» Business & Finance » Review / complaint: Kotak life Insurance - Cheating by Kotak Life & Poor Service | News #364363

Kotak life Insurance
Cheating by Kotak Life & Poor Service

Dear Sir/Madam

I had invested Rs 50, 000 in an ULIP plan of Kotak Life Insurance in February. I had a very strong belief in the brand & the company- Kotak & Old Mutual and hence committed mistakes of not reading the policy documents. When I read policy documents of the company, I realised that Rs 15, 000 have been withdrawn without information.

In an investment of Rs 50, 000, 40% have gone into the drain in the first year. In the second year also, they are telling that they would deduct 10% as premium allocation charges and Rs 8000 in the annual maintenance charges. Again it means, from premium of Rs 50, 000, 26% will again will be deducted.

Now, I want to surrender the policy to which they say, I would not get anything of my first premium.

Of the 9 mails, I have sent, I received reply of only one. Customer service desk takes 6 to 15 minutes to pick up the phone without giving any reply.

I am about to loose my entire investment of Rs 45, 000. Please guide, how can I get anything out of this investment. Investment in this company is utter loss as they have created a bottomless pit and charging exhorbitant rate without any value addition.

Company: Kotak life Insurance

Country: India   State: Delhi   City: West Delhi

Category: Business & Finance


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