Kotak Life Insurance-Kotak Smart Advantage-Unit linked insurance endowment plan
Fake commitments and wrong plan

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.

Company: Kotak Life Insurance-Kotak Smart Advantage-Unit linked insurance endowment plan
Country: India
State: Rajasthan

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