Kotak cheats, don't go for it. Review on Kotak Life Insurance

I am here before you today to give caution to insurance investors not to select Kotak Insurance as their service provider.

Let me tell you why.

Kotak reps are well trained to trap customtakeouters by highlighting only the pros(postive points or merits) and to keep the cons(demerits) behind light till they get the policy proposal signed.

The cons come to light one by one to the dismay of the investor / customtakeouter by when it would have been too late.

You may comment saying this happens with each and every insurance agent / rep. I agree.

My main concern is the trapping twist in the policy terms which do not allow customtakeouters to quit / surrender / come out of the policy bounds unless and until he / she is ready to bear a portion(may be max upto 50%) of his total premium money paid for this policy. as his loss.

My very close friend's father, who was a semi literate was offered a policy by Kotak Rep in Nagpur, who was cunning enough to get his monthly target done and did never care for the customtakeouter( my friend's father).

The insurance policy terms were to pay Rs. 10, 000.00 every 6 months.

i.e, Rs. 20, 000.00 every year for 15 odd years. Fine

Sum Insured was Rs. 1, 50, 000.00. - very low as he would end up paying 3 lacs in 15 years!

My issue is about the surrender possibility of the policy.

I found that the fund value has gone very low. He had invested Rs. 70, 000.00 in the past 3 and half years, but current fund value shows Rs. 42085.xx only. We were shocked.to know this and called up to surrender.

We were told as below, to our shock.

Out of the Rs. 70, 000.00 he has invested till date, the first Rs. 20, 000.00 was kept aside as a security deposit which would be refunded only at the maturity of the policy( after 15 years, i.e, in 2023).He can never get this Rs. 20k back before 2023 and that too if he completes paying all premiums till 2023. If the customtakeouter is unable to make his payment, then within the next 2 years policy is lapsed and the then fund value will be refunded. So the Rs. 20k which we are highly concerned about, is eaten by Kotak and not refunded back to customtakeouter. He cannot even stop paying the premiums and let Kotak keep the till now paid money till 2023( maturity year)_

This is just a sample policy I am talking about and I am confident that all policies have twists like this which costs heavily for the customtakeouter when they are in a circumstance to quit paying the premiums.

You can compare LIC wherein the policy terms are pretty clear. I can pay upto 3 policy years and surrender for a cost of around 2-5% as allocation / surrender charges which would certainly be a petty amount and the money I get on surrendering after 3 years will certainly be more than what I had paid till that date.

So people, please be aware of all private insurance representatives / agents. They will highlight all merits and pros as I said before and put you into trouble later by hiding all cons(negative facts) about the policy.

The pitiest thing is that in the above incident that happened with my friend's father, there was a call from Kotak where a girl had threatened his aged father talking about consequences of not paying the remaining premiums.

So Kotak threatens people. rowdism - Lack of professionalism.

Another incident with my life. bad experience with Kotak

A Kotak Securities rep got a Demat Account opened for me with Kotak where he hided the fact that every time I transact with my shares, there will be handling charges of certain percentage of the transaction value or Rs. 21.00, whichever is higher.

I came to know of this only after I checked my first 2 months DP Bill. Please note that I was quite new to Share trading and this guy Yuvraj, the Kotak Demat Rep cheated me by not bringing to light the additional charges and demerits.

Moreover I have around a lakh of rupees as FD in my Kotak Account with T. Nagar branch in Chennai. I don't know how safe my money is.

So, friends and readers, never go for Kotak as Kotak Sucks, Kotak Cheats and Kotak brings you to roads.

Anyone from Kotak can contact me at 94866-11143, Chennai or email me at kumarquality@yahoo.com without any hesitation and I shall give the needed justification for this review against Kotak.

Thanks and Regards

Kumar