Non Payment of full amount on maturity by Kotak life insurance as per bond terms
2 years ago
Dear Sir/Madam,
I am not satisfied with the response from Kotak life insurance on maturity benefits as they have not paid as per bond paper terms and conditions. As per term and conditions of the policy bond paper that clearly mention that " Maturity benefit would be the sum of higher the selling value of the unit holding in main account and SA1 (i.e. ₹2,34,000/ in my case) , provided that all premiums have been paid on time. I have paid all premiums on time for 15 years. It is also given that survival basic- benefit of SA1 amount on maturity of policy. However, from their end it is being misinterpreted with word "or" between sentences and not processing the pending amount of ₹2, 34,0000/- from Kotak life Insurance. I initially approached KLI grievances cell and then to Consumer forum Govt of India ( they don't take feedback from customer and simply closed the complaint as per company remarks). The company remarks are as follows: With reference to your concerns raised through above mentioned complaint ID Case ID 11623669 Policy No : 00385311 IRDAI Token 02-21-013773. we would like to inform you that we have re-visited your complaint and reviewed the factual matters of the case. Post our review, we have concluded the following:
-Policy was issued on 09/12/2005 on the basis of duly signed proposal application received at our end.
-Details regarding maturity is mentioned in your policy document under Maturity Benefit column page number 2.
-Policy related intimation sent on registered details.
-Your policy matured on 09/12/2020. The plan opted by you is “Kotak Flexi Plan”. In this plan on maturity, higher of the fund value or Sum assured will be payable.
-The fund in the policy on the date of maturity was Rs. 320378.85/- Hence, the same was processed in your State Bank of India account number ending with 9121 on 10/12/2020.
-Kindly note we have already shared you Unit linked statement via our email response dated 17th Dec 2020. And same is shared on your registered email ID once again for your ready reference.
But they don't bother foe given terms and conditions in Bond paper. is there any one wo can help me in this regard?
I would like to attach my bond paper scanned with all premium paid certificate. Please go through the bond paper documents attachment for Maturity benefit headings. Please suggest the correct way to get out of this issue.
Such instances are more in Private Sector Banks. Better you approach ombudsman of insurance and if not resolved in your favour then approach consumer forum if not resolved then finally you may approach High Court.
PLEASE GIVE ME RATING AS RANK 5
Ayantika Mondal @ Prime Legal
Responded 2 years ago
If you are not satisfied with the maturity claim and with service provided by the company then you file a complaint against them in the consumer and and prove that they have not acted in accordance to the terms an condition. Still if you are not satisfied then you could file a civil suit against the company.
Thanks.
If your not satisfied even after approaching the consumers court then you have right to file a case against the company for misrepresentation. Also initiate with sending a legal notice to the company, and telling them if they not pay your pending amount you have all rights to move to the court.
Thanks.
A.Sir
If you are not satisfied with the policy and the way they have handled your policy maturity and you feel that they have committed unfair trade practice then you should file a case in consumer forum for deficiency of services and unfair trade practices against them. If you have substance in case then for sure the the commission will pass the award in your favour with compensation.
You should approach a good consumer lawyer with all your papers and get the case vetted before filing the case.