Recently I went to kotak mahindra life insurance company with one of my friend. he wanted to close his a/c. Few details which I observed:
a) while opening one will be told that the a/c is minimum for 3 years and after 3 years one can close the a/c
b) while closing one will get the money depending upon market value
Now when we reached office, my friend was told that there will be a penalty for pre-mature closing (4+yrs). also he was told that market value is down so he wil not get the principle amt which he paid for 4 yrs. ironic right !!! if you keep that money is saving a/c or fixed a/c, atleast it make sure that one will get the principle amount. but my friend they deducted 20k !!!!! Also when he asked one of the official that we was told that after 3 years he can close his a/c, the official replies that they have outsourced there work to 3rd party and are not responsible for what they have committed. also in that office one old uncle came and same case happened to him also -- getting money less then principle amount !!!
Guys please take care while putting your money on any of this scheme. the person who will come to open your a/c will tell you a lot of thing but please make sure that whatever he is telling, he has a proof and is able to show you the points in the brochure !!!!
people are there to take away your hard earn money at every corner !!!!