[Resolved]  Kotak Life Insurance — first year premium not included the surrender value.

Address:

Chennai, Tamil Nadu

Myself S.Palani, kotak customer and my policy no is[protected]kotak super advantage plan. I am decided to surrender my policy on 15.7.2013, regarding this I was approached egmore branch Chennai, while I came to know the fund value is Rs 51000 (with out the addition of my first year premium). The kotak life insurance egmore branch customer care executive told me, the first year premium not refunded. You can get this Rs 51000 surrender value without the addition of first year premium. The policy documents surrender clause not mentioned this. Actually i had paid Rs 72000 as three year premium with out lapse. Many times (through customer care phone calls, Emails, written complaints in kotak branch, IRDA website and Insurance ombudsman) i requested(Kotak life insurance) add my first year premium in surrender value. But they never gave proper reply.