Apr 04, 2017 02:36 PM
29823 Views
I have been a customer of Kotak life insurance with Policy number 1752022141 since May-2012, I am paying monthly premium of Rs.1320/- from May-2012 to till date(4 April 2017) which amount comes Rs.1, 08, 240/- which market value as on 4th april 2017 is Rs.81, 201/-
Hence, I called to customer care to provide me the IRR(Internal rate of return) to get clear view about the annualised return which I have received throughout my investment period. Earlier, they denied to provide such information as they told me they do not have such information. Later on, I asked them to provide me unit allocation statement since inception with the details of units are allocated against monthly premium after deducting applicable charges which they inform me to visit the nearest branch to get detail. When I asked them to provide me the required details on my registered e-mail then they have generate the request with query id of 30571181 and informed me that mail has been send to your registered e-mail id shortly.
Within few days I had received the mail which only provide the summary of total Premium paid and as on date market value against to total units are allocated. There is no detail information of monthly unit allocation against monthly premium paid of Rs.1320/- Hence, again I have called to customer care to provide me the required detail where again they confirmed me that they provide me required detail on registered e-mail id shortly.
After few days, have not received any statement hence I again called to customer care with request number 30571181 where for first 25 min their customer care executives were transferred the call from one of department to another and repetavly asking some detail from me when I became angry on them finally they respond to my query that again they will provide the required detail on registered e-mail id . within 10-15 min I had received mail but again they had send me one page summary as they had earlier shared.
This is really pathetic . First the market value of my invested money is not up to the mark and second the painful service they are offering to their customer . Really I have make huge mistake to invest valuable money in such fraud company. When first I paid my monthly premium the NAV of investment plan is approx. 19 Rs. which is as on date is approx. 32 Rs. this is just because the heavily charged fund management charges, Policy Administration charges, Mortality charges, Premium allocation charges(which is 30% in first yr) etc. Even though by levied such heavy charges, if someone is not getting fair rate of return of his/her invested money(where major portion is invested in share market) then it is clearly seen that they just making fool to the people and WTF the fund manager is doing since May-2012 market is moved from 18, 000 to 31, 000 points and is not able to give fair return on invested money.
If customer is suffering to get simple required detail on his/her invested money then what will happened at the time of death claim settlement?
