Kotak Life Insurance / mis-selling by kotak employee
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
More Kotak Life Insurance Complaints & Reviews
- Kotak Mahindra Bank - employee treatment 
- Kotak Mahindra Bank - unfair treatment of a savings bank account by kotak mahindra bank 
- Kotak Mahindra Bank - car loan account closure 
- Kotak Super Advantage - wrong promises/misselling 
- Kotak Mahindra Bank - false commitments and hefty charges 
- Kotak Mahindra Bank - emi recovery
- Kotak Bank - abuse by kotak employee 
- Kotak Mahindra Bank - cheated and charged very high rate of interest 
- Kotak Mahindra Bank - personal loan is sanctioned but yet is delayed without any reason
- Kotak - ultimatum issue by devon bandary to close kotak savings account or else they will close it with out my consent forcefully