03-14-017592 IRDA reply no Thomas mulan zachariah Ashadeep, Flat 408/B The Manager Opposite vijay sales Kotak Life Insurance Near silver park Mira bhayandar road east Bombay – 401 107 Date- 09.04.2014 Dear sir Sub. Deductions from policy surrender value amount on closing Please refer to complaints on fund value of policies from Kotak Life Insurance numbering 01912869 , 01927302. On mar 30 -2012 (7 REMINDERS) also on mar 5 -2013andmar 12 -2014 .Complaints were sent to IRDA by e mail and replies received. The IRDA forwarded the complaints to the Kotak insurance company. Please note the deductions made from policy premiums paid are illegal and against the policy guidelines of RBI. “FAIL TO DISCLOSE UPFRONT IMPORTANT TERMS AND CONDITIONS WHILE SELLING A FINANCIAL SERVICE” Deductions made of first premium are justified in a way that the company can just take away the clients money, in present case Rs46400 in premium alone in 4 years.This clause is not intimated to customer by the agent who is interested only in his commission. So both the company and agent makes money leaving the customer in TOATL loss. The surrender value deducted, Rs 54655/ should be refunded to customer forthwith. Kotak life insurance loss details 1-Policy no -01912869 5.3.10 for 20 years payment -20400/ yearly premium paid- 61200 till 2.3.12 fund value as on 13.6.12 – 35233 TOTAL paid Rs 81600(20400X4) till 2013 amount received on surrender in 2014 april – 59747 Loss-21853 2- Policy no. 01927302 31. 3.10 for 20 years 26000/yearly premium paid- 78000 in 2012 fund value as on 13.6.12 – 44508 TOTALpaid Rs 104000(26000X4) till 2013 Amount received on surrender in april 2014-71198 Loss-32802 TOTAL LOSS- Rs 54655 in 4 years not counting any interest –capital alone 29% Of money paid taken away by the

The surrender value deducted, Rs 54655/ should be refunded to customer forthwith. Kotak life insurance loss details 1-Policy no -01912869 5.3.10 for 20 years payment -20400/ yearly premium paid- 61200 till 2.3.12 fund value as on 13.6.12 – 35233 TOTAL paid Rs 81600(20400X4) till 2013 amount received on surrender in 2014 april – 59747 Loss-21853 2- Policy no. 01927302 31. 3.10 for 20 years 26000/yearly premium paid- 78000 in 2012 fund value as on 13.6.12 – 44508 TOTALpaid Rs 104000(26000X4) till 2013 Amount received on surrender in april 2014-71198 Loss-32802 TOTAL LOSS- Rs 54655 in 4 years not counting any interest –capital alone 29% Of money paid taken away by the company (54655/185600)

Complainant Information
name- tomachan e-mail t_mulan@hotmail