Kotak life Insurance
Selling of Frodulant policy

Hi,

(Sub-Complaint against Kotak Life Insurance)

In March I was approached by insurance agent who portrait himself as a mutual fund agent. I was thinking of buying some mutual funds for my self, because I did not had much of knowledge he cheated and sold me a Kotak life insurance policy. First of all Kotak did not send sent me the document nor they intimated my about the policy after contacting the agent I had actually go to Kotak and ask for my documents; Which they took more that 1.5 months to send because of which I was not able to withdraw this policy in free look period. When I checked my document then I got to know that it is a insurance policy and I will not be able to withdraw as they had levied 70% of the processing fee on the policy. And the premium I paid of Rs20000 is only around Rs6000.

I had a word with the customer care and they said they will not be do any thing about it.

Also till now I have paid Rs 50000 and the current value is less than Rs 34000. with a loss of Rs16000 and further more they are deducting monthly and other charges, further decreasing the value.

Please help, what should I do about the same. I have to pay the half yearly installment of the insurance and I am not even sure I will even get principle leave apart the profits or interest from this policy.

My policy no. is 629326

Regards

Ashish

Company: Kotak life Insurance
Country: India

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