[Resolved]  Kotak Mahindra Insurance — policy foreclosure without notice and deducting 75% premium paid on this pretext

Address:Ahmedabad, Gujarat

i had policy no 01800964.i had paid premium for 2 years equal to 70000.after that i couldnt pay my premium, so the policy lapsed.After that i filed a application in ahmedabad office for policy recontinuation.that didnt give any reply for that.when i went again they said the policy was foreclosed and give me a foreclosure amount of rs.26000.now this i serious fraud on their part.
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Aug 14, 2020
Complaint marked as Resolved 
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Kotak Mahindra Insurance — IGNORANCE OF SCHEME

MY NAME IS SANJAY SUREKHA ,I HAVE POLICY NO 01905630,IN MY WIFE'S NAME DEEPA SUREKHA ,WE BOUGHT THIS POLICY AS THE AGENT TOLD US THAT WE HAVE TO PAY RS 3000/- PER ANNUM,BUT WHEN WE GOT THE POLICY PAPER WE WERE ASTONISHED TO FIND IT WAS 3000/- PER MONTH, WE SOME HOW MANAGED RS 3000/- PREMIUM FOR SOME MONTH BUT NO LONGER THEN 4 MONTH,HOW CAN WE GET OUR MONEY BACK ,OTHERWISE THE COMPANY WILL FORFIET IT.
Dear Mr. Surekha,

This is with reference to your policy number 1905630.

The policy document has been issued in accordance with the proposal form submitted and was duly delivered post conversion.

We offer our customers a 15 day freelook period wherein they can opt for cancellation of the policy. However, we did not receive any such request from you during the said period.

Based on the above facts, we regret our inability to consider the case for cancellation. We believe our customer care executive has also explained the policy in detail and we would urge you to continue.

For further queries please feel free to write to us at kli.[protected]@kotak.com or contact our Client Service Desk on[protected]Toll Free)

Assuring you of our best services at all times.

Regards, Kotak Support Team

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