[Resolved] Kotak Smart Advantage Plan — Fraudulent scheme KOTAK SMART ADVANTAGE PLAN | |||
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 . Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 3 Comments | |||
Comments
Dear Mr. Aggarwala,
We understand your concern in accordance to policy details and fund performance.
We would like to inform that we have checked all our records and confirmed that the policy has been issued in accordance with your requirements as per the proposal forms duly signed by you.
As per the policy features, we wish to inform you that on payment of first year premium, premium amount is not invested in the market but you will get two benefits which are as below.
1) Fixed Advantage: The fixed advantage benefit is an assured value guaranteed at the end of your 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 175% of your 1st Year premium.
2) Dynamic Advantage: Dynamic Advantage benefit is an assured bonus credited to your fund value at the end of every10th, 15th, 20th 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 1.75%
Please be informed that First Year Premium (FYP) is set aside and contributes towards guaranteeing Assured Additional Advantage.
Assured Additional Advantage = Fixed Advantage Benefit + Dynamic Advantage Benefit.
We started investing the premium in the market second year onwards.
The same is mentioned in your policy document. We request you to kindly refer the same for further clarification.
Trust this clarifies your concern.
Regards,
Kotak Support Team
We understand your concern in accordance to policy details and fund performance.
We would like to inform that we have checked all our records and confirmed that the policy has been issued in accordance with your requirements as per the proposal forms duly signed by you.
As per the policy features, we wish to inform you that on payment of first year premium, premium amount is not invested in the market but you will get two benefits which are as below.
1) Fixed Advantage: The fixed advantage benefit is an assured value guaranteed at the end of your 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 175% of your 1st Year premium.
2) Dynamic Advantage: Dynamic Advantage benefit is an assured bonus credited to your fund value at the end of every10th, 15th, 20th 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 1.75%
Please be informed that First Year Premium (FYP) is set aside and contributes towards guaranteeing Assured Additional Advantage.
Assured Additional Advantage = Fixed Advantage Benefit + Dynamic Advantage Benefit.
We started investing the premium in the market second year onwards.
The same is mentioned in your policy document. We request you to kindly refer the same for further clarification.
Trust this clarifies your concern.
Regards,
Kotak Support Team
Its exactly the case what I am facing. Kotak officials come to home immediately for openign a new policy. But if in case grievance no body will turn up. My clear recomendation is cancel the policy and invest in some good policy where you will be able to cover up your principal loss amount.
I have invested 1 lakh per annum ammounting to approx 3 lakh. Now the fund value is less than 2 lakh after 3 yr lock in period. I will surrender my policy to avoid further loss as the policy tenure is for 20 yrs. Total frustation by taking this plan. Offcials in local branch are washing off there hand and convincing me that we are not responsible rather few of them are asking me that why I have taken the policy if you know that its long term policy. I dont know in what language I should explain them that the policy has been mis guided and mis sold to me. But there is no answer from Kotak, and there playing the old blame game.
regards
Mani Parthasarathy
[protected]@yahoo.co.in
I have invested 1 lakh per annum ammounting to approx 3 lakh. Now the fund value is less than 2 lakh after 3 yr lock in period. I will surrender my policy to avoid further loss as the policy tenure is for 20 yrs. Total frustation by taking this plan. Offcials in local branch are washing off there hand and convincing me that we are not responsible rather few of them are asking me that why I have taken the policy if you know that its long term policy. I dont know in what language I should explain them that the policy has been mis guided and mis sold to me. But there is no answer from Kotak, and there playing the old blame game.
regards
Mani Parthasarathy
[protected]@yahoo.co.in
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