Name of company/service: HDFC STANDARD LIFE
Please find the enclosed HDFC LIFE Guaranteed minimum surrender value assurance copy for my policy. I had paid 6 years premium Rs 6000 / year. 6 x 6000.00 = 36.0000. Continuously. But my surrender value was 31641.00 received from HDFC LIFE. This
Surrender value was not made as per their assurance. I see that provision in later.
So I asked the statement for my policy amount, but they are not given till now.( HDFC LIFE). But they said me once closed (made the payment right or wrong) we cannot the reconsidering that policy.
HDFC LIFE – STANDARD POLICY PROVISIONS
S.NO: 4 GURANTEED MINIMUM SURRENDER VALUE
IF YOU PAY PREMIUMS FOR A CONTINUOUS THREE YEARS , THE GURANTEED SURRENDER VALUE OF YOUR POLICY, INCLUDING THE VALUE OF ANY ATTACHED BONUSES WILL BE ZERO IN RESPECT OF PREMIUM PAID IN THE FIRST YEAR AND 50% PREMIUMS IN RESPECT OF THE BASIC BENEFIT PAID SUBESQUENT TO THE YEAR, EXCLUDING ALL PREMIUMS FOR ADDITIONAL BENEFITS AND EXTRA PREMIUMS.
THEIR ORAL STATEMENT
Before 3 years – zero, no value.
After 3 years – Guaranteed Minimum Surrender Value = 50% of all premiums paid subsequent to first years premium – rider premium – extra premium (if any).
We hope to have addressed your query.