Got cheated in a ULIP product

Hello Team,

I am writing to you with a ray of hope that I will be able to take some action against fraudulent activities done by Kotak LI with me.

I own a Kotak Smart Advantage Plan which is a ULIP from Kotak since Sep 2009 paying 6250 Rs quarterly i.e. 25000 yearly. In a total I have paid 1,25,000 Rs towards this policy. Default allocation that I had got in this policy was for investment into Dynamic Floor Fund and Opportunities Fund (50-50 %).

To be frank, after buying this policy, I never checked it’s valuation or growth, considering it to be a long term investment for me. But this was until couple of months back.

Now when I looked at this policy hoping I would be getting returns of at-least 5-6%, I was shocked to see that current valuation was only 1 Lakh rupees. So instead of making any profit, I was making 25000 Rs loss. Although my first year’s investment in kept as a deposit and would be only returned if I continue the policy for 10 year. Still if I consider my investment for 1L, return of 1L were very very bad.

I came to know that in 2010 and 2013, all my units from Floor Fund and Opportunities Fund to a Bond Fund (a very non performing fund). Upon asking customer care about reason of this switch, they said I have signed and given them Fund Switch Document to do this. Upon asking customer care team to show me those documents, they took good 7-8 days to give me the scanned copies of those documents.

Those documents, have my sign, but are not signed or ordered by me. Phone number mentioned in the document of 2013, shows the number which I was using in 2009. In 2013 I had a different number. This clearly indicates that these documents are forged.