Hi, I am a doctor by profession and had invested/insured with Kotak’s ULIP-Smart advantage plan in July 2008. I and my wife both invested with yearly premium of 1 lakh each and paid it till july 2010(for 3 years) after which I have not paid the premium. While explaining the plan and giving the policy I was told by the personal relation officer of the Kotak Mahindra Bank-Jalandhar-Punjab (Mr.Rajat Anandani, Mobile +919971900771,who has left the Bank and shifted to Delhi in 2009) that I need to pay only for three years and then if I need I can surrender the policy or continue without any problem or loss.But to my surprise , when I wanted to surrender my policy and use the much needed money in 2011 july, I was told that I will only get 2nd and 3rd year money(value of which is same as invested-no gain) invested and the 1st year money would never be given and will be kept by the bank and the 1st years amount would only be paid if I continue the policy for the given 10 year period (It is mentioned on the policy that premium paying period is 10 years which I never knew ) which was never told to me in those three years when I was paying the premiums.
Now I am losing on 2 lakhs ( 1 lakh each of mine and wife’s) which is my hard earned money that I had invested but the bank and the employee have cheated on me and many such people. Is this the way of these banks and the people are left helpless and can do nothing because of the wrong and corrupt policy makers. I would request you to please look in to this matter and guide/help