This is a discussion on KOTAK FRAUDLANT Practices within the Life Insurance forums, part of the Insurance category; I am a policy holder with Kotak Life Insurance. I currently have two Endowment policies running with Kotak, one for ...
Junior Member
KOTAK FRAUDLANT Practices I am a policy holder with Kotak Life Insurance. I currently have two Endowment policies running with Kotak, one for myself and another for my wife.
Policy#: 00482777 , Name: Kotak Endowment Plan, Status: In Force
Policy #: 00481888 Name: Kotak Endowment Plan, Status: In Force
I would like to inform you that at the time of selling these policies, by Kotak Sales Executive (Mr. Chandrasekhar Panda), I was communicated that the Endowment plans are such that your premium is recovered after 3 years of policy, which means if I opt for the surrender of the policy then at least my premium would be safe. However, after paying premium for about 4.5 years when I checked the surrender value, I was in a stunned as I have paid out about INR 3,00,000 in each policy i.e. about INR 6,00,000 in total and the surrender value is about INR 2,11,000 for each of these policies i.e. INR 4,22,000 in total. I should have earned something by buying these policies whereas I am losing my money day by day.
I would like to point out that Mr. Chandrasekhar Panda had issued incorrect policy on earlier occasions as well.
Policy # 00674410, Name: Kotak Safe Investment Plan II, had to close out this policy was not requested
Policy # 00690327, Name: Kotak Easy Growth Plan, Got the correct policy issued and then surrendered recently after completing the lock-in period
This is my HARD EARNED MONEY that I have invested with Kotak. The surrender value is totally UNACCEPTABLE to me. I feel cheated and fooled by the Kotak Executives as they did the WRONG COMMITTMENTS.
I am not going to leave this matter until my money is refunded as I am strongly ready to take the matter in court or press if needed. Due to false commitments from your unreliable employees I am not ready to bear any loss.
I am regularly following up with your senior executives but that did not help till date. If this mail is not answered in my favor I am next moving the matter to media.
I request you at least to refund the FULL amount paid out against these policies till date.
Regards,
Viren Saini
Mob. 9811603677
Senior Member
Dear Mr. Saini,
At the outset, please accept our apologies for the aberration in our service standards that you have faced.
Reference to your Policy we are coordinating for a detailed investigation and our Customer Care team will coordinate with you directly on your mobile number provided.
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
Junior Member
Kotak takes forever to resolve your queries. I humble advice to all who are reading this post, kindly do not opt for any of the Policies offered by KOTAK.
Junior Member
KOTAK Fraud Limited KOTAK Did it again! They managed to show that they are the BEST in playing in peoples money and misguiding its customers.
I was planning to surrender my policy in the month of February / March 2011. But I was told by their customer care executives not to surrender the policy and take advantage of the Bonus which will be declared in the month of May / June, which later deferred to August end. This way my money was kept with them for 6 months more and now when I went to check the surrender value of my policies, I was stunned because they gave the 7% Bonus and they deducted the mortality charges, which means that there's no change in the surrender value for the last 6 months.
These guys are bunch of crooks and after your money.
My Policy No: 00482777 & 00481888
Anybody listening and ready to PUNISH these fellows?????
Viren Saini
M: 98116 03677
Senior Member
Dear Mr. Saini,Originally Posted by sainiviren
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 clientservicedesk@kotak.com or contact our Client Service Desk on 1800 209 8800 (Toll Free).
Regards, Kotak Support Team
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