I (Anu Mary Joseph) would like to complain against Kotak Life Insurance and especially against their advisor, Mr. Suchindra from the Banglore Kotak life insurance branch.
We took a policy Kotak Premier Life Plan (107N096V01), on 04-Feb-17 and agreed for term of 12 years. We got the policy documents with the term as 15 years instead of 12 . Also, the nominee name as well as my email id was mentioned incorrectly. We informed our advisor, Regini Benjamin within a week of getting the policy document, to get the above corrected. We got a response by mid March from Kotak that the changes cannot be done as the request for changes have been logged outside of the free look up period. From March, we have been following up with Suchindra and we were told that he will be able to get a new policy document sent. On 6-May, he confirmed that he wont be able to help us with a fresh document. Based on his advice , we decided to cancel the policy, to get the premium amount refunded(1.03 lakh) and re-login for the same policy with the correct details. Mr. Suchindra collected the documents required for cancelling the current policy on 24-Jul and confirmed !
that he will do the needful the same week. On 31-July we received a regret letter from Kotak stating that our cancellation request has been rejected. Upon, contacting Mr. Suchindra, he told us to contact customer service, to know the status and if possible cancel the policy through them. We called customer service on 5-Aug and we were told that they cannot do anything from their end and we need to speak to Mr. Suchindra only. Customer service guy also told us that we have to pay for at least 3 years to be able to close the policy but we will not get the full amount (3 years premium), upon closing the policy.
It’s disappointing to see a reputed company like Kotak has employed advisor’s like Suchindra who give false promises and misled customer’s. I would want Kotak to take my request for cancelling the policy as soon as possible. Hope this complaint is taken seriously and necessary steps are taken to address this immediately