Name of company/service: hdfc standard life policy
I had taken HDFC Savings Assurance Policy (No. 1262250) commencing from 6th February, 2009. Having paid three annual premiums @ Rs. 1, 80,000.00, I had requested on 8th February, 2012 for foreclosure of the policy and refund me the amount due to me.
I have been informed through mail dated 5th March, 2012 by Mr. Kunal Kumar, Senior Officer, HDFC Standard Life that the surrender value of the policy is only Rs.3, 91,238.00 including the accrued bonus. I am shocked to note that against the amount of Rs. 5,40,000.00 deposited by me HDFC Standard Life will refund me only Rs. 3,91,238.00 after 3 years. What to talk of interest, the capital is reduced by Rs. 1, 48,762.00 which is not acceptable to me. How can they deceive me and shallow my hard earned savings deposited with them?
HDFC Savings Assurance have been making publicity through advertisement a very rosy picture about the policy and their officials are misrepresenting that the policy will yield 13 to 14 % return even if you foreclose the policy after 3 years which is far from truth.
In past also during April-June, 2010, they have wrongfully forced me to pay a penalty of Rs. 7850.00 due to indecision and inordinate delay cropped entirely by their official when I had requested for quarterly premium instead of annual premium, an option I could exercise after one year without any change of sum assured as told to me by the HDFC at the time of opening the policy. HDFC Standard Life finally accepted their mistake of reducing the sum assured and reversed amount of sum assured to Rs.15, 15,675.00 as per the original policy instead of Rs. 15, 14,926.00 wrongly assessed by them. Due to the time lag in the process of exchange of mail communication, HDFC Standard Life had imposed the penalty on me and several representations to waive off the penalty turned a deaf ear.
HDFC Standard Life now surpassed all limits by denying repaying me the principal amount together with at least the accrued interest for the last 3 years. This is gross violation of fundamental principle and norms of any depository scheme.
I had submitted representation on 26.3.2012 to HDFC Standard Life requesting them to pay me my legitimate dues. On advice received from their Customer Service Officer, I had approached the Grievance Cell of HDFC Standard Life as per their escalation matrix and had finally drawn the attention of their Principal Grievance Officer vide mail dated 14.5.2012 to settle my claim.
Finally, HDFC Life vide their mail dated 14.5.12 informed that after detailed investigation their final response remains the same as intimated initially and the surrender value remains at Rs. 391238/- as worked out on 20/2/2012.