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Misguided To sell their policies Suresh-MS | Insurance | 1 Reply


I am Suresh MS, holding a Kotak Mahindra super advantage plan (Policy No. 01865295), every year I am paying an amount of INR 36,000/- as policy premium amount since last 3 years. When I took this policy, the sales executive & corresponding sales manager shared the information that just pay for 3 years. Later I can close the policy. And even they have mentioned that this policy does not have charges like allocation, withdrawal except the mortality which is very nominal. But when I called up the customer care to close this policy as I have completed 32 years now got a shocked response that I will not get 1st year premium amount. It means I will not get 36,000/- rupees. It\'s nothing but pure cheating. Even I asked some more information like can I stop paying after 3 years, then the customer care executive is telling that you can stop after 3 years. but they will deduct some charges from my existing fund value. It means i will get my money only if i pay up to 20 years. This is ridiculous. The customer care executive is telling that it\'s indirectly mentioned in the agreement. How a normal guy could knows all these things before??? Now i just need my money back... And today I have received a message saying If I am not making a premium payment by 28th of this month my policy will lapse!!! I need justice, Please return my hard earned money back. Expecting a good response at the earliest..

By IndianMoney Experts - 2013-Jun-07
Dear Suresh, Kindly contact Kotak Mahindra Life Insurance Customer care on toll free number at 1800 209 88 in order to resolve your complaints.Read all the information before buying a policy. Mis selling is a rampant practice in insurance products.Do not let it happen to you. Always understand your insurance needs.Read the fine print carefully during the 15 day grace look in period. You can cancel the policy if not satisfied.Look before you leap. Don\'t buy that policy in a hurry.For any queries visit as it is India\'s only free on call money adviser.
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