Hi my name is Manish Bhayani. I have a Kotak Life Insurance pure term policy number 01703958. At the the time of buying the policy in August 2009, I was told that compulsorily I have to opt for ECS for premium payment and later on it can be changed.

Another premium was due on 1st September 2010. I visited their Teen Petrol Pump, Thane branch on 28th August 2010 for cancellation of ECS. I was told by them that the ECS can not be cancelled, it can only be changed to another Bank. I told them that I want to cancel the policy. I was asked to come again on 30th August 2010 along with the original policy.

I visited them again on 30th August and submitted the original policy for cancellation along with the request letter. In spite of this they have deducted the premium from my Bank account. The premium is Rs. 3517/-.

I called their customer care toll free number on 6th September and asked for the procedure for refund but I was told that there can not be any refund now even though I had submitted my policy for cancellation before the due date. The attendant on the phone was also extremely rude and indifferent. His name was Kiran Dewadiga.

Kotak Life Insurance has cheated me.