[Resolved] Kotak Smart Advantage Plan — Complaint Against Kotak Life Insurance Company | |||
Dear Sir, 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!!! Even they delivered document to me after 2 years after many complaint. I am in big trouble now I want urgent money for purchasing new flat. Please do the needful. Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 3 Comments | |||
Comments
i fully endorsed your statement
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 regret to note that your experience has not been commensurate with what we strive to provide.
We would like to assure you that the same has been noted and necessary measures are being taken.
Please accept our sincere apologies for the inconvenience caused.
With reference to your compliant, we wish to inform you that our centralized team is working on it and will revert to you within a week’s time with the final resolution.
We solicit your cooperation in the interim.
Regards,
Kotak Support team