Sir,
I have taken Kotak Life Insurance plan, Policy No 02333841, Client ID-54593527 in July. I am paying regularly the premium of rupees 2101/- through ECS system.
On 21-3 at 10.37 hrs I received a phone call from Kotak Life Insurance office which will be voice recorded. The caller person confirmed my details normally required for the communication. Tha caller person has informed on behalf of Kotak Life Insurance office that my policy will get blocked if I will not shift/convert my policy to the other investment plan given by Kotak Life Insurance office which required to deposite another rupees 30000/- for conversion. If I allow the policy to convert then only I will get some return as per NAV of the existing policy.
This is a injustice
If I donot want to change over of the policy to their new scheme, I should have a option to get back my invested money as per the NAV of the policy, but the Kotak Life Insurance office person has said that if you do not convert, as they say, you will not get a single rupees as we (Kotak Life Insurance office) will consider it as I (policy holder) have teminated the policy and as per the insurance policy rule, if the policy has not of more than three years old, I (policy holder) will not get any return.
This is sophisticated blackmailing by a so called renound company.
Kindly guide me whether I should block the ECS cutting which is on every 20 th of the month.
I have clearly said to Kotak Life Insurance office person that they should in writing/electronic mail or sending an executive to inform me about the
policy change and should give me a option of discontinouing the policy in case of above such mentioned change.
Thanking you
Regards
Ajit K Deshpande
New Panvel
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