Sep 21, 2006 05:31 PM
7733 Views
(Updated Sep 21, 2006 07:01 PM)
I am an unfortunate customer who bought Kotak Flexi-plan through my ex-accountants "Dhamankar and Khandewale" in Pune. They switched me to 20 year policy without telling me all the relevant details about the policy. One Mr. Siddharth Pardeshi was Sales Manager from Kotak Life's side. No one told me that whopping 65% of my first premium would be cut towards administrative charges and advisor's commission.
As there was no response forthcoming from regional office in Pune in this regard for a couple of months , I finally dealt with Mr Bhandari - VP Sales. He gave me every other option than converting my policy to single premium policy which was what I wanted. The company has not come back to me Since February this year.
When I spoke to Mr Bhandari, he said that the company has sent me response in this regard. This is a blatant lie. Since February he has not picked up my phone nor has the company sent me any response regarding my on-going discussion with him.
I figure Kotak Life is interested in selling and not servicing the client (forget the ones who they have cheated by hiding details of the product) I have this fact in writing from Mr Khandewale.
Lessons learnt 1) Always ask for 3 quotations from various providers 2) Be blunt and ask your insurance advisor what money he is making as a commission (In UK, he is legally supposed to disclose it) 3) Stick to your guns, do not listen to advice by your accountant or the insurance company
My case has been forwarded to IRDA, but they have refused to adjudicate it. Thus, I figure, I have lost Rs 60000 to the firm "Dhamankar and Khandewale" and Kotak Life Insurance!!!
