[Resolved] Kotak Super Advantage — Deprived of one installment at surrender
Plan: Kotak Super Advantage
Policy No:[protected]Client ID[protected]
Plan Description – Unit-Linked Endowment Assurance Plan
Policy Start Date – 06/01/2010
Installment Paid -4
I have paid 4 installments of Rs.20,000/- Last installment paid on Policy Deposit Receipt no.71601190 dt.08/01/2013.
My total investment of Rs.20,000/- for 4 years is 80,000/-
Since I have surrender my policy, I have been credited Rs.53788.64.
I have lost Rs.20,000/- + 6211/-
Agents has not updated us on this condition.
I received communication from Kotak that :-
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.
This particular clause is not shown in Surrender Heading column and also not briefed by Agent. It is printed elsewhere probably to misguide people.
I request for my hard earned money of Rs.20,000/- back.
Complaint marked as Resolved 2020-08-14 04:14:25