*BEWARE OF KOTAK LIC – LYING & CHEATING combined with deliberate Non-Communication make it ONE OF THE MOST UNETHICAL in the Indian Industry.*
This Insurance Company *promised to pay(in 2003) a Surrender Value of 95% of the Accumulated Value in their policy document; reconfirmed the same in writing 5 years later(in 2008)* and **when the policy was surrendered(in 2012) they deducted 10% of the amount.*
The Surrender Value should have been credited to our Bank Account within 5 days. Then they promised payment within 10 days.* **After the fifteenth day and only after a talking to their Customer Care Manager we were told to produce a Bank statement showing a debit of the premium amount for 2005 – 7 years later!** KOTAK LIC has **not confirmed whether this amount has been taken into the calculation of the Surrender Value.*
*Our loss may amount to more than Rs.50, 000/- on just one policy.*
The sad part is **after working with this Company** and selling their newly introduced policy to your own family, at the behest of the Company management to make the new product succeed, **they ultimately go back on their words and cheat you without a word of explanation.*
On account of change in Premium amount KOTAK LIC requested us in 2011 to submit a completely filled up fresh ECS mandate form specifying the revised premium amount, along with a cancelled cheque. Despite not submitting the fresh ECS mandate and making the payment by other means, **KOTAK illegally demanded the premium payment under the invalid ECS mandate through the Bank**. Even after instructing our Bank not to pay this, **KOTAK collected an unexplained amount of Rs.1148.44 which they have still not refunded. What a petty theft!*
Even when a particular email ID was registered & linked in their records, on the pretext of safeguarding so-called confidentiality, KOTAK LIC refused to answer our emails and to give us the details of how they calculated the Balance in the Accumulated Fund and the Surrender Value they would have to pay to us. **More than thirty to forty emails sent to them since May 2012 remain unanswered despite their acknowledgements & promising to reply within 24/ 48 hours.*
*Their Call Center** does not answer any questions beyond giving Premium Amount and the Due Date. They **even refused to give the telephone number of the Company Head Office to deliberately our speaking with the MD or other senior officials**. Subsequently after talking to an Executive in the MD’s office both the Executive & the telephone operator ignored more than twenty calls to their numbers over a fortnight. How well they mis-use technology when it suits them! This has happened twice in the past 6 months.
*Emails addressed to their MD**, through their website & their Customer Care, were **ignored by the MD. An email to the Chairman at the Kotak Mahindra Group predictably bounced.*
*DEALING WITH THIS INSURANCE COMPANY ASSURES ONE OF BEING SWINDLED!*