*I have Purchased a Policy from this company. As per the Policy I was allowed to reduce the Premium after the first year.This is totally allowed by the policy and is clearly specified in the policy document.
So when one year was almost over I called up otheir help line to get the change effected.
They told me that the change would be done by the local office and that I should talk to them.
This I did and was adviced to submit the original policy doucment and fill an form which I did.
I was told that the change would take a few days and that I should get in touch then.
After I week I called up the local person and was told that the papers had been sent to bombay where the actual processing occours so I should talk to Bombay via the helpline.
So then I called the help line and I was told that yes indeed the papers had been received and that it had been processed but the actual change would occour ONLY on the policy anniversary. They reassured me that there was nothing to worry and the changes would surely be made. I asked them to send me a confirmation of the same which they promised but never came.
Finally I called up the Local office fellow again, he also reassured me that I should not worry the changes would be made . Whne I insisted on a confirmation for the same he also promised me a letter which was also never sent.
Any way As I had submitted all the papers and made many reminders I thought that I had nothing to worry .
But to my horror After a few days I realised that they had debitted the Old permium from My account. This was many time what I had wanted to pay. As a result there was a shortfall in my account and one of my cheques bounced. I was stunned when the person called me and started shouting that his cheques had bounced. Luckily I had funds in another a/c from where I was able to clear the payment.
When I contacted The Kotak helpline they said that the changed had been made as requested. When I asked why had they taken the old premium if the changes were effected they then put me on hold and after 10-15 mins came back and said the changes HAD not been made and that they would do the same soon. When I asked for the extra money they had taken they said that would take a few days to sort out and they will try and give me back the money within a few WEEKS.
These people didnt have the dececy to make changes as requested on time. Then they think they are doing me a favor by returning me my money which they were not supposed to take. When I made and issue about it they said that they would issue the refund within immidiately and I would get in within a few days.
Despiet repeated reminders and many calls to their various office I am yet to receive my money. I have asked repeatedly to talk to some of their cenior officials and they have refused to talk to me. The are not willing to officially appologise for their mistake leave along compsate me for this harressment.
Basically, Dont trust these companies to give u any extra service. they are only there to take your money. If anything happens then too bad. they DONT CARE