Kotak Life Insurance / mis-selling by kotak employee

India Review updated:

I had taken Kotak Smart Advantage Plan by seeing Brand Name of Kotak Group by investing monthly 3, 000/= & Fund Performance as I had done same Business in My Mother in Law Code Name : Rita Dipakkumar Shah. There is following miss-selling done by Sales Manager of Kotak Life Insurance, C.G.Road Branch, Ahmedabad - Sales Manager. I can also mention name but I am not feeling good to mention the same.

1. SM (Kotak Employee) had informed that you can stop you monthly Installments after 3 Years from Date of Policy which will not be affected to your fund value or any charges had been charged. You can change Premium Paying Terms & Policy Maturity Terms any times by giving simple request. When I asked customer care after 1.5 Years of Policy that I want to discontinue Monthly Installments after completion of 3 years at that time Customer Care had informed me that You will not get 1st Premium If You are pay for three years only & I had paid 36, 000 for 1st year.

2. SM (Kotak Employee) had also informed that 1st Year Premium of Rs. 36, 000 /= will be invested in Debt initially then form 4th Years onwards the same amount will be transferred from Debt to Equity segment which is also. When I had also confirm the same thing after 1.5 years of Policy at Customer Care Dept of Kotak, they had informed that 36, 000/= will not invested in Equity & Same amount will be given to you at end of Premium Paying Terms which is 30 years & If I will not able to pay for 1 installment then you will also not eligible for 1st Premium & other Benefits like Fixed Advantage & Dynamic Advantage.

There are many things which is going to wrong in favour of Kotak Life Insurance & I am effecting for wrong selling by kotak Life Insurance employee because 36, 000/= is big amount for me. If I will not get any reply or unfavorable reply towards the same, I will send whole in details to IRDA Grievance Cell within 10 Days & other many related govt. department who taken care of consumer complain & take corrective action. Kindly inform me what kotak Life Insurance co. can do for the same case. Looking forward your positive decision for the same from Kotak Side

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  • Mi
      23rd of Apr, 2010

    I had 100% Agree with the same person & He must get right action from Kotak

    +1 Votes
  • Yi
      18th of Aug, 2010

    No response from customer care and customer complaints get unattended.

    0 Votes
  • Aj
      26th of Jan, 2011

    most of the kotak agents, sell by telling the clients that after paying an amount for three years, you wil get more then the double the amount you have paid (eg. if you have paid, say rs. 60, 000/- you would get rs. 140000 after three years) after that it is not complsury to pay again and the policy will continue for the next 17 years.

    As this is the common approach of the kotak agents, I believe that this misleading way of getting clients by kotak is being directed by the kotak magagement who hire agents and guide them to do the work in this manner.

    +1 Votes
  • No
      8th of May, 2011

    you need to write to follwoing people and you can contact these people if reqd

    Aneela.[protected] cell 9930989003, she is chief manager of Kotak Life insurance and is seated at address below
    Kotak Infinity
    Infinity toers
    5th floor Zone 1
    Near Nagari Nirwana, Ahead of Dindoshi Bus Depot
    Gene A K Vaidya Marg
    Goregaon (East)
    Escalation to ### VIce President kadam.[protected]

    +1 Votes
  • Fu
      16th of May, 2011

    Dear Customer,

    We request you to please coordinate with us on kli.[protected], so we can look into your policy in greater detail and take this matter forward.

    For further queries please feel free to write to us or contact our Client Service Desk on 1800 209 8800 (Toll Free)

    Regards, Kotak Support Team

    0 Votes
  • Ta
      13th of Sep, 2011

    It seems the Insurance companies sp. Kotak educates their agent to tell such lies.
    To me they offered the benefits that included No premium to be paid after 4 years, 200% bonus at the end of third year.

    0 Votes
  • Ta
      13th of Sep, 2011

    Their Grievance officer ( kli.[protected] also seems to be dummy email address that just receives email but never replies. I have sent couple of emails to this address in last 2 months but have received only automated replies.

    0 Votes
  • Pr
      1st of Dec, 2012

    i am also facing the same problem in Pune.
    KLIFE persons are not responding and i am going to IRDA now.
    btw, what happened to your complaint thereafter?
    - Prasad Pandit, Pune

    0 Votes
  • Ra
      4th of Feb, 2014

    -----Original Message-----
    From: [protected]
    Subject: Policies sold with wrong commitment : 02392019, 0291948, 02391955
    Dear Concern

    I Suresh Rabari, son of Bhikhabhai Bhayka would like to register complain on behalf of my father who was sold 3 policies - kotak capital Multiplier plan on 25/10/2011.

    My father was sold 3 policies with premium of Rs 50000/- each by Agent : POLO SETCO TIE UP PRIVATE LIMITED stating the policies as single premium.

    On reciept of the policies, i approached the office of POLO Secto Tie up private limited office. There i showed the policies to mr Tushar Patel and asked him whether the policies were single premium as committed. He replied that it weren't single premium and asked me to keep those policies with him as he would register complain on my behalf and would take necessary steps to refund the amount.

    He kept those policies with him for 2 months. When i approached him after two months, he mentioned that he has registered complain with kotak life insurance company. Just to cross check, my friend suggested to visit Kotak life insurance office based in anand.

    There i was told that they haven't received any complain for these policies. So my immediate reaction was to visit the office of POLO SECTO and acquire the acknowledgement or reciept.

    I met mr Tushar Patel and asked him for proof of complain. He mentioned that its almost 2 months he register the compalint and therefore have misplaced the acknowledgement.

    Then i was given a complaint drafted by him and asked me to visit Baroda branch as Anand branch won't accept the same. I visited Baroda office which is 50 kms from my place to submit the complaint. There i was told that if you would have submitted the same to anand office, it would have been accepted. The Manager in Baroda called anand office to confirm about the complaint. The Anand office personnel denied that they haven't recieved any complain from POLO Secto Tie up pvt ltd. They diverted me to visit Anand branch as my complain will be handle from local branch.

    Then I visited anand branch to resolve the query. I asked them why they deny accepting the complain at anand branch. They said that nobody has approached us from POLO SECTO tie up pvt ltd. for these policies cancellation. Therefore the Lady Manager from KLI office in anand asked my to contact MR Tushar Patel and call him to KLI office. When contacted Mr Tushar Patel confirmed that he would be reaching office in 10 minutes. I waited there for 1 hour but he didn't approached. Finally his cell phone was on switched off mode.

    Now i kept on regular follow up but was restricted because of my service timings.

    Finally he made a statement that " do what ever you can " as its not his concern.

    Now pls guide me how to go ahead with these policies as it clearly shows misselling and wrong commitments.

    We are in no position where we can pay premiums.

    Request you to look into matter and solve the same at earliest as i require the money badly.

    1. 02392019
    2. 02391948
    3. 02391955

    I hope i expect a positive reply as i am no way in fault.

    Suresh Rabari

    0 Votes

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