Complaint regarding Policy Kotak Super Advantage Regular ( UIN-107L058V01 )

Location/place: Mumbai

Name of company/service: Kotak Life Insurance, Kotak Super Advantage Regular ( UIN-107L058V01 )

Dear Sir/Madam,

This is a matter of sorrow that I have been cheated by Kotak Life Insurance representative Ms. Nehal S. Shah ( Contact No. 60072217 ) by misguiding the policy.

Details as below:
Policy number : 02031043
Client ID : 53862747
Plan Component : Kotak Super Advantage Regular ( UIN-107L058V01 )

I took Kotak Super Advantage plan, as false commitment given by their representative Ms. Nehal S Shah. Your representative explained that this plan for three years in which three annual installments ( say of Rs. 24000/- ) are to be deposited as an investment , first year deposit will earn 200% bonus i.e. Rs. 48,000/- , 2nd and 3rd year deposit ( Rs. 24000 + Rs. 24000 ) will be invested in equity market and an interest @ 10% is also payable on total deposit. Further she explained that free life insurance for Rs.150000.00 without any risk coverage charges and free 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 (24000*3=72000.00 + 200 % Bonus on first year deposit i.e 48000/-+ 10% interest on total deposits + fund value. If one wants to continue Life Insurance after three years one has to keep a sum of Rs 15000.00 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.

Recently I called Kotak customer care and came to know that this total amount of 200% will receive on 20 year only, and if I try to withdraw the amount after 3 years, I will get only 2 years amount and interest amount and they will deduct my 1st year premium installment plus there would be 4% surrender charges. This is a big cheating and scam by the Bank.

I already paid 2 installments and will pay the remaining third one and want to withdraw my amount as I have some urgent family need for the money.

I look forward Kotak life insurance to take necessary action against my complaint and Ms Nehal S Shah who have cheated me.

Thanks and Regards,
Vasanti Chavan