Kotak life insurance super advantage plan

POSTED BY Sneha Deore ON March 25, 2013 12:22 pm COMMENTS (4)



I am Sneha Deore, holding a kotak mahindra super advantage plan (Policy No. 01907079), Every year i am paying 36,000/- as premium amount. I am paying the premium from last 36 months. 


when i have taken the policy, the sales executive & corresponding sales manager shared the information that just pay for 3 years. Later i can close the policy. But when i called up the customer care, the customer care executive is telling that i will not get 1st year premium amount. It means i will not get 36,000/- rupees. It’s completely cheating.. cheating… cheating…


Even i asked some more information like can i stop paying after 3 years, then the customer care executive is telling that you can stop after 3 years. but they will deduct some charges from my existing fund value. It means i will get my money only if i pay up to 20 years. This is ridiculous. The customer care executive is telling that it’s indirectly mentioned in the agreement. How could a normal guy knows all these things before??? Now i just need my money back… i don’t want any profit. 


what sh I do?

4 replies on this article “Kotak life insurance super advantage plan”

  1. puranmal says:

    I have a policy super advantage for 20 yet but I stop it after 10yeargive me information of rituran money

  2. Dear Sneha, after a hard hitting by dear Ramesh, some balm from my side. Please stop this policy. Surrender it. Accept the loss as your learning. Invest the surrender amount in simple products like PF, PPF, bank FDs or MFs. Purchase adequate term cover for your insurance needs.

    Yes, please start reading about finance for your own good. For a start, please read all the past discussions here in the forum. A lot of knowledge is hidden here. If you feel a fee based, paid financial planner can be your cup of tea, please avail one for yourself.



  3. Kotak Support Team says:

    Dear Ms.Deore,

    We have noted your conerns. We have sent detailed mail to your email:snehajoshimcsd@hotmail.com.

    Kotak Support Team

  4. Ramesh says:

    Sorry, but these are your own mistakes.

    1. ” just pay for 3 years. Later i can close the policy.” Where are they wrong. Did they tell you that you will get lot of profits if you opt for closure after 3 years. Did they give it in WRITING? No. Check the documents of the policy. Did you read them up before signing, after signing. Obviously, you did not. It is your own mistake.
    2. You have decent money, but that coupled with zero knowledge about finance products makes you a simple scapegoat. Deal with it.
    The only options are:
    1. Increase your knowledge about these things.
    2. Only invest your hard-earned money into things which you can understand. If you do not understand, then leave everything aside and learn. Otherwise, ask wise people who really know and will tell you those things. If you have to pay, do. Use only Fee-only advisors, if you have to. If someone is not taking money, be skeptical, very skeptical.
    3. Read this forum, read books, learn and understand. Otherwise, all your other knowledge and hard-work will only help people make fool out of you again and again.

    sorry, this is harsh, but there is no other option.

    Own up the responsibility of investing in a bad product, and do things to correct the mistakes. Surrendering the plan is not the solution.

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