Originally Posted by Unregistered

Name :Neeraj Joshi
Policy name : Kotak smart advantage plan

Just want to share my personal bad experience with Kotak smart advantage Plan policy.On 2008 I have taken this policy and kotak representative told me that just save INR 20000 per month and you will get lost of benefits like income tax rebate and accident policy etc.And even after 3 years If you n surrender your policy, you will get morethan what you have invested.. I trusted him and signed the policy and paid first year installment.. after one year due to some personal problem.. I realised that I can not continue this policy and accordingly called to the KOTAK customer service and told them my problem and asked that can they return my money ? They told me that I have to continue this policy for 3 years otherwise my money will be forfeited, I understood and thought that lets continue this policy for 3 years .So that at least I will get my money back after 3 years .And accordingly I made a installment of 2nd year and 3rd year.Now after waiting of 3 yrs and made payment of INR 60000. Thought that If I will surrender my policy this year ,I should get at least INR 72000 because if you deposit recurring FD in your bank account ,Bank provides you atleast 7% PA on your FD amout and thought Kotak will be far better than FD and all.. But that was my assumtion only realty came to me when again I called to customer service and asked the procedure of policy surrender and asked hoe they refund my money.. I got surprised when they told me that I will get only INR 34000...I said kindly recheck as I made paymnent of 03 years continousely ,therefore already paid INR60000 ,You must have some mistaken .Tat CS reps.said me that sir I have rechecked and only INR 34000 will be given to you and INR 20000 will be for fefeited by bank as you are not continuing your policy for 20 years. I was shocked and asked what about rest INR 6000 , they replied me that it was deducted dueto service charges/policy maintainance charges etc .Lots of time I told them that It was not at all told to me by your representative but she didnot listen me and replied me that it is also written in terms and conditions and Kotak cannot help me regarding the same either I have to continue this policy for 20 years or If I withdraw the policy this year I should not ask for my rest money INR 16000..Can you people imagine that if you guys invest your money of sweat& blood in this type of organisation and keeps your money for 03 years and after that they are not giving any interest on this money, but also they are not returning your invested money.

And later I had to statisfy with INR34000.. Dont you think it is also a kind of fraud which KOTAK life Insurance company made to me . Now I aready made a mistake.. but warn you that donot take this kind of policy from this organisation.They will fool you like that made me..



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 26,000/= 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

Dear Mr Joshi,

We apologize if you were misinformed about the policy terms and conditions, but information with respect to cancelling / surrending your policy is also available in the policy document.

Our team is currently looking into this matter and will shortly contact you with a clarification. In the interim, should you have any queries, you may write to us at kli.grievance@kotak.com or contact our Client Service Desk on 1800 209 8800 (Toll Free).

Regards, Kotak Support Team

Dear Neeraj,
I am also suffering this kind of harrasement by KLI and now I have made a plan for a big compensation against this fraud company.
you can see in my post how i am facing this. I am also planning to lodge a FIR against branch manager of KLI soon.

Yes Neeraj ,

Your right . I was missold the Kotak Smart Advantage Plan . Kotak has tied up with a home loan bank . If you need to take the home from that bank then you need to take this policy . I was forced to take this policy by some Kotak agent in that bank . I thought that I would get it canceled or surrendered later . I just paid the premium for the single year and didn't continue with the policy . Now when I called them and asked them to terminate or cancel the policy , they are saying that under this plan , 90% of your money would be forfeited , What the hell . I did not pay any premium for the last 2 years . Lockin period is three years , now that lockin would be over soon .They shall refund the premium after deducting some charges but 90% is like looting publicly . Their agents fool the public . This Kotak should be banned from the life insurance business . On one hand , we have the politicians looting the public and on the other hand these public looting companies are after us . I have written to their grievances cell and also to the customer service but I don't think these money suckers would do anything . I am going to wait for sometime then file a case with the consumer court and sue them .


Tajinder Singh

New Delhi

Originally Posted by Unregistered

Name :Neeraj Joshi
Policy name : Kotak smart advantage plan

Just want to share my personal bad experience with Kotak smart advantage Plan policy.On 2008 I have taken this policy and kotak representative told me that just save INR 20000 per month and you will get lost of benefits like income tax rebate and accident policy etc.And even after 3 years If you n surrender your policy, you will get morethan what you have invested.. I trusted him and signed the policy and paid first year installment.. after one year due to some personal problem.. I realised that I can not continue this policy and accordingly called to the KOTAK customer service and told them my problem and asked that can they return my money ? They told me that I have to continue this policy for 3 years otherwise my money will be forfeited, I understood and thought that lets continue this policy for 3 years .So that at least I will get my money back after 3 years .And accordingly I made a installment of 2nd year and 3rd year.Now after waiting of 3 yrs and made payment of INR 60000. Thought that If I will surrender my policy this year ,I should get at least INR 72000 because if you deposit recurring FD in your bank account ,Bank provides you atleast 7% PA on your FD amout and thought Kotak will be far better than FD and all.. But that was my assumtion only realty came to me when again I called to customer service and asked the procedure of policy surrender and asked hoe they refund my money.. I got surprised when they told me that I will get only INR 34000...I said kindly recheck as I made paymnent of 03 years continousely ,therefore already paid INR60000 ,You must have some mistaken .Tat CS reps.said me that sir I have rechecked and only INR 34000 will be given to you and INR 20000 will be for fefeited by bank as you are not continuing your policy for 20 years. I was shocked and asked what about rest INR 6000 , they replied me that it was deducted dueto service charges/policy maintainance charges etc .Lots of time I told them that It was not at all told to me by your representative but she didnot listen me and replied me that it is also written in terms and conditions and Kotak cannot help me regarding the same either I have to continue this policy for 20 years or If I withdraw the policy this year I should not ask for my rest money INR 16000..Can you people imagine that if you guys invest your money of sweat& blood in this type of organisation and keeps your money for 03 years and after that they are not giving any interest on this money, but also they are not returning your invested money.

And later I had to statisfy with INR34000.. Dont you think it is also a kind of fraud which KOTAK life Insurance company made to me . Now I aready made a mistake.. but warn you that donot take this kind of policy from this organisation.They will fool you like that made me..



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 26,000/= 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

Originally Posted by Taj Singh

Yes Neeraj ,

Your right . I was missold the Kotak Smart Advantage Plan . Kotak has tied up with a home loan bank . If you need to take the home from that bank then you need to take this policy . I was forced to take this policy by some Kotak agent in that bank . I thought that I would get it canceled or surrendered later . I just paid the premium for the single year and didn't continue with the policy . Now when I called them and asked them to terminate or cancel the policy , they are saying that under this plan , 90% of your money would be forfeited , What the hell . I did not pay any premium for the last 2 years . Lockin period is three years , now that lockin would be over soon .They shall refund the premium after deducting some charges but 90% is like looting publicly . Their agents fool the public . This Kotak should be banned from the life insurance business . On one hand , we have the politicians looting the public and on the other hand these public looting companies are after us . I have written to their grievances cell and also to the customer service but I don't think these money suckers would do anything . I am going to wait for sometime then file a case with the consumer court and sue them .


Tajinder Singh

New Delhi

Dear Mr. Singh,

Our team has made note of your feedback. We recommend you write in to kli.grievance@kotak.com with the details of your policies, so our representative can contact you and address your concerns. Alternatively, you can contact our Client Service Desk on 1800 209 8800 (Toll Free).

Regards, Kotak Support Team

Just want to share my personal bad experience with Kotak smart advantage Plan policy.On 2009 I have taken this policy and kotak representative told me that just save INR 1700 per month and you will get lost of benefits like income tax rebate and accident policy etc.And even after 3 years If you n surrender your policy, you will get morethan what you have invested.. I trusted him and signed the policy and paid first year installment.. after 3 years due to some personal problem.. I realised that I can not continue this policy and accordingly called to the KOTAK customer service and told them my problem and asked that can they return my money ? They told me that I have to continue this policy for 5 years otherwise my money will be forfeited, Now after waiting of 3 yrs and made payment of INR 61200. Thought that If I will surrender my policy this year ,I should get at least INR 72000 because if you deposit recurring FD in your bank account ,Bank provides you atleast 7% PA on your FD amout and thought Kotak will be far better than FD and all.. But that was my assumtion only realty came to me when again I called to customer service and asked the procedure of policy surrender and asked hoe they refund my money.. I got surprised when they told me that I will get only INR 34000...I said kindly recheck as I made paymnent of 03 years continousely ,therefore already paid INR60000 ,You must have some mistaken .Tat CS reps.said me that sir I have rechecked and only INR 34000 will be given to you and INR 20400 will be for fefeited by bank as you are not continuing your policy for 20 years. I was shocked and asked what about rest INR 6000 , they replied me that it was deducted dueto service charges/policy maintainance charges etc .Lots of time I told them that It was not at all told to me by your representative but she didnot listen me and replied me that it is also written in terms and conditions and Kotak cannot help me regarding the same either I have to continue this policy for 20 years or If I withdraw the policy this year I should not ask for my rest money INR 26000..Can you people imagine that if you guys invest your money of sweat& blood in this type of organisation and keeps your money for 03 years and after that they are not giving any interest on this money, but also they are not returning your invested money.

Please help me about this


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 26,000/= 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 &

Originally Posted by Kunal Ghode

Just want to share my personal bad experience with Kotak smart advantage Plan policy.On 2009 I have taken this policy and kotak representative told me that just save INR 1700 per month and you will get lost of benefits like income tax rebate and accident policy etc.And even after 3 years If you n surrender your policy, you will get morethan what you have invested.. I trusted him and signed the policy and paid first year installment.. after 3 years due to some personal problem.. I realised that I can not continue this policy and accordingly called to the KOTAK customer service and told them my problem and asked that can they return my money ? They told me that I have to continue this policy for 5 years otherwise my money will be forfeited, Now after waiting of 3 yrs and made payment of INR 61200. Thought that If I will surrender my policy this year ,I should get at least INR 72000 because if you deposit recurring FD in your bank account ,Bank provides you atleast 7% PA on your FD amout and thought Kotak will be far better than FD and all.. But that was my assumtion only realty came to me when again I called to customer service and asked the procedure of policy surrender and asked hoe they refund my money.. I got surprised when they told me that I will get only INR 34000...I said kindly recheck as I made paymnent of 03 years continousely ,therefore already paid INR60000 ,You must have some mistaken .Tat CS reps.said me that sir I have rechecked and only INR 34000 will be given to you and INR 20400 will be for fefeited by bank as you are not continuing your policy for 20 years. I was shocked and asked what about rest INR 6000 , they replied me that it was deducted dueto service charges/policy maintainance charges etc .Lots of time I told them that It was not at all told to me by your representative but she didnot listen me and replied me that it is also written in terms and conditions and Kotak cannot help me regarding the same either I have to continue this policy for 20 years or If I withdraw the policy this year I should not ask for my rest money INR 26000..Can you people imagine that if you guys invest your money of sweat& blood in this type of organisation and keeps your money for 03 years and after that they are not giving any interest on this money, but also they are not returning your invested money.

Please help me about this


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 26,000/= 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 &

Dear Mr. Ghode,

At the outset, we regret the inconvenience caused and apologize for the aberration in our services. We’d like to look into your complaint from our end. However, we would require a few details like your policy number and contact number to assist you better. We request you to write to clientservicedesk@kotak.com with these details. We’ll get back to you soon.

Regards,
Kotak Support Team.