I started this policy sometime in 2006 and the ECS from my bank is going on for so many years as Rs.- towards the premium of the policy named "Kotak Flexi Plan II" from Kotak Mahindra company.
I am listing few of the top most issues:
1) First of all they are not updating the customers regularly on the status.
2) This plan is absolutely going negative for sometime. Then I called them to update the investment options and they were not ready to make any changes and asked me to register on they website to do so.
3) I did register the policy with all details and there are more things to be done to enable it by sending a signed letter printed from their website.
4) I did that and there is no change on my online account.
5) When I sent a complaint and they were saying that the policy is not registered when I sent the form from their site.
6) Last but not least, I saw online that they are charging about 10% or more fee per month for the transactions itself.
I do not know how to launch a formal compliant against them since I am relocated to USA through my company. I would be here for few more years and GOD knows how much money I have to throw knowing that it is going to be a LOSS for sure.
I see that there are plenty of victims like me when I googled. Please advise the right thing to do to solve this problem.
Thanks & regards,
Ravi Korada
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