Kotak Mahindra Old Mutual Life Insurance Ltd is forfeiting the entire 1st year premium, when the policy holder wish to surrender the policy after paying all the premiums upto the permissible lock in period. They say it is set aside to ‘Assured Addition Advantage’ and defending their side on the basis of some indication given in definitionpart of policy document. Such a risk is understandable even after careful reading of the whole terms and condition. Nothing about such a risk is indicated in the crucial part of ‘lapse’, ‘surrender’, or ‘forfiture’ clauses available in the policy document. It is mere cheating of innocent people by the Insurance Co.

Regards
nanusreenivasan1949@gamil.