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Thread: Complaint Against Kotak Life Insurance - Policy No. : 01368898

  1. #1
    miteshshah Guest

    Default Complaint Against Kotak Life Insurance - Policy No. : 01368898

    Name : Hiral Mitesh Shah
    Policy No. : 01368898
    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

  2. #2
    Unregistered Guest

    Thumbs down policy no.1798614 k life

    I have a plan of Kotak Mahindra life insurance . Since feb 2009
    policy no.1798614 k life (nashik maharashtra)they had taken checque (ecc cancellation cheque) for next year from me & bank has deducted around Rs. 10000 from my account w/o information

  3. #3
    yashpal mehra Guest

    Default Complaint against kotak super advantage fund wrong promises

    Dear Mr Shah, Mr Desai,Mr G murliDhar,

    I am not satisfied with the service provided by the Kotak team to me since I have taken above plan details are as under, as per terms and conditions after geting bond within a month I can ask for refund kindly ensure that I get refund of all the four policies taken from you

    Policy number Policyholder

    not traceable Saroj Mehra (Neither policy dummy received nor any intimation Ackn. No. 1153878)

    1971676 Lovely Mehra

    1971684 Lucky Mehra

    1971648 Yashpal Mehra

    My reasons for cancellation of this plan is as under:

    1. Promised I will get all my dummy policy/yellow sheet and 35% cash back on or before 30th April now nobody is responding the team from New Delhi is Mr Yash Kapoor, Mr Rajeev Malhotra, Mr Bimal Mehta, Mr S Khatri.

    2. Promised on giving one letter your corresponding address will be changed and communicated to me not done despite letter given to Mr Kabir under Mr Bimal Mehta.

    3. Promised will get full medical report for policy no 1971648 with reasons why insurance not given to me, received medical report but it is in-complete.

    4. I am not able to understand is Kotak really customer concious company neither managment nor team undestand the underline rule of insurance business which is based on relationship and this is case in the begining when policy is done, what wil happen when there will be claims.

    If the desired not done in next 7 working days I will be costrained to lodge complaint with IRDA/Ombudsman and will also approach newspapers and Board of Directors of Kotak Insurance.

    Treat this urgent and do the needfull..

    Yashpal Mehra
    Saroj Mehra
    Lucky Mehra
    Lovely Mehra
    0731 4090083
    Mobile 0819483765

  4. #4
    JKERKAR@YAHOO.IN Guest

    Post complaint against insurance policy of kotak life insurance

    I have taken kotak life insurance policy of rs. 25000/- name of plan kotak super advancage
    (uin-107l058v01) dtd 2.3.2010

    on 3.10.2010 i hv rcvd letter fm kotak life insurance that yr policy is lapsed with effect fm
    3.10.2010

    i contacted the agents who told me to renew the same policy with rs. 25000/0 of cheque
    and he represent me another policy dtd 20.7.2010 policy no. 02058850 policy payment term 20 yrs

    i am now 55 yrs old and how come i can give 2 policies payment to the above 2 policies ?
    The agent is cheating in this abv 2 policies.

    Kindly check and surrender the above 2 policies as i do not wish to continue the same.

    Sunil kerkar goregaon tel : 28784276

  5. #5
    Kotak Support is offline Senior Member
    Join Date
    Oct 2010
    Posts
    450

    Default

    Quote Originally Posted by JKERKAR@YAHOO.IN View Post
    I have taken kotak life insurance policy of rs. 25000/- name of plan kotak super advancage
    (uin-107l058v01) dtd 2.3.2010

    on 3.10.2010 i hv rcvd letter fm kotak life insurance that yr policy is lapsed with effect fm
    3.10.2010

    i contacted the agents who told me to renew the same policy with rs. 25000/0 of cheque
    and he represent me another policy dtd 20.7.2010 policy no. 02058850 policy payment term 20 yrs

    i am now 55 yrs old and how come i can give 2 policies payment to the above 2 policies ?
    The agent is cheating in this abv 2 policies.

    Kindly check and surrender the above 2 policies as i do not wish to continue the same.

    Sunil kerkar goregaon tel : 28784276
    Dear Mr Kerkar,

    This is with reference to your complaint; we would like to inform you that we were unable to reach you on the contact number P#9953001853 you have provided in your post.

    We request you to kindly write to us on kli.grievance@kotak.com with your policy details, so we may look into your complaint in greater detail.

    Regards, Kotak Support Team

  6. #6
    Kotak Support is offline Senior Member
    Join Date
    Oct 2010
    Posts
    450

    Default

    Quote Originally Posted by JKERKAR@YAHOO.IN View Post
    I have taken kotak life insurance policy of rs. 25000/- name of plan kotak super advancage
    (uin-107l058v01) dtd 2.3.2010

    on 3.10.2010 i hv rcvd letter fm kotak life insurance that yr policy is lapsed with effect fm
    3.10.2010

    i contacted the agents who told me to renew the same policy with rs. 25000/0 of cheque
    and he represent me another policy dtd 20.7.2010 policy no. 02058850 policy payment term 20 yrs

    i am now 55 yrs old and how come i can give 2 policies payment to the above 2 policies ?
    The agent is cheating in this abv 2 policies.

    Kindly check and surrender the above 2 policies as i do not wish to continue the same.

    Sunil kerkar goregaon tel : 28784276
    Dear Mr Kerkar,

    This is with reference to your complaint; we would like to inform you that we were unable to reach you on the contact number P#9953001853 you have provided in your post.

    We request you to kindly write to us on kli.grievance@kotak.com with your policy details, so we may look into your complaint in greater detail.

    Regards, Kotak Support Team

  7. #7
    prem lata mahajan Guest

    Unhappy premium appropriation on policy no.01397330

    I have sent 3 e-mail to clientservice desk only one was replied.I have paid 5 premiums of rupees 10000/- each on this policyon 18/11/08, 5/06/09, 27/11/09, 2/6/2010,and DecemberThe statement of my policy account sent to me shows premium settlement of the premium paid on 25/11/2009and 31/05/2010. The settlement of other premium paid as detailed above is not sent to me. The total fund value for this policy is shown as Rupees 21000/-. against the total premium paid of rupees 50000/-. Similarly in respect of my another policy bearing number01689693 only settlement of one premium is shown where as I have paid two premiums of Rupees 10000/- each. Will you please look into it and send me the prompt reply detailing the full upto date value of my policies stated above failing which I may have to knock the door of Consumer Court or the Insurance Ombudsman

  8. #8
    Kotak Support is offline Senior Member
    Join Date
    Oct 2010
    Posts
    450

    Default

    Quote Originally Posted by prem lata mahajan View Post
    I have sent 3 e-mail to clientservice desk only one was replied.I have paid 5 premiums of rupees 10000/- each on this policyon 18/11/08, 5/06/09, 27/11/09, 2/6/2010,and DecemberThe statement of my policy account sent to me shows premium settlement of the premium paid on 25/11/2009and 31/05/2010. The settlement of other premium paid as detailed above is not sent to me. The total fund value for this policy is shown as Rupees 21000/-. against the total premium paid of rupees 50000/-. Similarly in respect of my another policy bearing number01689693 only settlement of one premium is shown where as I have paid two premiums of Rupees 10000/- each. Will you please look into it and send me the prompt reply detailing the full upto date value of my policies stated above failing which I may have to knock the door of Consumer Court or the Insurance Ombudsman
    Dear Mrs. Mahajan,

    This is with reference to you policies 01689693 and 01397330 wherein you have opted for the Kotak Smart Advantage Plan. The policies are in force and we have acknowledged the receipt of all the due premiums till date.

    We would request you to write to us at clientservicedesk@kotak.com or contact us on our Customer Service Desk at 1800 209 8800 (Toll Free) to enable us to explain the plan in detail.

    Regards, Kotak Support Team

  9. #9
    Pandurang Sathe Guest

    Default Regarding Policy Kit of Kotak Mahindra Life Insurance

    I have taken Kotak Insurance policy in Feb-2010. Policy No: 01894846
    Still I have not recieved my policy kit.
    No of times I approached to local / concern branch, but they are just extending their promising date & giving foolish reasons like your address is wrong etc
    At every time I have provided required document to concern person.

    Kindly look into the matter.

    -
    Regards
    Pandurang Sathe
    9890340819

  10. #10
    Kotak Support is offline Senior Member
    Join Date
    Oct 2010
    Posts
    450

    Default

    Quote Originally Posted by Pandurang Sathe View Post
    I have taken Kotak Insurance policy in Feb-2010. Policy No: 01894846
    Still I have not recieved my policy kit.
    No of times I approached to local / concern branch, but they are just extending their promising date & giving foolish reasons like your address is wrong etc
    At every time I have provided required document to concern person.

    Kindly look into the matter.

    -
    Regards
    Pandurang Sathe
    9890340819
    Dear Mr. Sathe,

    This is with the reference to your policy no. 01894846.

    We would like to inform you that the policy document was dispatched at your mailing address vide Speed Post AWB No. EM195632776IN on March 09, 2010 and the same was delivered.

    In order to have a duplicate policy document issued, we request you to submit duly filled and signed Indemnity Bond on a stamp paper of Rs. 200/- along with processing fees of Rs.500/-.

    You can submit the documents at the nearest branch or can send the same to our Mumbai Office.

    For any assistance, you may write to us at clientservicedesk@kotak.com or you can call us on 1800-209-8800 (Toll-free), from 8 am - 10 pm (Monday to Saturday)

    Regards, Kotak Support Team

  11. #11
    aksjohn is offline Junior Member
    Join Date
    Aug 2011
    Posts
    1

    Angry Regarding cheating issue of Kotak Life Insurance

    Name: Asmita Sinha
    Policy No. : 01082825

    I had taken Kotak Smart Advantage Plan (Policy No. : 01082825) by seeing Brand Name of Kotak Group by investing monthly 1,000/- since 09/06/2008. But, we are totally frustrated with the behavior and approach of Kotak Life Insurance Company (Kotak Life Insurance, 6th Floor Chokhani Square, Sector 18, Atta Market,Noida-201301 Tel No: 120 4235249), which we have been never seen in our whole life, this kind of responsibilities and irregularities. They are trying to cheat us since 09, June 2008 when I purchased this policy.

    At the time of purchasing that policy (June, 2008), the sales executive of Kotak had given all wrong information and said that after 3 years, if you want then you can withdraw your policy and get your all invested money with good return (1000 * 36 months=36,000 + Good % of return) (I have purchased this policy due to this feature only which is told by the executive, and I had paid 1,000/- per month since June, 2008 to July, 2011). And after 3 years, I had been called up to Kotak Life Insurance Customer Care and they said that your Fund Value is around 48,000/- as well as I also got a call from their side and again they also said that the same thing (your Fund is approx. 48,000/-). But when I came to visit their Office (Kotak Life Insurance, 6th Floor Chokhani Square, Sector 18, Atta Market, Noida-201301 Tel No: 120 4235249) and word with one of the employee of Kotak Mr. Alauddin Khan (Manager-Sales, 9718813658) and he said that your one year invested money will be gone into Kotak Account and it will not given to you, I will get only 2 years invested money with 2% deduction also. I was totally shocked. This is ridiculous. Therefore, I am totally mentally, physically and financially harassed by the Kotak Life Insurance Company and decide to surrender the policy (Policy No: 01082825, Name: Asmita Sinha). After surrendering the policy, I got only 24,105.21/- instead of paid 37,000/- in 3 years. I got loss of approx 13,000/- and punishment to invest my money into Kotak Life Insurance Company. This is very much ridiculous that first Kotak deduct one year premium (approx. 12,000/-) and deduct 2% also from the 2 years premium or Fund Value.
    And I have seen that (when I had been gone to Kotak Office to surrender my policy) lots of customer has been cheated by the Kotak by the same kind of cheating tendency/attitude of Kotak Life Insurance Company. Around 20 peoples was come to surrender their policy on 30, July 2011, and every body was frustrated due to one year lapsed amount from their invested money/amount into a Kotak plan. This is also applicable for all plans of Kotak Life Insurance Company such as Kotakís flexi plan, pension plan etc. All kind of peoples came to surrender their different Kotakís policies on that day.

    When we (all customers) said that your sales executive had misguided us regarding the policy and given fake/wrong information then Kotakís representative (Mr. Zashan Ahmed) said that it is not Kotakís responsibilities for their sales person/team or executives and you should verify the things. It means there is no accountability and responsibilities of Kotak about their plan and policies and their Sales Executiveís. All the responsibilities and loss paid by the Customer only!!! Therefore, why should people invest their money or buy policy of Kotak Life Insurance?

    Every customer has rights to information to know each and every detail regarding the product which he is going to buy. But we didnít get full information regarding the Policy of Kotak Life Insurance which I had bought from an executive of Kotak on 09, June 2008. They hide the important information at the time of selling their product.

    Now, I am totally mentally, physically and financially harassed by the Kotak Life Insurance Company (Kotak Life Insurance,6th Floor Chokhani Square, Sector 18, Atta Market,Noida-201301 Tel No: 120 4235249). Itís really worst. So, we donít have any option rather go to Consumer Court. I am still suffering since last 3 months.

    I want your valuable suggestion to take an action against Kotak Life Insurance Company (Kotak Life Insurance, 6th Floor Chokhani Square, Sector 18, Atta Market, Noida-201301 Tel No: 120 4235249).


    Thanks & Regards,
    Asmita Sinha
    Mob: - 9871400224

  12. #12
    Kotak Support is offline Senior Member
    Join Date
    Oct 2010
    Posts
    450

    Default

    Dear Ms. Sinha,

    At the outset please accept our sincere apologies for any inconvenience caused.

    Reference to your Policy we are coordinating for a detailed investigation and our Customer Care team will coordinate with you directly on your contact number.

    For further queries, please feel free to write to us at kli.grievance@kotak.com or contact our Client Service Desk on 1800 209 8800 (Toll Free).

    Regards, Kotak Support Team

  13. #13
    SANJAYKUMAR JAIN Guest

    Question Policy docoment not received p.no 02539566

    Pls sir my policy no 02539566 docoment not received your massage sent 21.4.2012

  14. #14
    Ranjeetjha78 is offline Junior Member
    Join Date
    Jul 2012
    Posts
    1

    Default Cheating by agent of kotak life insurance

    Sir,i have the honour to state the following few lines for your kind consideration and necessary action.


    i have earlier enrolled a policy (head start future protect-01434874) on Dec 2008. After paying three installment i knew that the growth of the policy is negative, i was not happy with the policy because after pay 1 lakh 5 thousand it was just 90 thousand after three years. I was suggested by your agent Mr. Rishikesh Singh (Mob No. is 9759245375) that if i convert full amount to assured granted fund than you will get much more benefit. Now the story began, as per his advise i pay a blank cancelled cheque and sign the all relevant forms. As per his suggestion my earlier policy should be terminated and only one policy to be in force. Since from march i am not received my policy document. Few days before i check the status of my policy, i came to know that my both policy is in force. I rang up to him several times but he is not responded now. 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 105000/= 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
    It is my humble request to take up the matter seriously to : (1) terminate my earlier policy (2) convert my total amount in growth fund (3) forward a copy of my policy (4) take a proper action against that agent.


    Thanking you





    Ranjeet Kumar Jha (Mob. No. 9818308363)

  15. #15
    Kotak Support is offline Senior Member
    Join Date
    Oct 2010
    Posts
    450

    Default

    Quote Originally Posted by Ranjeetjha78 View Post
    Sir,i have the honour to state the following few lines for your kind consideration and necessary action.


    i have earlier enrolled a policy (head start future protect-01434874) on Dec 2008. After paying three installment i knew that the growth of the policy is negative, i was not happy with the policy because after pay 1 lakh 5 thousand it was just 90 thousand after three years. I was suggested by your agent Mr. Rishikesh Singh (Mob No. is 9759245375) that if i convert full amount to assured granted fund than you will get much more benefit. Now the story began, as per his advise i pay a blank cancelled cheque and sign the all relevant forms. As per his suggestion my earlier policy should be terminated and only one policy to be in force. Since from march i am not received my policy document. Few days before i check the status of my policy, i came to know that my both policy is in force. I rang up to him several times but he is not responded now. 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 105000/= 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
    It is my humble request to take up the matter seriously to : (1) terminate my earlier policy (2) convert my total amount in growth fund (3) forward a copy of my policy (4) take a proper action against that agent.


    Thanking you





    Ranjeet Kumar Jha (Mob. No. 9818308363)





    Dear Mr. Jha,

    This is in reference to your blog complaint we received on 21-7-2012.

    We wish to inform you that your policy – 01434874 is in Auto Cover Mode.

    We are not in receipt of any request for policy surrender.

    We would like to inform that we have checked all our records and confirmed that the policy – 02504592 has been issued in accordance with your requirements as per the proposal forms duly signed by you. It is an independent policy and is not connected to your previous policy.

    Further, kindly note the policy document for your new policy was send via Speed post on 10-04-2012.

    If the same has not been received by you, we request you to kindly provide us with a duly signed plain paper declaration at your nearest Kotak life Insurance Branch and we will issue a fresh policy and dispatch the same to your address.

    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.

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