Dear Sir/Mam, I have bought a Kotak Life insurance plan on 30/04/2010 named “Kotak Super Advantage” in which agent Avdesh Kumar (Agent Code 60114782 ) under the supervision of Sunaina Aggarwal(Code 60114779). He told me that if I would invest Rs 2500 Monthly/30000 yearly mode then I will get Rs 150000 guaranteed and Bonus depends on market as return after three year. But he miss sell it to me by hiding following: 1. Kotak will have 1st year premium (Rs 30000) as allocation charges which will be paid after maturity of 20 yrs. 2. Kotak will charge to me approximately 6 % as (Policy Administrative, Fund Management, Mortality charges) Concern: As Company is charging me more than 6% (Administrative, Fund Management, Mortality charge) but in period of last 3.7 yr I never get even a single call/Mail/SMS from kotak to tell me current fund value, premium paid statement after a lot of complaint registration regarding this. Till 6 Nov 2013 I have paid 43*2500=Rs 107500 to the company but my current fund value is Rs 77139.1218 and right now market is in its very good condition. I have a question here to the Fund manger if in so good condition of market the fund is still under performing what fund manager is doing here. If include my first year premium also to this fund value Rs 30000 (First yr Premium) + 77139.1218(Current Fund Value)=107139.1218(total) that is again less than my total investment. Policy No. 1984597 Seller agent name– Avdesh Kumar Agent Code:- 60114782 Agent Supervisor name–Sunaina Aggarwal Agent Supervisor Code:-60114779 I do not seeing any gain in this policy till now as well as long term please suggest. Due to this it decided to stop investing in this and give a written request on 19Nov2013 to deactivation of ECS(Electronic Clearance Services) but company reject my request without any notification and said the reason signature mismatch and that I came to know on 3 Dec 2013 when I called to their Customer care . As my Due date is 6 Dec2013 so I visit branch again and give the request again but the forcing me to pay this premium with but I do not want to pay single rupee to Kotak. Kotak also suggest me to do not maintain balance in account to avoid payment but for ECS return my bank will charge me Rs 273 and if I paid this premium kotak will deduct annual charges on last premium also. Please Help me…. Thanks in advance
Return my money which i have paid to the date without any deduction.
Complainant Information
name- Rajender