Kotak Super Advantage / wrong promises/misselling
Reg:Policy No.[protected], kotak Super Advantage, UIN 107L058V01, Client Id [protected], Snehlata Kumbhat
Mr.L.N.Saboo of Kotak Life Insurance Delhi made several phones on my Phone no. [protected] and made false promises for captioned saving investment Plan (named as Kotak Super Advantage), which is not found in the aforesaid policy. Mr. saboo explained that this plan is for three years in which three annual instalments (Say of Rs.15000.00)are to be deposited as an investment, first year deposit will earn 110% bonus i.e Rs.16500.00, 2nd &3rd year deposit (Rs.15000.00+15000.00)will be invested in equity market and an interest @10% is also payable on total deposit.Further he explained that free life insurance for Rs.150000.00 without any risk coverage charges and free of Premium for age up to 90 years is also given as an additional benefit . After completion of three years the plan is encashable for Total three years deposit (15000*3=45000.00+ 110 % Bonus on first year deposit i.e 16500.00+ 10% interest on total deposits + fund value. If one wants to continue Life Insurance after three years one has to keep a sum of Rs15000.00 on which 10% interest and fund value income will be available till plan is continued and if one demise before 90 years the insurance claim in full will be payable or fund value whichever is higher+ deposit.
I am a single unmarried person and is never interested in Life Insurance Plan hence I told Mr. Saboo that in any way if it is a Insurance Plan I am not interested but he stressed that it is not an Insurance Plan and no premium for Insurance is to be Paid, it is only Saving Deposi investment Plan. All these false promises were endorsed by the local representative Mr. Puneet who came to my house for getting form signed and taking Cheque of Rs.15000.00.He said that it is investment Plan of Kotak Life hence cheque is taken as Premium for Kotak Super Advantage fund. Now no such promises are seen in this policy 5therefore I strongly make an complaint and wish to get my money back . Therefore today I have submitted the captioned original policy for cancellation at local office of Kotak Life Insurance, Minerva Complex Sojati gate jodhpur.
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