My name is Lajpat Rai Gupta and I am retired employee of Govt of Rajasthan (IGNP Department) My age is 64 Years. Some time back I purchased a ULIP plan from the Kotak Life insrance company. Detail of the same is mentioned below.
Name of the Plan :- Kotak Smart Advantage-Unit linked insurance endowment plan
Insurance co :- Kotak Life insurance
Client Id :- 52453432
Policy no :- 01472410
Date :- 29/1
Name of Policy Holder :- Lajpat Rai Gupta
Life Insured :- Premlata Gupta
Premium Amount :- 20500/-
Paid :- Two Installments 20500*2 = 41000
In the continuation of the same, when I purchased the insurance, It was informed me that you have to pay the premium for the 3 years only and there will be no deduction of the charges and all you will receive your money after 3 years according to the fund value. on the basis of the same I purchased the insurance and paid the first installment of 20500/- after one year when I paid the second installment, I received the statement with the unit purchased with second premium only. I was shocked to see that and contact with the customer care no. When I had a words with the executive I have come to know that my first installment has been deducted towards the charges and all and It will be revert back only If I paid the installments for the regular 15 years. It was really very shocking for me, because I am retired govt employee and facing some financial crunch also. Due to selling of the insurance I am misguided and provided me the fake information and cheated. Request you to please take the action against the company and provide my money back to me.