I had taken Kotak Smart Advantage Plan (Policy No. : 01594881 Name Prafulla Ingale) by seeing Brand Name of Kotak Group by investing monthly 1, 500/- since 14/05. But, we are totally frustrated with the behavior and approach of Kotak Life Insurance Company which we have been never seen in our whole life, this kind of responsibilities and irregularities. They are trying to cheat us since 14, May when I purchased this policy.
At the time of purchasing that policy (May), the sales executive (Mr. Ravi Patil) 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 (1500 * 36 months=54, 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, 500/- per month since May to May). And after 3 years, I had been called and mailed to Kotak Life Insurance Customer Care 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: 01594881, Name: Prafulla Ingale).
When I said that your sales executive had misguided us regarding the policy and given fake/wrong information then Kotak’s representative 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 14, May. 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 It’s really worst. So, we don’t have any option rather go to Consumer Court.
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