Sir,
I have purchased Kotak Life insurance Policy in Dec. My policy No is 01414395.
Min lock period in this policy is 3 Years and i have paid all 3 premium ie. Rs 75000/-.
Now after the locking period is over, i want to surrender my policy but i came to know
that present value of this policy is only Rs 48000/- and i am loosing Rs 27000/- in this policy.
I inquired from customer care then i came to know that my first premium is not paying
by Kotak Life Ins and it will be paid only if i pay all 20 premiums to the Co.
At the time of purchase of this policy Kotak advisor has not told me that after
locking period ie. 3 years, if i want to surrender this policy, i have to loose my first premium.
This is really shocking to me that Co like Kotak Life Ins and their agents are selling policies by
cheating the customers. Advisor of Kotak Life Ins Co are not telling this drawback of policy.
Advisor told me that after 3 years, policy can be surrender at any time and only some nominal charges will be deducted but in actual i am loosing first premium also. This shows that lock period in this policy is 20 years and not 3 years to get my full money. Really how Kotak advisor are misleading to the people and increasing their business by cheating the customer.
I have requested to Kotak Ins Co so many times but no action by co till date. It is requested to resolve my grievances and direct to Kotak Life Ins Co to release my first premium also at the time of surrender of this policy as told by Kotak agent at the time of selling this policy.
Thanking You
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