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Kotak Super Advantage / wrong promises/misselling

1 India Review updated:

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.

Snehlata Kumbhat
30/07/2010
Email Address
[email protected]

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Comments

  • Am
      9th of Apr, 2011
    0 Votes

    yes i agree with above complaint, i am also traped on above policy. my prem. are 30K /per annum. email : [email protected]

  • Ne
      3rd of Jan, 2017
    0 Votes

    @Amarjeet.Singh I have also been harassed and mentally torured by Kotak Mahindra employees Rahul majumdar, Nikhil Sharma, Komal, deepika and Anurag Pandey. They all did fraud with me in balance transfer of my PL from ICICI to their bank.

    Looping all stakeholders and requesting you that please look into the matter asap before spoiling the image of Kotak Mahindra Bank in Social Media that you are appointing such types of people like Rahul Majumdar, Nikhil Sharma, Deepika.

    I know that amount is not so big but the commitments and promised you did were all fake and fraud. And this will lose your huge business from India. I again request you please eliminate such kinds of persons from your Bank else you will earn nothing but will lose everything.

    Thanks & Regards,
    Neeraj S. Shyorotra
    System Admin - UTC EMEA Offshore - Wintel
    CSC India Services Pvt. Ltd.
    A-44/45, DLF IT Park, Sec-62, Noida – 201 301, INDIA
    Work: +91-120-701436
    [email protected] | www.csc.com

    From: Shyorotra, Neeraj Singh
    Sent: Tuesday, January 03, 2017 12:42 PM
    To: '[email protected]' ; '[email protected]'
    Cc: [email protected]; [email protected]
    Subject: RE: RE: RE: RE: [SR#:1-6132768789] RE: PERSONAL LOAN /NEERAJ SINGH

    Hi Anurag/Komal/Nikhil,

    Whats happening there? Why are you not paying my interest payment till date (Rs. 9435) in spite of that you have committed the same?

    @Anurag/Manish, please see the mail below dropped by Nikhil Sharma before closing the loan but now he is out of picture. Now who will pay me the interest?

    Please remember that I will not pay the EMI until I get the payment. And I have never seen these types of liers before and I will try my best that no one should believe on you and pick up your fraud calls. I will do my best in convincing all people around to not to trust on you guys. You are absolutely fraud and doing harassment of Indian Citizens.

    Thanks & Regards,
    Neeraj S. Shyorotra
    System Admin - UTC EMEA Offshore - Wintel
    CSC India Services Pvt. Ltd.
    A-44/45, DLF IT Park, Sec-62, Noida – 201 301, INDIA
    Work: +91-120-701436
    [email protected] | www.csc.com

    From: [email protected] [mailto:[email protected]]
    Sent: Monday, January 02, 2017 12:55 PM
    To: Shyorotra, Neeraj Singh
    Cc: [email protected]; [email protected]
    Subject: RE: RE: RE: RE: [SR#:1-6132768789] RE: PERSONAL LOAN /NEERAJ SINGH

    Dear Mr. Neeraj,

    Your ICICI PL has been closed ( PFA payment receipt for the same ) and balance funds has been transferred in your account..

    Dear Sunny : Please coordinate with customer and resolve below query on top priority..

    From: Shyorotra, Neeraj Singh [mailto:[email protected]]
    Sent: Sunday, January 1, 2017 1:11 PM
    To: nikhil sharma ; Anurag Pandey (Consumer Bank, KMBL) ; Pooja Walavalkar (Consumer Bank, KMBL) ; Service Loans (Consumer Bank, KMBL) ; Deepika Sharma (Ext, Personal Asset Division, KMBL) ; Manish Mohan (Consumer Bank, KMBL) ; [email protected]; [email protected]
    Subject: RE: RE: RE: RE: [SR#:1-6132768789] RE: PERSONAL LOAN /NEERAJ SINGH

    Hello Anurag/Komal/All,

    Nikhil had to pay me the interest charged by ICICI bank till date. Yesterday he said he has sent one executive to me with cheque in his hand of the total interest amount but no nove reached to me. Now I am calling him but he is not picking up my phone.

    Komal promised me that she is taking guarantee that she will definitely pay me the interest and now she is also not picking up my call.

    Now please keep in mind that I will not pay the Kotak Mahindra bank EMI until he or you will not pay me the interest amount of Rs. 9435.

    Thanks & Regards,
    Neeraj S. Shyorotra
    System Admin - UTC EMEA Offshore - Wintel
    CSC India Services Pvt. Ltd.
    A-44/45, DLF IT Park, Sec-62, Noida – 201 301, INDIA
    Work: +91-120-701436
    [email protected] | www.csc.com

    From: nikhil sharma [mailto:[email protected]]
    Sent: Wednesday, December 28, 2016 7:13 PM
    To: Shyorotra, Neeraj Singh
    Subject: RE: RE: RE: RE: [SR#:1-6132768789] RE: PERSONAL LOAN /NEERAJ SINGH

    Hello neeraj sir and all to kotak mahindra bank
    I am provide a interest 7985rs so pls process to close Icici bank loan and happiness relesion to kotak mahindra bank in future
    Regards -nikhil sharma
    Thank you

  • Sh
      24th of Feb, 2017
    0 Votes

    @Amarjeet.Singh Am suma here, am also facing the same situation now . This is one of the worst bank that I have ever seen. To get commission on insurance an employee from Kotak bank Kammanahalli branch by name lijjo did false promises and gave wrong information about the policy and has cheated me for 60000 rupees. I will not leave him, will sue his ### and drag him to court. I only request public to be careful when they approach Kotak bank . Very cunning people on earth. Pls be careful. Better to approach nationalised banks.

  • Sn
      11th of Apr, 2011
    0 Votes

    why not get refund in free look period

  • Ss
      24th of Apr, 2011
    0 Votes

    yeah, i too agree with the above complaint. i've been told that if you invest 1 lakh premium for 3 years i.e 3 lakh for 3 yrs then in fourth year i will get 4, 32, 000/-. my premium is 20, 000/- each for me and my wife

  • Ni
      26th of Sep, 2011
    0 Votes

    Even I have similar experience. The insurance guy told me that its for 3 years term and I can discontinue after 3 year period. To my surprise when I called the customer care, I discovered that if I discontinue after 3 full years, I will only get the fund value of year 2 and 3 and I have to forgo my first year's premium (30k) and the pre-payment closure charges.

    Now I feel that i could have donated my money!

  • An
      19th of Nov, 2012
    0 Votes

    yeah, i too agree with the above complaint. i've been told that if you invest 24000 premium for 3 years i.e 72000 for 3 yrs then in fourth year i will get 100000

  • Sa
      4th of Dec, 2012
    -1 Votes

    I have invested 65000 annaully for the last 2 years. The advisor who gave me this plan has quit his investment firm. The customer care told me that i can withdraw money only after 20 years or have to pay the penalty.

  • An
      4th of Dec, 2012
    -1 Votes

    Same with me .Same statement has been provided by customer care.I can only withdraw after 20 years.

  • Ge
      8th of Jan, 2013
    -1 Votes

    Its the same with me...the company hires all fraud employees who give out wrong information and fool the customer...government should ban these kind of companies and

  • Ko
      16th of Jan, 2013
    -1 Votes

    Dear Sir,

    We request you to write us on [email protected] ID along with policy no. for better assitance.

    Regards,
    Kotak Support Team

  • As
      6th of Feb, 2013
    0 Votes

    Yes I agree with Niloy111 comments, , same case happened with me
    (The insurance guy told me that its for 3 years term and I can discontinue after 3 year period. To my surprise when I called the customer care, I discovered that if I discontinue after 3 full years, I will only get the fund value of year 2 and 3 and I have to forgo my first year's premium (15k) and the pre-payment closure charges.)

  • Ri
      7th of Feb, 2013
    -1 Votes

    This is a very fraud company they try to show that they are trying to fix you issue with stating the below when a complaint is raised on any forum

    Dear Sir,

    We request you to write us on [email protected] ID along with policy no. for better assitance.

    Regards,
    Kotak Support Team

    But after you send an email this is the reply you get from them is that you have signed the policy documents. VERY PATHETIC COMPANY...RIP KOTAK MAHINDRA

    ### HOLES

  • Sh
      24th of Feb, 2017
    -1 Votes

    Never trust Kotak people . Frauds

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