Kotak life Insurance
Miscommunication about policy details and loss of money for cancellation

I have seen many compliant about Kotak life insurance policy miscommunication on this forum. I am also one of the victim. I had been contacted on our landline regarding a investment plan in which I can invest for 3 yrs with premium of 30 K per year and will be getting medical insurance worth 3 Lakhs and mediclaim of 3 Lakhs even if I withdraw my money after 3 yrs. This was non-ULIP plan expecting a good returns upto 13-14%.

But when I received policy, it didnt have any such terms mentioned in it and sum assured was about to be reduced if I had withdrawed my money after 3 yrs. After contacting customer care, they informed that it was plain life insurance policy of 6.9 Lakhs and returns were upto 5-6%. I submitted free look form but my 140 Rs. were cut and rest of amount was refunded. I suffered unnecessary loss of money and time. Policy contained application form scan copy which showed my forge signature at 2 places and it was actually collected by some insurance agent named Vserve Insurance solution as I could see their stamp on the form. When I tried contacting on mails and on phones after I faced loss of money to people who used to call me multiple times in a day, they are not responding anymore.

Company: Kotak life Insurance
Country: India
State: Maharashtra
City: Thane

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