Innings Plan — mis-selling

pbsurendra

from Boisar, Maharashtra

Address:

Pune, Maharashtra

My Relationship manager (RM) from Kotak bank came with its insurance advisor and suggested me to invest 2.00 lakhs one time payment in Kotak Second innings plan as part of my wealth building exercise towards a long term investment.
Firstly, i have paid the amount and when I received the premium paid receipt, found certain incorrect details like nominee name, premium paying term etc. and informed my RM to take care before policy issue. With full confidence on the Kotak bank & its group , I didnot send a letter in writing.
2ndly received the original policy very late after payment (approx.2-3 months time). Meanwhile, I logged into KLIFE website using my customer ID & policy no and raised a complaint on above incorrect details and also stated non-receipt of original bond. This complaint was within in 2 weeks of premium receipt and before even receiving the bond. KLIFE cud have corrected all these discrepancise before issuing the bond. but they didn't do it.
Their response is like IVRS message & stated this is as per application form etc.
Frankly, the form was filled by the agent from kotak and my RM. I have only believed them and signed it. I have been repeatedly chasing since 1 year and many officials from KLIFE visited me & assured that they will take care. But to my surprise, recived renewal notice immediately after one year. I raised this to KLIFE and again same pathetic response. I am totally un-happy customer with Kotak.
Please advise when will I receive my 2.00 lakhs premia paid and why KLIFE doesn't take responsibility of errors in their policy even after highlighting by customers? What action can we take on the agent who done a wrong selling of policy to me. pls help as klife is still chasing for
Regards, Surendra
[protected]@rediffmail.com

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Aug 13, 2020

Complaint marked as Resolved

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Comments

ambasheer

from New Delhi, Delhi

I have a Kotak Second Innings Plan for which I have to make an annual payment of Rs:1.20 lakhs. I made the first payment. For the second payment I got a request from Kotak. I immediately sent a cheque and promptly Kotak acknowledged it with thanks. Immediately aftr the due date I received another thanks from Kotak for the electronic clearance of Rs:1.20 lakhs from my SB account. I was not aware that already I gave consent for e-clearance. Now Kotak took more than 2 months to refund the money despite my running from pillar to post. They were even questioning the validity of my SB account with them.

I have another single invest plan with Kotak. I got enrolled into these schemes through the agents who did not explain about the administrative charges and other liabilities but who promised big returns. I was trying to understand the NAV and the expected returns of these schemes which I had taken. For the last 3 months I was expecting the field officer to explain to me as message had already gone to him to contact me. But within this span of time, I was receiving from Kotak agents for taking more policy/schemes.

I thought that Kotak is pro active but it seems that they are yet to prove it at least on the "Insurance business"

A.M. Basheer
[protected]@hotmail.com.

cjmohan

Same thing happened to me. The official sof Kotak Bank & their Life Insurance agents are misguiding & cheating public for funds and simply forget or disappear from the scene. I have invested Rs. 5 lakhs and the bank fellow told me that it is a one time investment & I blindly believed them. Now, I had to pay second premium of Rs. 5 lakhs to revive my policy. The bank or KLI officials don't even respond properly. I haven't received the policy documents even after more than a year. When enquired, I was told that it was posted to my Indian address. Never believe any official from Kotak Bank or KLI without reading all documents.

M.prakash kakade

from Mumbai, Maharashtra

My experience with kotak life insurance is tragic. The relationship manager and the agent promised better wealth accumulation by professional management. I am presently paying heavily for their non performance. My feeling is my hard earned money is being swindled . The facts like administrative cost or the percentages were hidden during selling. I am now paying to run kotak life insurance. My capital is reduced by approx 8%. Forget the bare minimum SB rate of interest. Friends beware. The inability of handling pension funds by kotak shall lead to disability .

M .Prakash
mprakashkakade @gmail.com