It is with great regret that I am posting this complaint regarding the policy no. 01693750 taken by me from Kotak Life Insurance and the nefarious means by which Company’s staff sold me the policy.

Some lady officer from their office had called me on my phone repeatedly and requested me to purchase the policy cover and promised me a lot of free extras with this. She sent one Ms. Preeti Rana and Mr. Ajay Chauhan to collect the cheque for Rs.50, 000.00 as a first premium from me. Ms. Rana took my photograph etc. to send me an ID Card against a free Medical Insurance which was one of the freebies promised to me. When I did not receive anything for 3 weeks after I received the insurance docket from them, I called her and she said the Mediclaim ID Card would be sent to me within 2 more weeks. Still nothing materialized. After that I called her umpteen times but she always postponed and ultimately stopped picking up the phone.

Ms. Preeti Rana who came to collect the cheque from me kept on misguiding me purposely that the free Mediclaim ID card would soon be issued to me so that the free look period would pass. She had to ensure this in order for me to not return the policy before the expiry of the free look period.

Then I repeatedly called up the company’s Delhi office where they kept on asking me to call again. I requested them to connect me to the lady who had offered me this policy but to no avail. Everytime after hearing the story, they would say that they would talk with there higher-ups and get back to me.

Now I have been sending mails at their client desk ([email protected]) for the last 7 months but they are not resolving the case. Either they do not reply or some new person replies everytime, takes all the details from me and disappears. Three of their people, namely Ms. Vrushali Ringe, Mr. Sharan Rohra and Mr. Rohit Rokade have replied to me in the last 7 months and after taking the details have not resolved the case. One has to go through the innumerable mails I sent them to feel the pain I have undergone in writing to them and not getting replies.Every few days I write to them but they are deliberately not listening to me.

Mr. Rajiv from their Delhi office (Phone No. 66135040) called me around 5 weeks back and said that he had gone through all my mails and that he would settle the issue soon. I told him that I had already approached the Insurance Ombudsman and sent them the details and that the Ombudsman had asked me to approach the GRO first as a logical step. Rajv said that there was no need to go anywhere and that he would talk to me shortly. Now, instead of Rajeev’s call, I g0t a letter from Mr. Rajiv where he has written the same old story which their other executives were saying that the free look period had passed. They are not realising that the free look period expired only when Ms. Preeti Rana purposely kept on postponing the said free Mediclaim ID card. She wanted the free look duration to lapse so that I do not return the policy due to the non-receipt of the freebies promised to me. I have written this umpteen times but these people keep on harping on the same thing.

As advised by the Insurance Ombudsman, Delhi, I sent the complaint with all the emails attached on 18th March, 2011 to Kotak's Grievance Redressal Officer, Sion Mumbai through DTDC courier which they received but no reply, not even an acknowledgement has come from them in these 2 weeks. I know they will keep me hanging for aeons as the company follows the same norm from top to bottom.

This is a clear case of forgery and deception where these people call people repeatedly to purchase their product and then do such despicable acts. I am not at all interested in their policy and want my money back with proper interest though not even ten times the money they took from me can compensate for the mental torture I have undergone and am still undergoing. This company should be penalized heavily so that they do not dupe and mislead other people in order to fill their coffers. You will appreciate the time I have spent calling and sending mails and the torture I have undergone due to the irresponsible replies or no replies by them.

Regards,
Ravindra Joshi
Mob#9650066866
New Delhi

No response from customer care and customer complaints get unattended.

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