Misguided by Kotak Life Insurance Agents

1. I received a call from Ms NC & Mr VS as agents of Kotak Life Insurance Ltd in June 2011, as a special offer for promotion.

2. I was offered the following benefits on investing Rs 30,000/- per year upto 5 years :

(a) An assured sum of Rs 2,55,000/-

(b) Life Cover of Rs 09 Lakhs, upto 15 years.

(c) Health Insurance Cover of Rs 02 Lakhs per year upto 15 years.

(d) If 100% withdrawal made, still health & life cover upto 15 years.

(e) If less than 100% withdrawal made, then per annum interest of 12% will be given on the amt balance.

3. I was not convinced with such lucrative offers initially & even called the customer care of Kotak Life Insurance to confirm. I was told that the offers given by agents are not available with customer care.

4. I enquired from Ms NC & Mr VS about any document which shows any details of the plan. I was asked to look into Kotak's website. Not finding much in the website, I further enquired about the details in writing/e-mail. Finally I received an email which mentioned the details of the plan offered from the agents.

5. On receiving the email, I even suggested one of my friends (Mr BCS, Bangalore) to buy the plan. He has already paid the first premium & has the same grievance.

7. The contact no of Ms NC & Mr VS is presently switched off.

8. The same greivience has already been submitted with Kotak Life Insurance with reference number:KLI 002609, dated 29 Sep 2011. The response received is that no such complaint will be entertained after the free look period given by the company.

9. It is submitted that the free look in period takes effect from the date of receipt of the policy document; however the document was not received by me but my neighbour who has signed the receipt. Therefore the free look in period is not applicable from the date of receipt recorded by Kotak Life Insurance.

10. I have no objection in continuing the policy if the terms & benefits quoted by the agent is given to me, else I would like to get payback of the premium paid through your forum. I am in possession of the emails received from the agents quoting the plan.

11. I request you to kindly help me in resolving the issue at the earliest.(Terms & Conditions Page of your site is not working presently)