even I have been cheated by an Agent from Kotak Mahindra for some commission. i bought a Kotak Smart Advantage Plan (uin-107l043V01)
I was assured for a return of 135% by the agent on completion of three years. I was quite convinced and invested 50000 per year.
As per him, i was suppose to pay only for 3 years but after completion of 3 years, when i checked with Kotak customercare team, they told me to pay for 15 years term else you will loose your money, you will have to pay surrender charges plus you will only receive (SUM of premium paid/15) from 1st year premium.
I have Paid premium for 4 years.
Out of which my fund value now is 163000 & 1st year premium of 50000 is kept separate.
IF i surrender now then i will have to pay 4% of my fund value = 6520
From 1st year premium, i will loose 36666
So my total charges are going to be 41186 approx.
So i will receive only 170000 & i have paid 200000 so net loss of 30000 for me if i surrender.
I did receive documents from Kotak Mahindra after purchasing the Policy, however the contents of the documents were highly complicated for a normal person to understand and we had to go by what the agent told us. It clearly is a marketing gimmick by Kotak asking the agent to give wrong expectation to the potential customers.
I am loosing a total of 30000 by this deal instead of a 135% return as committed by the false agent
I need expert opinion on this what i need to do now.