Name: Asmita Sinha
Policy No. : 01082825
I had taken Kotak Smart Advantage Plan (Policy No. : 01082825) by seeing Brand Name of Kotak Group by investing monthly 1, 000/- since 09/06. But, we are totally frustrated with the behavior and approach of Kotak Life Insurance Company (Kotak Life Insurance, 6th Floor Chokhani Square, Sector 18, Atta Market, Noida01 Tel No: 120 4235249), which we have been never seen in our whole life, this kind of responsibilities and irregularities. They are trying to cheat us since 09, June when I purchased this policy.
At the time of purchasing that policy (June), the sales executive of Kotak had given all wrong information and said that after 3 years, if you want then you can withdraw your policy and get your all invested money with good return (1000 * 36 months=36, 000 Good % of return) (I have purchased this policy due to this feature only which is told by the executive, and I had paid 1, 000/- per month since June to July). And after 3 years, I had been called up to Kotak Life Insurance Customer Care and they said that your Fund Value is around 48, 000/- as well as I also got a call from their side and again they also said that the same thing (your Fund is approx. 48, 000/-). But when I came to visit their Office (Kotak Life Insurance, 6th Floor Chokhani Square, Sector 18, Atta Market, Noida01 Tel No: 120 4235249) and word with one of the employee of Kotak Mr. Alauddin Khan (Manager-Sales, 9718813658) and he said that your one year invested money will be gone into Kotak Account and it will not given to you, I will get only 2 years invested money with 2% deduction also. I was totally shocked. This is ridiculous. Therefore, I am totally mentally, physically and financially harassed by the Kotak Life Insurance Company and decide to surrender the policy (Policy No: 01082825, Name: Asmita Sinha). After surrendering the policy, I got only 24, 105.21/- instead of paid 37, 000/- in 3 years. I got loss of approx 13, 000/- and punishment to invest my money into Kotak Life Insurance Company. This is very much ridiculous that first Kotak deduct one year premium (approx. 12, 000/-) and deduct 2% also from the 2 years premium or Fund Value.
And I have seen that (when I had been gone to Kotak Office to surrender my policy) lots of customer has been cheated by the Kotak by the same kind of cheating tendency/attitude of Kotak Life Insurance Company. Around 20 peoples was come to surrender their policy on 30, July and every body was frustrated due to one year lapsed amount from their invested money/amount into a Kotak plan. This is also applicable for all plans of Kotak Life Insurance Company such as Kotak’s flexi plan, pension plan etc. All kind of peoples came to surrender their different Kotak’s policies on that day.
When we (all customers) said that your sales executive had misguided us regarding the policy and given fake/wrong information then Kotak’s representative (Mr. Zashan Ahmed) said that it is not Kotak’s responsibilities for their sales person/team or executives and you should verify the things. It means there is no accountability and responsibilities of Kotak about their plan and policies and their Sales Executive’s. All the responsibilities and loss paid by the Customer only!!! Therefore, why should people invest their money or buy policy of Kotak Life Insurance?
Every customer has rights to information to know each and every detail regarding the product which he is going to buy. But we didn’t get full information regarding the Policy of Kotak Life Insurance which I had bought from an executive of Kotak on 09, June. They hide the important information at the time of selling their product.
Now, I am totally mentally, physically and financially harassed by the Kotak Life Insurance Company (Kotak Life Insurance, 6th Floor Chokhani Square, Sector 18, Atta Market, Noida01 Tel No: 120 4235249). It’s really worst. So, we don’t have any option rather go to Consumer Court. I am still suffering since last 3 months.
I want your valuable suggestion to take an action against Kotak Life Insurance Company (Kotak Life Insurance, 6th Floor Chokhani Square, Sector 18, Atta Market, Noida01 Tel No: 120 4235249).
Thanks & Regards,
Asmita Sinha
Mob: - 9871400224
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