POSTED BY August 23, 2012 3:09 pm COMMENTS (7)ON
I had purchased Kotak Super Advantage in Year 2010 for Rs. 54000 as Annual Premium.Two Plocies in same Plan 30000+24000 Rs as Annual Premium & having 200000 & 150000 sum Assured respectively but geting only 350000 Rs as Sum Assured Amount & when i asked to Kotak Life Insurance Company,notify me that it is not applicable for same because it had been purchased in year 2010 & 10 times annual premium is applicable only for those ULIP plans which had been bought after or on september 2011.I am not satisfy with this because i had LIC’s plan Market Plus-I since jan 2010 & paying 20000 Rs as annual premium with sum assured amount 200000 Rs (Ten Times of Annual Premium)
Market Plus-I (Tin No.-191)
Commencement Date: 30/01/2010
Annual Premium: 20000.00 Rs (yearly)
Sum Assured: 200,000.00 Rs (10 Times of annual Premium)
Policy Term: 20 Years
Similarities in Kotak Policies & LIC policy
1. Both are ULIP plans
2. Year of commencement is same as 2010.
3. Policy Term :20 Years
As per the ombudsman of IRDA, if customer (Policy Holder) is not satisfy with Insurer (Kotak Insurance Ltd),can file a complaint in IRDA & he/she is not also satisfy with IRDA’s Ombudsman award to Insuer,he/she can file complaint further to consumer court.
What should I do .I request you to suggest me & do the needful.