from: s.mishra to: service@hdfclife cc: [email protected], - TopicsExpress



          

from: s.mishra to: service@hdfclife cc: [email protected], [email protected],admin2icf@gmail,[email protected] date: Wed, Jul 10, 2013 at 6:56 PM subject: HDFC Life Insurance – Synonymous to cheat fund!! Hi, This is in reference to my subsequent interactions with HDFC Life insurance branch officers (Jadavpur HDFC Branch, Kolkata), customer care executives at HDFC Life Insurance customer service and Mr. Mihir Vyas (HDFC Life Insurance GRO Office, Mumbai) which I have had in last 2 days, I’ve started believing that HDFC Life Insurance is just synonymous to cheat funds who cheats its depositors. Let me have this point explained. My name is S. Mishra. I bought a policy (Policy # 13790632, Policy Name – HDFC Endowment Supreme Suvidha) on 21st July, 2010 from HDFC Standard Life Insurance. I have an HDFC Premium Bank A/C at Jadavpur Branch (Kolkata). Thereby a personal banker was assigned to my A/C. Her name was Ms. Subhatithi Lahiri. When I expressed my interest to buy an insurance policy and explained her about my objective of buying a new policy, she informed me about HDFC Endowment Supreme Suvidha policy. I had typically asked her about all the technical nitty-gritty (i.e. T&C) of the policy. As it happens most of the time with the customers, they never get explained about the conditions of the policy in explanatory or elaborative manner and the insurance companies trap their customers very easily by using the conditions. Knowing this fact, I wanted Ms. Lahiri to explain the policy in detail. What it was told to me I’m quoting that – “This policy has got for 3 yrs plan & 5yrs plan.” Since I wanted to opt for smaller tenure, so she explained me about 3yrs plan, she told “have to pay Rs. 1L per year for 3 consecutive years. After complying with this condition policy holder can take out his money, if he/she is not interested for a longer relationship (i.e. 5yrs), then he/she can claim the amount and he/she will get Rs. 3.75 L after 3 yrs.” I had repeatedly asked her what would be the amount that I would get after 3yrs, if I pay likewise. She replied “you will get Rs. 3.75L after 3 yrs for sure, if you do not want to continue further. If you continue for next 2 yrs. Then you will get more benefit”. I didn’t ask her about the plan which is there for 5 yrs. Since I was not interested for a long term locking period, I didn’t ask for 5 yrs. plan. I have been paying the premium as she had asked me to pay. In this 3 years, Ms. Lahiri has moved on and another personal banker Mr. Shounak Kar (email - shounak.kar@hdfcbank) has joined in her place. Anyways, last Monday (8th July, 2013), when I enquired about my policy, I was told that, I’d get only Rs. 1.6L. When I asked the executives, they told me couple of things – 1. As per IRDA, the policy tenure has been revised from 3 yrs to 5 yrs. So, If I take out my money now (after 3 yrs) then I would not get Rs. 3.75 L, even I’d not get back my Rs. 3L, which I have paid to the company as premium. As per my knowledge, this instruction was given in 2011. My policy was issued in 2010. 2. When enquired further, I was told that, there is a market risk involved into this policy. It was never told to me that my premium is going to be nurtured in mutual fund/any other volatile financial market. I was never told about the market’s imprecise proximity. If this policy is proximate to market risk then there can be some risk & profit as well. But I was told that I’d get flat Rs. 3.75L after 3 yrs. And that was the point on to which I had agreed upon. 3. Now the company is insisting me to continue the policy for 2 more years. Once again, another point which wasn’t told to me at the time of taking the policy. This kind of inconsistent information made me bound to take a help from the sector regulator IRDA. I was given contact detail of Mr. Ghaiya, GRO – HDFC Life Insurance. And I was told that, if I don’t get any satisfactory response from the company then I should get back to IRDA. I talked to Mr. Ghaiya and explained him the synopsis. He took my contact details and assured me saying that, someone from his office would get back to me. Next day I got a call from their Mumbai office and Mr. Mihir Vyas talked to me on the issue and advised me to write him, which I am doing now. Let me explain you the gravity of the issue as well. This fund (Rs. 3L) belongs to my Mother, Mrs. S. Banerjee, who is also nominee of this policy. My brother was diagnosed with cancer and died at very young age. Since then my mother donates to various NGOs who are working for welfare. She donates from her savings. She is a simple house wife. And whatever she has saved has put to the insurance assuming that her fund is saved with HDFC Life Insurance and she would again donate once she will get return from this policy. But getting this news, she is also not keeping well. Anyways, I really do not have any clue as to why HDFC guys cheat their customers like this and play with their emotion. I’d eagerly wait to hear from HDFC Life Insurance authorities. I’d surely take this to the next level, if I don’t get justice. Regards, S. Mishra Kolkata
Posted on: Tue, 06 Aug 2013 14:10:02 +0000

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