Cheated by Kotac Life insurance company

The actual date of receipt of policy document is relevant to enable you to take up the matter with the insurer to cancel the policy, within 15 days from the date of receipt of the document- under 'Cooling Off cancellation'. 

i am also cheated by kotak mahindra old mutual life insurance ltd. now i have made a complaint to redressal forum. let us see what will happen?

To,

                        The Grievance Redressal Officer,

                        Kotak Mahindra Old Mutual Life Insurance Ltd.,

                        8^th floor, Godrej Coliseum,

                        Behind Everard Nagar, Sion (east),

                        Mumbai: – 400022.

I “Dimple Jindal” s/o “Krishan Chand Jindal” am a resident of Barnala City. I have taken two insurance policies in June 2009 as follows.

1.      Vincy Singla (policy no. – 01633964) - premium 50000.00 per year payable for three years.

2.      Deepak Jindal (policy no. – 01633992) - premium 50000.00 per year payable for three years.

Regarding these policies, your sales manager “Honey Goyal” and your agent “Shelja Bhatt” and “Arun Bhatt” husband of “Shelja Bhatt” have told us to pay the premium simply 3 years and fourth year we will get refund the money.

The conditions which was told to me by your sales manager and agent as follows:

1.      I have to deposit the premium for 3 years. The term of policy is 3 years.

2.      You will get life cover for 15 years.

3.      There will be no expenses deducted from your fund value in any how case.

4.      I will get refund the money at the end of three year.

 When I receive the policy, I again ask from the agent that the term written in the policy is 15 years. They reply me that this is the timing of insurance cover. We have to pay the premium for 3 years only and we will get life cover for 15 years.

On the completion of three years, I surprised to get a mail from the company to deposit the fourth installment. I reply to the company that I have taken the policy for 3 years, then in spite of refunding my invested money to me, why the company is demanding fourth installment. I also ask about this from the agent. He told me that the sales manager have leave the company and I was also not aware the full facts of the policy. I will discuss the matter with the company and after that I will reply you. 

I have made my complaint to the company on 12^th of July 2012, and after making complaint again and again, no resolution is given to me till now.

Now my problem is that, I have planned for the policy term 3 years only according to your agent and sales manager descripttion. You can understand my problem that it is very difficult to continue the policy for 15 years for such big amount. I didn’t know why your sales manager has done this mis-selling on wrong grounds?

Now your company is saying that if I will not deposit the premium for 15 years, then my first installment was forfeited.

Your company is also deducting some charges from the fund value. Which was never told by your sales manager and agent to us?   

Now after that I go to your Chandigarh office for the resolution, they told me that they can sale the policies and cannot help the customers in disputes. For resolution, I have to go in I.R.D.A or consumer court only.

Sir, I request to you again, please look in to the matter seriously and resolve my problem. I will be satisfied if you will convert the policy term in to 3 years as described by your sales manager and agent otherwise cancel my policy. I didn’t want to continue these policies.

Please give me resolution in reasonable time. Already I have made many complaints to you by email from 12^th July 2012 onwards. But you have not resolved the problem till now.

Waiting for your reply and hope for the resolution,

Dimple Jindal,

(Husband of – Vincy Singla and Brother of – Deepak Jindal),

h.no. – b-2/684,

Near old telephone exchange,

Barnala.

Email – jindaldimple@gmail.com; jindaldimple@yahoo.com

Mobile - +919872578325; +919876130474

Cc: Kotak Mahindra Old Mutual Life Insurance Ltd. (Branch Office – Chandigarh).

Cc: Shelja Bhatt (Agent of Company). 

A copy of email is also send to all concerned persons.