Forgery by Kotak Insurance Agents and Staff

1. One of the Agent (Nitin) of Kotak Life Insurance called me to brief me about the Kotak Superadvantage policy and sent one of his executive to my residence for further details. The executive explained me about the policy and told some benefits that were very attractive. The benefits included No premium to be paid after 4 years, 200% bonus at the end of third year.
2. When I asked the executive for the written proof of the above mentioned benefits. I was told that the benefits are special offers for a limited period only and will be printed in the policy documents only. But to my surprise when I received the confirmation call from your insurance call center they denied of any such benefits. To which I instructed them not to forward my documents for further processing.
3. This time as well the executives surprised me by processing the documents further and sending the final policy documents. To which I reacted immediately and called the customer care department and asked them to check their call logs for such conversation and cancel my policy. They arrange a call with the agency who then sent one of their executive (Mr Deepak) for the collection of the documents. The executive then collected all of the documents along with a hand written letter for the cancellation of the policy and never returned back with the receipt. Till date I am struggling with the insurance company to get the policy cancelled and my money back. I have written emails to the customer care and grievance officer but all going to dead ends.


Staff member
As per IRDA rules you get 15 days free look period for the insurance policy, and if you return the documents to nearest Kotak Insurance branch they will refund you full money( minus Rs. 10-50 processing charges).

If 15 days are not over, go and get it cancelled now.

The agent must have taken it so that 15 days of free look period gets over.

Actually all agents want to sell policy even on false statements, because out of 100 not all cancel policy within 15 days free look period, upon which they get commission for each policy.
I don't think bank can be held responsible for it because it can't control agents which lie to customers.
Dear Expert,

As I mentioned in point#2, I asked the customer care executive of the bank not to process my application when they denied the benefits during the confirmation call. Since the confirmation department belongs to the bank, I feel that the bank is very much responsible for this fraud, since they processed the application even when I instructed them not to do so.

Secondly when I called up customer care later (within the free lookup period) and told them the complete story. They arranged a call back from the agent. That is the reason I trusted the agent and handed over the documents to them.

IRDA or the insurance companies have formed these rules to prevent the costomers for any frauds. But some banks and companies do not follow these rules. I firmly believe that the customer care executive has received these instructions from the bank to process all such applications, even when the customer requests them not to process it further.

Tarun Jindal


Staff member
Ok it means you free look period is over. I agree with you that Company knew about this wrong doings. But .. legal things can't be executed just by phone instructions. It is not allowed. Even if it is allowed, the insurance company may not listen to you since you can't prove phone instruction in the court.
Moreover you should have blocked your cheque.
Well don't worry too much - now a days all policies are competitive enough. So you may have got a good deal.
Personally I'd advise you against buying insurance from non LIC companies. Compare 98% disbursement rate of LIC with 75% to that of private insurance companies.

So cancel it now only if you want to go for LIC. You've 2-3 months time since cancellation refund is calculated based on quarterly usually.
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