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Foreclosure of Kotak Mutual Life insurance policy
I had taken a Kotak Mahindra Life Insurance Policy No. 00509503 from Pune, Branch, on 1.11.2006. Yearly Premium was Rs 50000/- to be paid quarterly Rs 12,400/-, for a term of 3 years(Total 12 premiums). I had paid 6 Premiums regularly totalling Rs 74,400/- , after which due to financial problems I could not pay the remaining premiums. On visiting Kotak Mahindra Life insurance branch, Pune, on 30th October, 2010, I was told that the policy has been foreclosed on 30th April 2010, so nothing is payable to me. This was a rude shock to me. During the last 2 years, neither I received any letter to my postal address nor any email from them regarding the foreclosure of the policy. Frustrated I contacted their Grievance Officer, and the Officer too confirmed that nothing is payable to me. The authorities have been very rude to my complaint and I have not even received a reply to my complaint.
For your information, I quote below a clause from their own policy booklet.
” If the policy is not revived within the aforesaid perod of 2 years the policy shall cease and surrender value if any, shall be paid after end of said period or on the expiry of third policy anniversary, whichever is later”.
As per the terms and conditions of the policy contract and as stipulated by the insurance regulatory and development Authority vide circular No.032/IRDA/Act/Dec-2005 21st December 2005, if the policy is not revived within the minimum revival period as mentioned in the policy contract, the policy will be terminated at the end of the revival period and surrender value if any will be payable at the end of the revival period or on completion of 3 policy years which ever is later.
Going by the above clause, they are bound to pay my money after deducting their administrative and other charges.
I would be grateful if you kindly look into it and help me get my money back at the earliest.
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